All Forum Posts by: William Kilburn

Thanks @Tim Johnson.  After reading several more articles I think I'm understanding hard money a little bit better.  I agree with you it would be a better deal if I could find lower-rate programs.  I'm just starting out and am looking at creative financing methods.  Thanks for your time in helping me out!

I've just started learning about hard money lenders. I can see the draw, especially since it isn't so much based on your individual credit as it is on the property. My question is to the ones who have used this financing strategy.  Is it worth it? How do you make any positive cash flow if the interest rate is so high? What is a realistic goal in being able to purchase a property with hard money, do the rehab work, and get it cash flowing enough to refinance the loan to get a better interest rate? I know that's a ton of questions. I appreciate y'all's help.

@Teresa Buchanan I appreciate you chiming in. I’ve just recently discovered Dave Ramsey. I’m definitely going to study his stuff. Thanks again!

@henri 

@Henri Meli thank you. I appreciate the advice you’ve given me. I am working on educating myself on these things. 

@Brian Eger. You’re so right brother. I appreciate you kicking in on this. I have looked at the idea of getting a partner who can fund my first few deals. One of my goals right now is to learn how to find the good deals. The ones people with the ability to find will find appetizing. Learning this and rebuilding my credit standing are my main two goals at this point. 

Thank y’all for taking the time to share your advice with me.

@Saravanan Saravanan - Thanks for giving me some hope there’s still a chance to get started without having stellar digits!

@Marcus Auerbach - Yes, financial literacy is partly to blame. When I got divorced several years ago it put a huge dent in my credit. I rebuilt as best as I could, with help from a very talented agent and credit repair group, and bought my house in 2016. That put a large hit and then the illiteracy kicked in. I just finished Rich Dad, Poor Dad and it surely opened my eyes to concepts I’ve never considered.

@Patricia Steiner - I am working now to get my numbers back up. We’ve got some issues that keep raising up that are really beyond my control. I’m hoping this all gets settled soon so I don’t have to keep dipping into credit cards It’s a slow process, but it’s a process. Thank you for your insight.

Hey y’all! I am the definition of newbie. I’ve been interested in real estate for years but never got serious. I belong to the bad credit/no money group. I want to start off with buy and hold investing, but I’m worried about financing. I’ve had a few ideas on how to do some creative things to come up with down payments, but I don’t see any bank around financing me right now.

So I guess my ultimate question is should I concentrate solely on raising my credit score and getting back in the good graces BEFORE I start looking for deals? Am I wasting time looking at properties right now?