@William F. I

One last question, I've tried looking around for financing, mainly at the bigger FI's like Citi, Chase, BofA and most are telling me that they won't finance anything under $100k.

@Colleen F. I

Can I rate and term re-fi this?

Family Partnership or Friendly Joint Venture - get a group of folks with a little cash to work with youSeller "RE-Fi" for Takeover - have seller refinance the property - take over his mortgage potential nothing down - do subject to or assume - you can do a delay settlement - seller can take interest and depreciation deduction while you have equity ownership.Always ask for seller financing - the following are some ideas of this subject --What you need to think of is how can the seller financing help you now and in the future -The best mortgage you can have with a seller is one with no interest - it is called a principal mortgage - all payments go to reduce the debtIt should be fully assumable without qualification - this will help you if you offer the property for sale in the future - built in financingThe interest rate - if you have to go there - should be as low as possible - so that when you sell in the future you can do a "wrap around mortgage" and make interest on money you oweYou should have a first right of refusal in the event mortgagee decides to sell it at a discount - you get first wack at it.You might want to consider a "Stutter Clause" this lets you miss one payment a yearthat mortgage should be a "subordinated mortgage" this lets you refinance and put the owner financing in second position.Put in an early pay off discount - so pay it off early and take a 10% discountU may want to make that owner financing a personal note - not a secured mortgage -- this way you can refinance immediate and walk with some cashYou could secure that mortgage on another property you own or a partners property - this frees up the equity to refinance and walk with cash (to be used to invest in other properties)You could ask for a delay in mortgage payments for a few months - gives you time to flip it without paymentsyou could ask for interest rate at "prime rate" this is what banks borrow atMaybe NO payments for 2 yearsAngel Investors - there lots of folks out there with money - show them how they can increase there interest by investing with you -or lending you money - offer them an "Equity Kicker" that is a bonus when you sell the property and pay them off - if you present right they'll love to give you $$Chattels for Equity - trade something you have or something you can buy on time to use as consideration.

You should look at some different financing options 203K with a renovation budget built in or possibly hard money & re-fi once renovations are complete.  

We mail out close to 200 of these per month to our rather small farm area, I'd say we close something off that list, be it a wholesale, wholetale, listing or some kind of Owner Fi at least once per quarter.

Looks like they're clamping down.http://www.latimes.com/business/realestate/la-fi-h...

@Eric F. I

Hey everyone, 23 years old and Im a new wholesaler looking for a mentor in Charleston SC! I