topfuel
08-28-2007, 05:50 PM
My situation is similar to many others I'm sure. Up to this point I've been studying and going to seminars with several well known investors here in Atlanta for several years; I certainly don't know all there is to know, ( buying foreclosures...that whole market...my area of interest ), but I'm confident that I can get leads to a specific type of deal anywhere in Atlanta or elsewhere for that matter.
I've done it but have had to pass these leads on. The refrain I hear form all the gurus is...if you find the deal the money will come. Well, in theory that sometimes may be the case, but it hasn't worked for me. Financing the deal is my problem. Use Private lenders they say. What stranger is going to give me...another stranger $ 100K to buy a house...I have no track record...I could tell about all the others that do it on a day to day basis...I could offer 50% of the deal and they still wouldn't take it.
They say to use hard money...no credit or no job..they'll lend on the value of the property. They forget to mention that the lender will want to know how much in reserves you have? No reserves...no loan.
My credit is good...over 720...still no luck. No luck at the bank getting a credit line. No luck in trying to partner with someone.
I'm not really complaining...I know you have to create your own luck...I just have not gotten there yet.
I want to be able to help other investors find & get properties in a short sale situation, especially with seconds. I'd like to be able to negotiate the SS, bird dog the deal, wholesale the deal or partner the deal...whatever?
I can't proceed without a proof of funds letter as you know.
If anyone has an interest, I can help you if you'll help me. I need whatever help or suggestions...big or small so I can begin to work on my own.
I also help people in foreclosure stay in their home if possible by negotiating with the lender. Additionally, I'm a rep for a credit restoration firm...this service works...Im a customer.
Alan
I've done it but have had to pass these leads on. The refrain I hear form all the gurus is...if you find the deal the money will come. Well, in theory that sometimes may be the case, but it hasn't worked for me. Financing the deal is my problem. Use Private lenders they say. What stranger is going to give me...another stranger $ 100K to buy a house...I have no track record...I could tell about all the others that do it on a day to day basis...I could offer 50% of the deal and they still wouldn't take it.
They say to use hard money...no credit or no job..they'll lend on the value of the property. They forget to mention that the lender will want to know how much in reserves you have? No reserves...no loan.
My credit is good...over 720...still no luck. No luck at the bank getting a credit line. No luck in trying to partner with someone.
I'm not really complaining...I know you have to create your own luck...I just have not gotten there yet.
I want to be able to help other investors find & get properties in a short sale situation, especially with seconds. I'd like to be able to negotiate the SS, bird dog the deal, wholesale the deal or partner the deal...whatever?
I can't proceed without a proof of funds letter as you know.
If anyone has an interest, I can help you if you'll help me. I need whatever help or suggestions...big or small so I can begin to work on my own.
I also help people in foreclosure stay in their home if possible by negotiating with the lender. Additionally, I'm a rep for a credit restoration firm...this service works...Im a customer.
Alan