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Ok only been in real estate a year and a half, great credit score but cant get a loan... found a great investment property, in the revitalized downtown area! Any suggestions where to get the money?

with prices down and great chances to make great investments I found a house or two I would love to have and clear off just for the property itself. One major problem, I cant get a loan because I have been self employed as a realtor less than 2 years . Any suggestions would be greatly appreciated, I def want to get a piece of property I can call my own!

Sincerely,

Jason

Posted by Jason Robu on 09/04/2008 09:25 PM

Comments (5)

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5 Comments on Ok only been in real estate a year and a half, great credit score but cant get a loan... found a great investment property, in the revitalized downtown area! Any suggestions where to get the money?

SEP

2008

What percentage downpayment are you working with? I have a great lender - licensed in many states: Tim Deibert 702 Tdeibert@awmlv.com

He is honest and knowledgable and will probably knoe if it is doable right off the bat. I have been working with Tim for 10 years - He is the best in the business.

I worried about this when I started and my account said .. set up the company as a corp and you can pay yourself a salary.. so that you have both a track able income as well as the corp ownership

Go to a local bank and plead your case. Most local banks/credit unions will work with you and once you have the first under your belt they will give you more when needed. They always want somebody to make the town better to draw more business.

www.bobsellssumter.com

I went the corporation route myself.

In these situations I get partners. Either family, friends, or investors in on the deal. If they see me invest into it personally they take it more seriously. We agree to split the profits according to investment amount or work put in. Sometimes I've only offerred to take only a percentage of the net profits if I cant contribute that much to the deal.

Wow,

Sounds like a bummer....well at the least your pals here at Active Rain have some great ideas! :)

Thanks,

Tom Davis

World Class Delaware Realtor

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