Last weekend I had a great experience at a seminar in Dallas in a new to me "mentoring" type group I am considering joining.
While at the seminar I met some incredible investors doing deals as small as a few single family houses up to some that had just closed multi-hundred unit transactions this year. And even one investor I collaborated with that had built up his apartment unit portfolio to 1900 apartments in just a few years... AMAZING!!!
Do you need to be born out of the gate with a golden spoon or do you think it's possible you can become the product of those you choose to surround yourself with and partner with?
Check out this episode to learn more about private lending, Self-Directed IRA investing and approaching candidates by just being yourself, and surrounding yourself with the right network of people to lead to success!
Thanks for Supporting me in 60 AWESOME episodes...
Today's podcast: Financing Options for Real Estate Investors!
Options for buyers with bad credit and no money:
Take over payments i.e. Subject2
Contract for deed (Installment land contract)
Partnering with qualified person and contribute labor
Credit repair in process
Options for buyers with reasonable credit and little or no money:
Consider all options above
$100 down payment for HUD owned homes, repairs included if using 203k loan
USDA no down payment mortgage
IHDA down payment grant (Currently $9,000)
Loan obtained from IRA
100% funding from companies like Pathway Financial
Options for buyers with some money or assets and reasonable credit:
Consider all options above
Standard mortgage (This is the cheapest source of funds)
Home equity line of credit
Line of credit from bank or asset based lender
Joint venture with other able investors
Options for seasoned investors to accelerate objectives:
Consider options above
Commercial line of credit
Self-managed real estate IRA
Establish a capitalized corporate entity
On Today's SUPER AWESOME show we interview our guest Mark Faustrum, a newer investor getting his start about 1 year ago and already taking on 6 deals under his belt.
Mark is still currently employed with a Full Time J-O-B working as an emergency dispatcher for police and fire departments in the suburbs of Chicago, jumped in headfirst, without any formal real estate investment education, and is on strong path to success. That's right, no bootcamps, BS, or billions spent making other people money.
Mark "accidentally" fell into his first deal, a 2 flat owned by a co-worker's daughter, and after evaluating the numbers, realized that if he owned a few more like that one, he could potentially subsidize his income exponentially.
This is a great episode for those wondering if it's possible, what it takes, and how to manage getting started in real estate investing while still employed for the "man." (Or "woman.")
Mark started off buying his first deal with conventional financing, and since has utilized hard money, "delayed" financing, and cash.
Another episode not to be missed