How Do I Get Financing To Purchase Foreclosures For Investments?
I am new to real estate, interested in finding pre-forclosure/foreclosed homes as investment properties to fix up & flip. I do not have a lot of cash in the bank, looking for creative financing- I know it's out there, can you help show me the way to getting the money to buy these properties & fix them up?
Find an investor in your area who does have cash and experience. Learn from them as well as make some money for you and the investor. Maybe soon you will be in the position to do the same for someone else. Other peoples money (OPM) is the way to go in the beginning. You give up some or even half of the profit, but you learn from others mistakes.
Start seeking private Investors to work with
Find the deals and the money will follow.
There are lots of people with money sitting in bank acounts at 2% interest or CDs at 5%. If you can find a good deal and promise a share of the profits you should have no problem finding the money.
Start a REI group from within your friends. Pool resources, and talent.
Working together with friends on a project can be a terrific way to 1) spend time with friends, and 2) make some money.
Start out as equal members... (LLC) then after you complete a deal or two, your cash contribution can be substituted for your administrative leadership..
I found mine by doing an internet search for 'private lending' and 'hard money lenders'.
Also, in case no one has told you, there is a tab at the top of your screen that says 'Lenders'. I pulled up 30 different lending programs for MN. Now, you've got to pick the one that's right for you.
Good luck. Hope this helps.
Ronnie
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