How To Locate Money?
Hello TCI I am in the process of buying a 30 unit building. It is already 50% occupancy in a nice area of town and in great shape the owner is having financial problems because he let one of his tenents run the building and they stole all the money and SKIP OUT of town so he needs out ...I would like to know if anyone have a method for searching for private funds? I would like this project for myself. I understand in some states it is illegal to advertise for private funds in the newspaper. This building is locate in Oklahama I plan to stay there to manage it. But I guess the most important thing is that I cant get a loan because of my credit is too low even "Hard Money" loans require a min. credit score....well anyway thanks for reading in info. would be great![ Edited by steadydoses on Date 05/02/2004 ]
The gathering of funds from investors and hard money types is not a problem if you can show them what can be done with their money. They must be convienced that they will make a proper return and that you are capable of doing this. You might offer a percentage of ownership in the units. Your credit score is a problem as they will ask, "If you are so red hot a manager, how come the low score?"
My best wishes and do it. Lucius
Quote:Thank you for your reply but I can tell a Investor the benefits for investing there money with me secured by real estate. The problem I'm having is locating them. I have all the info. need to start this project just no money. The reason for the low credit score is I have very little credit only one credit card and its in collections. Thats the only form of credit I have right now . I could change the world if giving the opportunity. Well anyway thanks for your reply.
On 2004-05-02 00:19, Lufos wrote:
The gathering of funds from investors and hard money types is not a problem if you can show them what can be done with their money. They must be convienced that they will make a proper return and that you are capable of doing this. You might offer a percentage of ownership in the units. Your credit score is a problem as they will ask, "If you are so red hot a manager, how come the low score?"
My best wishes and do it. Lucius