Buying REO' & Foreclosureswith no money and no Credit
How do I buy a REO, pre-foreclosure, or foreclosure without pulling money out of my own pocket?
I have extreemly bad credit and I have no money to put down. How can I set this type of deal up?
I want to get a hard money loan on the property that I have not invested any of my own money in, so that I can puchase the propery and fix it up. Then I want to sell it for the market value, pay off the loan, and reap in the big profits.
Is this possible?????
You just took the words right out of my mouth. I will be awaiting for this answer. I am in the same situation that you are in too.
Coremega
Welcome
That is very much possible. you can find a deal where you can get the hard money for the deal as well as the repairs, but only if you can get that deal at a good price.
For example
100,000 home
get it in bad shape for 30-50,000 and in turn have repairs let say 20,000
now you have a property with tops 70,000 total to purchase as well as repair.
you go to your hard money lender say you got a 100,000 home need a loan for 80% ltv.. that gives you 80,000 to purchase it and take care of the repairs and have cash available to close and all.
So the answer to your question is yes it can be done . just the numbers have to work thats all. and hard money lenders look at the deal not your credit.
Much Success to you,
Manny
Hello, could you please name some Hard Money lenders in Fl that don't care about one's credit. I checked out the ones listed on this site already. Thanks, forgive me for thread hi-jacking ...Tim