Real estate investment

dude, no offense, but you have 2 posts and no profile. i doubt anyone will take you serious.

 

I know a Nigerian investor who would be interested. In fact, he will over pay your investment request.

 

Hey I am David's associate and we are 100% serious and not nigerian. This is not a scam of any sort, we atre just trying to get business started. If you are not going to show any interest or going to make rude comments, please do not post in our thread. Find someplace else to post your immature comments. Also to all of you that think post count actually means something...it really doesn't. I could have 10,000 posts and still be a scammer so if you seriously believe that post count actually accounts for something...you're mistaken. Thanks.

 

Not to rain on your parade but ---

YOU come to this forum - where most of us are regulars - as a pair of nubies, pushing a rather risky "investment" opportunity.

Obviously, neither you nor your associate David have the financial background to qualify for the loan you are seeking (and your age has nothing to do with that). Instead, you are asking one of our members to serve as your proxy, essentially taking over the risk of non-payment from you and your associate. A rather risky proposal from a couple of kids we have never heard of.

It raises many questions, not the least of which are: Why are you here, asking strangers? Where are your friends? Your parents? If this is such a fantastic opportunity why are you looking to strangers for assistance?

Look at it from our perspective, we know nothing about you - other than that you just showed up on OUR forum. You have provided us with no background information about yourselves or your "opportunity." Then, when people here start taking you to task regarding these shortcomings and suggest that your "proposal" may be a scam, you elect to react by being nasty.

Do you really think that is the kind of professional behaviour that is likely to induce one of our members to assist you? I would suggest to you that the effect is likely to be quite the opposite.

Feel free to send me complete information on your "opportunity" and details as to what might be in it for your proposed "investor" and I'll be more than happy to revew it and let you know if, in my opinion, anyone here might even consider investing in such a proposal.

Scottie
www.TheCarcierge.com

 

I will lend on Florida real estate. However, I have some strict parameters:

1) I ask myself if I would rather have my money back or the property? If I would rather have the property, I will usually lend on it.
2) Up to 60-65% LTV (Current, real, verifyable value, not some arbitrary made up value)
3) I typically like to see the borrower with some of their own money in the transaction.
4) The loan is typically structured as interest only payments with a 1 year balloon. Of course, at the end of the year, if things are going well, I may extend the loan subsequent years.
5) Rates start at 9% with no points and move up from there depending upon the loan.

 

First off, it's not a crime to join the forum, and it's not YOUR forum by any means. It is a community forum and we are on here to get some help. If you're not willing to offer any, then don't post in our thread. POst count like I said before means nothing. I am a regular member on www.bimmerforums.com and I have about 1,300 posts. I have been scammed by people who have 3,000 posts. So post o**** means nothing to me. Yes we might be newbies and this is a rather risky investment, but the person who cosigns on this loan has no risk attached at all because we make the payments. In the end, the person who signs for us can take 1/3 of what we make and either leave us or continue to invest with us...up to them.

Again, we are not here to scam anyone. I'm not here to waste my time to try to scam anyone at all...this wouldn't even be worth my time to try and scam anyone this way. Worst we could do is not make the payments on the house and then at that time the cosigner can take the house into his posession and sell it to get his money back. Yes it's risky, but we are the ones taking the risk, not you guys. So unless you have something constructive to say, then please don't post in our thread. Thanks.

 

No.

First off, fill in your public profile.

It looks like you didn't have time to properly introduce yourself....too much in a hurry to find money...
(and telling us what we can and can't do)

Please, invest some time into letting us know who you are?

So guys... what classes are you taking in College?

 

William... lets see your resume. Are you in Business College?
Going into business with someone in business school is a lot easier than looking at a plan that was put together by two music majors at a Party School

 

Having just read the various posts, I thought I would chime in with my $.02's.

The real estate market may in fact be hot at this very moment, but regardless of age (as long as you are 18 years of age or older) if you have any credit whatsoever, a bank or mortgage company would be more than happy to lend you money on any property that has value equal or exceeding the loan request.

Almost all lenders unless you have a FICO or Beacon score of 700 or higher are going to require you to have some "skin in the game" or in other words some of your own money for which I beleive ILuv4Res was eluding to in his post. Secondly, your research may be accurate but any lender either public or private will want to have an independent appraisal done along with a market research report to make sure that the property is represented as you have represented it, as well as verifying its value.

In my humble opinion I would say that you have quite the uphill battle in finding a lender that will advance 100% of the purchase price with no credit history to speak of, as well as allowing you to earn 100% of all of the upside profit if and when you flip the property without having a proven history of track record of having done this before. If in the event that you are wrong on your choice of property or if the market tanks in the next 12 to 24 months, you will have the option to file for bankruptcy which could ultimately stall off a foreclosure proceeding on the part of the lender or investor placing them further at risk over the long term. This is not a position that a lender would like to be in at any given time.

Now on the other hand, if you could find an investor that would be willing to put up all of the money, allowing them to retain title of the property, having you fund the post purchase expenses and debt service, as well as splitting any upside profit at the end of the day when you either rent or sell the property, then that might be a workable deal. This would allow you to begin to build a track record which could lead to a relationship down the road with other investors or maybe a commercial lender.

 

WTF. I didn't pay for this sh#T. I don't see any thing here that has any thing to do with cars. Total BS.

 

YOU SAID:

Scott, I totally agree...

but as i said, an investment is an investment...we are trying to look for people in FL wanting to invest in real estate... if you read some of the follow-up in the 'business investment ' forum, you will be informed to what the case is... We have complete revenue for the mortgage we plan on paying, which is 6-8months worth...

I SAY:

6 months - what about the rest of the year? The rest of the Mortgage (30 yrs)? If you have all that cash, why are you looking for 100% financing?

YOU SAY:

the investor would not have to lay a dime down at all..... The only thing needed is a loan taken out, in his name or not, we have the cash, not the credit...

I SAY:

No money - just their credit against the risks:
- that a couple of kids that they don't know will actually make all the required payments on time
- that property values will not fall
- that the renters you accept do not destry the place
- that there is not a major catastrophe that destroys the property

all this whlie they and not you have the only personal investment - their money, their credit, and their reputation - on the line.

YOU SAY:

Friends? most of them are not in FL, I live in Virginia, and my associate lives in Georgia... Our market is in Florida, it doesn't make much sense to involve people who cannot contribute to what we need right now, who aren't in FL.

I SAY:

So what? Who cares where the property is? I own property in Arizona, haven't been there in years. Another Florida member owns a ranch in Texas. Many people have places in NY, FL, and Colorado. Like you said, an investment is an investment. Location of the investment is irrelevant.

YOU SAY:

Or atleast, someone who obviously has made an investment before, and hes outside of Florida, would work, just the same....
We do have an agenda, and I personally, wouldn't post on here without having one... Im not out to waste my own time, frankly, im trying to get this down by end of aug....but its expected to get aimless negative responses, when you're a newbie to a forum, with such a request...

I SAY:

If you expected negative responses - which you should have - then why did you get your hackles up so fast and get nasty. Do you really imagine that would be the way to win us over?

YOU SAY:

whts the point of me giving you my details of the plan, if you aren't going to contribute any assistance to what we need? As I told you, im not here to waste your time, or mine...


I SAY:

Read my post. I offered to review your plan, to see if it had merit and to help you see if anyone here might be interested. If you don't want my help, don't take it, but do not accuse me of not offering.

YOU SAY:

just need an answer from someone serious... its perfectly okay, if you have no interest, that just means i move on to another source..

I SAY:

So, once again, feel free to send me or someone here your plan.
Perhaps, after somone we know and trust has reviewed and agreed with it, they might be able to turn you on to an appropriate investor.

If, instead, you want to continue to be immature and nasty - attacking the regular members of this forum - then, I will be happy to arrange to have the moderator remove your posting privlidges.

Scottie
www,TheCarcierge.com

 

Perhaps you misunderstood. I am not interested in taking a loan out in my name for you. Instead, I would be lending you my personal money. However, I only will lend with the parameters I mentioned. PM your phone number to me and we can discuss.

 

SlucianUG... listen up sport--- bob f430, as well as MANY other people DO PAY to be on this forum. (note the "Silver Subscribed" under Bob's name VS the "Not Subscribed" under your name). I would like to think we are more than "simple minded retards", and considering the fact you are a freeloader here and now badmouthing members that actually do support the forum, you are way out of line.

Further, as a few have mentioned earlier in the thread, you need to have something considerable on the line to find a lender for your venture. You have no track record to back your ideas, and apparently you don't carry a FICO that will back your plans either... so why would you think anyone here would lend you 100% on a venture weather it is in cash or on their credit line? I wouldn't "invest" a dime for something like this situation without holding the title and returning a near usury rate or a major stake in the profits... and even then, it would only be for someone that shows a considerable amount more respect toward potential lenders than you have shown here. I doubt many others would either.

 

Long time floater, but decided to register. First time owner...father has been a ferrarichat member and ferrari collector for years and asked me to chime in on this thread.

I too am in my 20's (25) and invest in real estate as a hobby. A friend who owns a property investment firm was nice enough to get me involved as my full time career doesn't produce a significant income.

May I suggest you start small (especially if you are only looking for $20K profit) and in a less expensive market, such as Orlando. For my first purchase I chose a 3 bed/2bath "fixer-upper", did my research and found out the house was significantly under valued, and moved in. I was lucky enough to only put down 5%, qualified for 100% but chose against it. Updated the house myself (paint, carpet and a few appliances) putting the expenses mostly on a credit card. Sold in 7 months. This allowed me to make a significant amount of money, without paying any more than what I was previously renting for. I then in turn pay a percentage to my friend to cover his costs of letting me use his attorneys....etc.

I then used part of the money I made on the first house ($63K) to take out another mortgage for my second home. I did this several times and now have enough income to invest my own money. I can't speak for other markets, but Orlando is extremely hot and I am making more per unit than ever before.

Hopefully this gives you some real world advise. I did not start with a lot of money (though it was my money, my risk) I only make a little over $30K in my full time career in sports because it is what I love to do. I did not have a great FICO score, or a lot of real estate knowledge for that matter. It is not fair for anyone to ridicule you for wanting to get started.....I wish that those members who were a little harsh, instead gave you real world experience and better ways to go about it. I rely a great deal on people much older than I for advise and knowledge.

Just my two pennies...and thank you to the Tonkin family for allowing me to become a first time owner.