Hey there,
I’m just getting back home form Atlanta, Ga were we had or Real Estate 
Revolution Event this past weekend. It was an amazing success! Our speakers shared a wealth of information with the attendees and if you ask anyone they’ll tell you it was different and definitely more powerful and interactive than any other event of it’s kind! (we’ll have pictures and video of the festivities for you soon) :~)
Anyways, at the event we talked alot about helping folks get past their business obstacles and in the process some very powerful insights and lessons came out of that. Lou and I want to know how we can help you find success as fast as possible, so let me ask you…
“What is the single biggest hurdle or roadblock standing in your path to success?”
Let us know by adding your comments below…
Expect abundance,
My biggest obstacle is getting funds to purchase Bank REO’S and some rehab $$.
Funding has become a huge issue for me.I own 70 apartment units that I was holding to build equity over these next 3 / 4 years. and my new strategy these last 6 months has been acquiring 3–6 unit buildings from the banks.
I have run out of my own cash, the few private guys I had stopped lending ( they have too much out ) I can not get properties refinanced at most banks, mostlt because my credit scores have taken a huge HIT.
So how do I keep my business model going if I can not find the funds to do deals.
Please help
Thanks
John Pacy
The biggest thing for me is getting the Financing I need to close on deals, and getting HML to loan base on the deal itself not credit scores, and also finding good lenders that can get your buyers Qualified for a loan with a 580+ credit score, can you help in this area?
Thanks Jose from florida
I’m a beginner. I want to get in the game, but I don’t know the slightest thing about what’s a good deal or not, and if I find a deal, how do I make sure that i don’t get stuck with a property?
Doing short sales a moral dilemma. Are investors telling home-owners that if they do a short sale the amount the bank loses by reducing the mortgage, is added to the owners income tax? Not only does someone lose their house and any investment they have made to it, they have to move and then have several 10’s of thousands added to their income tax.
I never hear any investor or instructor telling us that amount is added to the owner’s income tax. If the home-owner knew this, there are probably much better options for them. Is this kept so hush hush, just so investors can make a buck on them?
My biggest obstacle is not taking action to move forward due to lack of financing. My finiancing is not due to my credit score, it is 777. In my area no one thinks outside of the box and finding people that think like we do just is not happening (including lenders). We need one good deal to get us on the road to another deal, but we need to be able to find people that have the same thing in common to keep us motivated and we need to find a program that when we spend money to learn that it pays off for us. We have taken so many coaching classes and sat in on soooooo many webinars and seminars. But we are still just sitting on the fence waiting for the perfect opportunity. Appreciate any suggestions.
Karen Bowersox
Pennsylvania
Funding!!!!!!!!!!
My biggest problem is finding buyers! I have rentals, rent-to-own homes and homes for sale. I have tried advertising in the paper to build a “buyers list” but that hasn’t worked for me. I need to be better at marketing!
Am finding the same situation as every one else, finding the funding to even start with your first property investment. Banks and lenders don’t realize the extreme possibilities out there for waiting for the picking-they just look at their bottom line. It was their lax guidelines for lending that has put the country in the place it is now-putting a complete halt to lending to responsible people like you and me. They look at not just credit scores(which mine have taking a beating due to credit card companies decreasing my limits to just above what i owe) but also ‘debt-to-income’——they don’t know what my future income will be—-I have never been late or missed a payment on anything in my life. All I want is a start…then I can eliminate my credit debt and then maybe someone will see that I am ‘fund-worthy’.
All of the above! Of course having the funds necessary at the right time is critical!
Hi Josh- – – I’ll join the crowd that wants as much help as possible finding funding sources- – especially private money. My partner & I have had a few deals under contract, that had excellent equity, but the rules kept changing as we moved forward. We saw over $300,000 in potential profit evaporate due to ever tightening lending requirements. Our credit scores are both also good. That was before we learned of private money. Now, we’d like to know more of the techniques, aside from talking to friends and family, that have proven most effective for raising private money. The next area would be building a huge buyers list quickly. It’s quite evident to most of us that the deals are all around us, but uyers are scarce when using traditional methods. In addition, I really get hung up on some of the technical stuff, like adding banners, making changes to the website, tracing visitors to the blog, squeeze page and website. Things like that. I understand all the concepts, and the importance of each, just not how to do it efficiently. Thanks for a great 4 days in Atlanta. See you in Charleston on the 24th.
We are finding funding at a trickle, but we see some…we find so many good deals, which ones do we pick? we want to grow our business from sfh’s to apt’s yet it’s scary to leave the known. We are working on duplexes and that is great…would small apt complexes be a good idea, or just go for it and find a bigger one to grab onto? FEAR of the unknown I think is lurking in there somewhere!
Right now I am working four multi unit deals we have located possible funds for these deals since the seller is not willing to carry anything on this properties but, I guess it is just patients hoping that my partners do not fall through. These properties are all above 1.5 dcr so if they don’t work out I guess I can always find other partners?????? Keeping my fingers crossed……..
i live in Canada and i find it difficult to do business with people i do not know and also the polocy with the landing rules from the banks when it comes to out of the country investors
Any suggestions?
Thanks
Here is an example – I have access to a property for $300k and can sell it for $425k. I need money to fund this deal long enough to let the end buyer close.
I want to begin investing by wholesaling because I don’t have a lot of money of my own to invest. I’m also a Realtor so I see fantastic REO deals all the time listed on the MLS, that I know I could wholesale to other investors. But REO’s don’t, as a rule, allow assigns. So I’m trying to find a way to wholesale REO properties without having to buy them. That would require funding from somewhere and after reading all of the above comments, sounds like funding is pretty scarce.
How can I wholesale REO’s?
hi lou my name is derron from detroit mich . i work a job that i can barely pay my rent and keep food on the table. i trying to figure out a way to get good leads on a shoe string budget.that’s the hardest struggle for me is marketing, especially in the michigan maket.the banks are letting properties go for a very cheap prices and i’m tring to do wholesaling and it’s tough it’s even tougher going to work everyday getting a check at the end of the week thats sucks. you understand.help me change this situation. thank you.
I am a short sale investor by buisness model and also starting to do REO’s as well. My biggest problem is I need to find private funding so I don’t have to watch good deals float by and have to pass on them. Also, I’m fighting with the MLS in my area over my right to list the property in short sale with the sellers giving me consent via my option contract. This of course waxes my ability to list it and have alot of time to find an end buyer. I cannot close and hold. Not without private money. I know your going to tell me that I just need to pay someone a grand or so to give me “the secrets”. Is it really that simple?
I am a newbie with a bunch of “seminar” experience. I need guidance in setting up internet marketing, squeeze pages, acquiring buyers lists, etc. My present “job” is engineering consulting which takes up 120% of my time & I want to start the internet part going so that I can reduce the consulting hours & increase the real estate hours without suffering a short term crash in my cash flow needs.
My main problem is finding investors to work with when I get some great deals
I’m a experienced investor in Dallas, Tx. I just want to wholesale & do subject 3 deals but I get annoyed holding properties too long( I tend to panic & sometimes don’t make the profit I should & in some occassions taken some lost just to get rid of the problem quickly). I have a patience problem. I do all types of marketing except for the internet, have not done that yet & I’m a Technical Support Engineer but don’t have a lot of time sometimes with my job & investing including family. So, I like to do internet marketing to find buyers, sell properties quick (wholesaling & owner financing), & like everyone else need private lenders BUT I’d like it all turn key for me I’m lazy don’t have time to do everything myself. I would just like to add property listings & edit the site when needed but for someone else to set it up & all the ongoing marketing when it comes to letters, blogs, & seach engine optimization that you mention in your e-book… I just don’t have time to do all of that… So, turnkey internet marketing is the key for me.
My biggest obstacle is connecting with someone or mastermind to help & show, and share resources to get my vision fully up and going as quickly as possible and setting up the components of my business.
Like most people it’s capital to start. I have taken many many elite programs that claim you can start with no money down and it turns out to be false once you paid in and joined. If I were single and had no family, this would be alot simpler like it was for Robert Kiyosaki, Bill Bartman etc.
I know what I want to do that will work now but it takes capital to start which I will never have in my life.
Biggest obstacle right now is having traffic sign up on my web squeeze page. I’m driving traffic
to http://www.wholesalehomebuy.com but the signup rate is not exactly what I expected.
1) Funding. I know where to get money for day trades–several sources. But what about those too good to miss REOs for which I have no buyer right now. How do I get funding for those
2) Building buyer’s list.
3) Not inadvertently breaking the law by acting as a realtor. If I hunt for buyers and find out what they want and then hunt for a property meeting their criteria, am I not acting as an agent?
I can always find deals but would like to partner with a funding source to make it happen.
I think I need help finding private funding. Hard Money is too expensive and I still don’t have the money to pay the points they want up front. I’m also a realtor and can find REO deals everyday on the MLS, but don’t know what to do after that. I’ve sent out offers but they don’t want to assign deals. I also need help with squeeze page, auto responders, etc. I can do the writing I just need the technical help to set it up. Thanks for any help you can provide.
Re: Mortgages when no streaming monthly income?
I just hung up from talking with a major mortgage company, asking them about refinancing one of my rental houses. I have great credit, great equity in the house, great money in the bank, yet they said that they would not be able to approve a mortgage for me. Reason: As an investor, I do not have streaming monthly income and reportable taxable income enough to qualify. The issue was “MONTHLY Income.”
Hmmmm. So, if I want a loan or refinance I have to show that I am paying lots of taxes every year.
Why does this not fit into my personal financial plan?
How are smarter-than-average folks balancing getting new loans with paying low taxes?
Thanks.
Jon
Like a few others – funding! I just got turned down for a loan because I don’t have enough income. Several of my properties are in the rehab process so I can’t rent them to get income to pay the hard-money lenders, which are banging on my door to sell those same properties so they can get ALL their money back, instead of allowing me to rent them with a decent reduction in the loan rate. In this market those properties won’t sell for a profit after rehab expenses. Can’t rent bev=cause the hard-money lenders want their money back, can’t sell in this market, can’t re-fi because of everything else in my situation …
my biggest problen is how towrite and present offers if you have a course .
thank you
gilbert.perez0501@yahoo.com
Here’s a private funding source. There interest rates are high though. Could be as high as 19% but for short term lending typically 2 months up to 12 months till permanent funding is obtained. http://www.redlinefundingcorp.com
They loan money and is where private money mortgage lenders can go to make a profit.
They loan typically less than $100K.
Although, I am a private mortgage lender with them for only $15K with an interest of 19%. Mortgage is now into it’s fourth month and they still haven’t paid it off. It was a rehab flipper property but they did manage to get the property rented.
I would enventually be interested in NNN-Lease type commercial property either soley owning or jointly owning the lease with a partner. First have to build up Corporate Credit to get that kind of money unless I figure out another way to fund one of these type properties. I was in Atlanta too at the trumph seminar next door but managed to sit in on one evening when “the perfect storm” home study course was talked about by the great speaker John Burley. Thanks for letting me sit in Josh. Corporate Credit can be built by anyone with any of the types of businesses entities; C, S, LLC although takes some time to built it so lenders won’t rely on your personal credit score and seems to be the way everyone else does it because you can’t get the big money without that type structure established.
Happy investing with or without the money,
Jeff Graham
JeffSilverinc@gmail.com
P.S. I don’t mind if anyone emails me or even the great speakers whom may come across this blog.
Funding(not 24hr flip funding, that’s everywhere) for REO’s & private deals is my biggest holdup. You can always sell a property if you can owner-finance even if only for 18mo-2 yrs, just finding the funding to do that is a big challenge right now. I am in the North Texas area, we are not quite as hard-hit as some other areas but it is still a great time to make money when buying properties, especially if you can hold them for a couple yrs. or so. Also building a sound business plan on paper is something I could use help with! As far as short sales resulting in tax bills for the seller, that is only in cases of rental & income properties mostly, and nearly everyone I know that is ethical always advises the seller to consult a tax professional before committing to the short sale. Hey, Zeak in DFW, I’d love to talk to you, my email is collinsranchtx@yahoo.com. Josh & Lou, thanks for this blog, it’s great!