Creative financing

[lkn2bfd]

I was thinking maybe some of us could tell about our creative financing methods. Like no money out pocket,poor credit options,using options, ?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[PEERless]

Mugging? Petty theft?

Or post a loan on prosper. I just got one.

 

[taichijedi]

Mugging? Petty theft?

That's slowlane thinking. I'm going to knock over a bank!!

 

[PurEnergy]

PEERless, I'd be very interested to hear about the details of the loan you got at prosper. Not necessarily the amount of your loan or who the principles involved are but, ah, everything else. I've heard of the site but this is the first I've heard of anyone actually getting a loan.

Very interesting.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[RaisingWealth]

Actually, a number of the people trying to build wealth who frequent this site tend to use prosper. I was planning on posting a loan request before I realized it was United States only (Canadian Ehh?).

 

[lkn2bfd]

prosper great idea but not the creative I was thinking about. I was thinking stuff out of the ordinary ways you just don't hear about everyday !!!

 

[yveskleinsky]

Here are some ways that come to mind:

1. Lease/option.
2. Partner. You put up credit and/or time, the other one puts up cash.
3. Cash advances on credit cards. 0% for 6 months.
4. Owner financing.
5. Bank loan.
6. Family loan.
7. Hard money.
8. Use equity in one property toward purchase of another.
9. Paycheck advance (if you are still working)
10. Use your tax refund.
11. Ebay.
12. Develop a business to fund another business.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[rcardin]

With today's foreclosures happening daily "Subject to" will be the easiest way to get the property for nothing to little down. Get the title changed over and refinance if the rates are not acceptable of the loan you are taking over.

 

[PEERless]

PEERless, I'd be very interested to hear about the details of the loan you got at prosper. Not necessarily the amount of your loan or who the principles involved are but, ah, everything else. I've heard of the site but this is the first I've heard of anyone actually getting a loan.

Very interesting.

Don't want to hijack the thread, so PM me with questions.

 

[April]

yveskleinsky has named most but I have two example that two of my friends did that are on his list.

Friend#1

Pulled 80K of equity out of his house to purchase a condo and 15K on his credit card to renovate. He closed about 1 month ago and now has the condo rented out and cash flowing...it also has about 40k in equity. He just refinanced the condo to purchase a SFH, pay off the 15K and use 50K to rehab. The refi this to pay off the condo and lease/option the SFH.

Friend #2

He negotiated a destressed 30+ unit apartment house 50 under FMV then put down 5% of his investors money and owner financed at 5% for 30yrs. He rehab. and refi 10 mths later. This was a no money down deal and he has over 500K in his pocket after paying off the investor...and he is cashflowing well.

The trick, as was stated earlier, is not to pay full FMV. Distressed properties are in abondance so anything is possible.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[andviv]

April, great post, rep++

 

[hakrjak]

Lease option is a great way to get someone into a home now that most lenders are requiring bad credit folks to put down 10% or more. You can put down their down payment for them in the form of a rent credit, and crank up the price of the house -- get them in for 0% out of pocket.

Cheers,

- Hakrjak

 

[SteveO]

Distressed properties are in abondance so anything is possible.

Music to my ears.

There is no shortage of people that figure out a way to mismanage a situation.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.