funding

[cke44]

Hi Tony,

Is it possible to get a loan for a property to Purchase and Hold for Cash Flow with NO CREDIT/BAD CREDIT?

Thanks.

[Tony Alvarez]

The short answer is yes. However, you’re going to have to work a little hard to find the right company or individual interested in doing this kind of loan. Some Hard Money lenders like The Norris Group (http://www.TheNorrisGroup.com) make longer term loans. However, I am not aware of what their underwriting criteria is.
You can also post your request on places like Craigslist or submit them to local investor club meetings where you have a chance of meeting up with private investors that are interested more in the equity to secure the loan as opposed to your credit. Be prepared to pay a higher interest rate and points & fees. Also, there are some investors that are offering to buy real estate at retail prices while allowing the seller to retain 50% ownership. This is a great way of getting 100% of your capital back into your pocket while still retaining an interest in the property and benefiting from future appreciation. Keep in mind that all partnerships & creative financing and partnership structures bring with them a host of potential headache, so, BUYER BEWARE. If you’re interested in this type of thing, check out your local real estate clubs or again, elicit to real estate websites, blogs, communities and forums like BiggerPockets.