How to get money to invest in houses?

Question

So The economy sucks but I found 5 houses under 10,000 dollars. If I had 35,000 I could buy all 5! I'm a single mother of a 1 and 2 year old. I want to invest as this is the best time but where and how do i get the money. I can write a biz plan but dont know where to go from there.

Answer 1

i think the best way is to find a partner but if you knew someone with that kinda cash you probably would have already asked them right? Ok the next best way is to find a HARD MONEY LENDER (google it) i found this out through a real estate program i had to pay for. now the best ones to find are in your local newspapers like pennysaver and or thrifty nichol. you can find the hard money lenders online but with the amount of traffic coming thru ads they tend to be more strict in the lending process. when looking in the  newspaper look for tems like "payday loans" these are private companies or private investors that realize the potential in this type of lending and will fund your project. Be careful of the charges or interest rates because they tend to be higher than a normal loan. Most people that use this type of service plan to flip the property quickly so the interest rate is not a factor to them when they get the loan. If this doesnt work try going to a REAL ESTATE CLUB, and pitching your idea to an investor .  If that doesnt work submit a profile to http://www.prosper.com/join/loan/deandre... They will look at your investment idea and your credit worthiness and make a decision to finance it or not. If they do , investors will then bid on your loan by interest rate(lowest rate in a certain time period will win the right to finance the loan) most interest rates will start at around 19-20% and then lower to around 13% at the end .

GOOD LUCK!!

Answer 2

It's pretty hard to borrow money from banks now.  I think your best bet is to find a partner for your business.  Someone who has the money to buy these houses.

Some people have the money.  But they don't know much about running a business.  And they wouldn't do it on their own.  But with a partner, they might want to do something as you've described.

Answer 3

Check into community action departments that may be in your area they can offer some good plans. You may have to rent to low income families but you would still get a government payment for rent.