Do I Need Good Credit To Wholesale Houses?
November 5, 2009 by admin
Filed under Real Estate
Eddie Case asked:
You need not worry about your credit rating when wholesaling because it NEVER enters into the picture for this type of real estate deal! As a wholesaler you are never going to need to qualify for a mortgage.
Wholesalers either \”double close\” on their wholesale deals or they \”assign\” their contracts to their investor/buyers eliminating the need to ever fill out a credit application!
Since the majority of wholesale deals are funded with Private Money and not conventional funding, traditional credit based borrowing goes right out the window!
When \”Double closing a Wholesale deal only one loan package is used to close both sides of the deal. Your Buying from a motivated seller and then your selling back to your Investor/Buyer with the same money, (using it twice!). So the ONLY person who needs to give credit info is your Investor/Buyer, because he is ultimately one the one who is on the \”hook\” for the financing with the private lender, NOT YOU!
SO YOU DON\”T HAVE TO GET YOUR CREDIT PULLED! YOUR CREDIT DOES NOT MATTER ONE BIT because your not the one repaying the loan!
What other style of real estate investing allows you to control hundreds of thousands of dollars of real estate deals even if you have \”Bad Credit\”?! NONE that I know of!
Also, because most wholesale deals revolve around Private Funding, there is NO CREDIT AGENCY REPORTING! This is because the \”Private Lenders do not report to the agencies. So your buyers credit rating NEVER shows any new loans on their credit report!
This helps your Investor Buyers credit rating because their debt to income ratio never changes even though they may have placed several hundred thousand dollars worth of mortgages with the Private Lenders.
This means your investor buyer never looks like his credit limit is over extended! Your buyer can still borrow more money from other hard money lenders anytime he wants, in turn, he can still buy more deals from you!
But, if YOU have blemished credit, YOU can still invest heavily in real estate as a real estate wholesaler. You can start TODAY!
More free FAQ videos here:FAQMentor.com
You need not worry about your credit rating when wholesaling because it NEVER enters into the picture for this type of real estate deal! As a wholesaler you are never going to need to qualify for a mortgage.
Wholesalers either \”double close\” on their wholesale deals or they \”assign\” their contracts to their investor/buyers eliminating the need to ever fill out a credit application!
Since the majority of wholesale deals are funded with Private Money and not conventional funding, traditional credit based borrowing goes right out the window!
When \”Double closing a Wholesale deal only one loan package is used to close both sides of the deal. Your Buying from a motivated seller and then your selling back to your Investor/Buyer with the same money, (using it twice!). So the ONLY person who needs to give credit info is your Investor/Buyer, because he is ultimately one the one who is on the \”hook\” for the financing with the private lender, NOT YOU!
SO YOU DON\”T HAVE TO GET YOUR CREDIT PULLED! YOUR CREDIT DOES NOT MATTER ONE BIT because your not the one repaying the loan!
What other style of real estate investing allows you to control hundreds of thousands of dollars of real estate deals even if you have \”Bad Credit\”?! NONE that I know of!
Also, because most wholesale deals revolve around Private Funding, there is NO CREDIT AGENCY REPORTING! This is because the \”Private Lenders do not report to the agencies. So your buyers credit rating NEVER shows any new loans on their credit report!
This helps your Investor Buyers credit rating because their debt to income ratio never changes even though they may have placed several hundred thousand dollars worth of mortgages with the Private Lenders.
This means your investor buyer never looks like his credit limit is over extended! Your buyer can still borrow more money from other hard money lenders anytime he wants, in turn, he can still buy more deals from you!
But, if YOU have blemished credit, YOU can still invest heavily in real estate as a real estate wholesaler. You can start TODAY!
More free FAQ videos here:FAQMentor.com
Columbus Wholesale Investment Property – is it Safe to Buy?
November 1, 2009 by admin
Filed under Real Estate
Eric J. Pifer asked:
Over the past several months the ‘chicken-little’ syndrome has befallen us and a lot of smart people have lost their sense and think that the sky is falling. Don’t get me wrong there are some areas in the country in which I would not currently choose to buy investment property.
However, in my opinion, Columbus Ohio does not fall into this category. I would actually say comparatively it is a safe bet and if you’re looking to pick up cheap wholesale houses, why not do it when everything is on sale!
Why is Ohio’s capital city a safe area to invest in wholesale property?
According to PMI Group, a leading mortgage insurer and finance company of over 30 years, Columbus Ohio is one of the top 10 safest cities to buy investment property. PMI recently released their fall 2008 risk index, in which they listed the top 10 safest and the top 10 riskiest areas to invest.
They rated Columbus Ohio property as having a less than 1% chance for declining prices over the next 2 years, whereas the worst on the list have an over 99% chance of falling prices.
In addition Forbes magazine listed Columbus Ohio as one of the top 10 places to live well. This translates to Columbus being a great place to live with a lower cost of living, which in turn makes it a more attractive place for those looking for opportunity in an economic downturn.
Columbus Ohio also made the top 10 list of CNN Money Magazine for best cities to live. It is not only attractive because of affordability but it is also a desirable place to live because of what the city has to offer. This should be good news to landlords and retailers alike.
So if the metropolitan area is so great why are there so many good deals?
Columbus has been affected by the housing market ‘bubble’ to some degree. The current foreclosure crisis and falling prices have given way to an influx of great investment deals that are hitting the market. This has provided opportunity for investors to purchase great wholesale deals for pennies on the dollar.
With a minimal chance of further decline in real property prices it would appear as though we are reaching the bottom here in Columbus.
More silver lining in a weak economy…
Materials costs are plunging and contractors are begging for work. Therefore any investment property picked up at a great price especially at wholesale price has even more inherent potential profit. This is due to the fact that with materials down and contractors desperately seeking work the cost of rehabbing distressed properties has fallen as well.
Ohio’s capital city is certainly a great place to pick up wholesale investment property at a significant discount. So landlords (buy and hold investors,) rehabbers (retailers) and just plain bargain hunters are all certain to profit or benefit.
During a time when everyone is losing money as a direct result of fear, be sure to use analytical reasoning in deciding on your financial health rather than emotion fueled by the media.
For the ultimate in wholesale investment property and related material check out: ColumbusWholesaleHouses.com
Over the past several months the ‘chicken-little’ syndrome has befallen us and a lot of smart people have lost their sense and think that the sky is falling. Don’t get me wrong there are some areas in the country in which I would not currently choose to buy investment property.
However, in my opinion, Columbus Ohio does not fall into this category. I would actually say comparatively it is a safe bet and if you’re looking to pick up cheap wholesale houses, why not do it when everything is on sale!
Why is Ohio’s capital city a safe area to invest in wholesale property?
According to PMI Group, a leading mortgage insurer and finance company of over 30 years, Columbus Ohio is one of the top 10 safest cities to buy investment property. PMI recently released their fall 2008 risk index, in which they listed the top 10 safest and the top 10 riskiest areas to invest.
They rated Columbus Ohio property as having a less than 1% chance for declining prices over the next 2 years, whereas the worst on the list have an over 99% chance of falling prices.
In addition Forbes magazine listed Columbus Ohio as one of the top 10 places to live well. This translates to Columbus being a great place to live with a lower cost of living, which in turn makes it a more attractive place for those looking for opportunity in an economic downturn.
Columbus Ohio also made the top 10 list of CNN Money Magazine for best cities to live. It is not only attractive because of affordability but it is also a desirable place to live because of what the city has to offer. This should be good news to landlords and retailers alike.
So if the metropolitan area is so great why are there so many good deals?
Columbus has been affected by the housing market ‘bubble’ to some degree. The current foreclosure crisis and falling prices have given way to an influx of great investment deals that are hitting the market. This has provided opportunity for investors to purchase great wholesale deals for pennies on the dollar.
With a minimal chance of further decline in real property prices it would appear as though we are reaching the bottom here in Columbus.
More silver lining in a weak economy…
Materials costs are plunging and contractors are begging for work. Therefore any investment property picked up at a great price especially at wholesale price has even more inherent potential profit. This is due to the fact that with materials down and contractors desperately seeking work the cost of rehabbing distressed properties has fallen as well.
Ohio’s capital city is certainly a great place to pick up wholesale investment property at a significant discount. So landlords (buy and hold investors,) rehabbers (retailers) and just plain bargain hunters are all certain to profit or benefit.
During a time when everyone is losing money as a direct result of fear, be sure to use analytical reasoning in deciding on your financial health rather than emotion fueled by the media.
For the ultimate in wholesale investment property and related material check out: ColumbusWholesaleHouses.com
