Download (direct link):
T: 703-760-4700; F: 703-760-4056; W: www.reilly.com.
Related Capital Company, 625 Madison Ave., New York, NY 10022.
T: 212-421-5333; F: 212-751-3550; W: www.relatedcapital.com.
Sterling Commercial Capital, 53 Unquowa Pl., Fairfield, CT 06824.
T: 203-256-9068; F: 203-256-9564; W: www.sterlingcommercialcapital.com.
Tremont Realty Capital, 125 Summer St., Boston, MA 02110.
T: 617-439-6700; F: 617-951-1477; W: www.tremontcapital.com.
USA Capital, 4484 S Pecos Road, Las Vegas, NV 89121. T: 702-734-2400;
F: 702-734-0163; W: www.usacapitallender.com.
WACHOVIA, 301 S College St., Charlotte, NC 28288. T: 704-383-6315;
F: 704-374-6345; W: www.wachovia.com.
Webster Bank, 185 Asylum St., Hartford, CT 06103. T: 860-692-1693;
Your Keys to Real Estate Riches
? In income real estate, you have almost unlimited sources of funding for your projects.
? Your First Mortgage is usually the easiest type of real estate financing to get when your project is in reasonably good condition.
? Your Second Mortgage may be the next easiest type of real estate loan to get.
? Guaranteed loans, with your guarantee coming from a government agency, may be good for you if your credit is not the strongest.
? There are some grants available for real estate projects that benefit large groups of people.
? Down payment loans can be obtained from at least five different sources.
? Private lender financing can be your key to real estate riches.
? A REIT (Real Estate Investment Trust) can be your source of either public or private funding for multi-unit real estate deals.
? Investor groups, such as limited partnerships made up of professionals, can be an excellent source of funding for you. But you must—in general—make a presentation to them to get your money.
? There ARE 100 percent funders in business today. You must look carefully for them in your area. It will usually take time. Or you may find one your first day of looking!
? Deal with experienced multi-unit lenders and you can find the money you seek for your real estate project. Try the lenders given in this chapter for your larger multi-unit projects.
Creative Financing of Your Real Estate Fortune
Creative financing builds more real estate fortunes for BWBs than any other type of funding known. You, too, can use creative financing to build your wealth. To begin, we’ll define what we mean by creative financing:
Creative financing is the use of methods that get you investment money you need by recognizing your financial lacks and shortcomings and focusing on them to overcome these negatives in your search for the financing you seek.
Thus, when you use creative financing you work from your recognized weak points. Focusing on lack helps you build strong results and a fortune in real estate! Here’s how.
Quick Proof That Creative Financing Really Works
To show you how viable real estate and creative financing are, here are a few reader letters showing what you can do in the world’s best business—real estate:
Getting Started Is Easy—When You Know How
“After reading your books, I found myself getting up and going. I have purchased some apartments and townhouses
Seven Reasons Why You May Need Financial Help
Your first step in using creative financing for real estate is to analyze your financial lacks and shortcomings. In doing this, we’re not criticizing you. Instead, we’re showing you how you can help yourself. Here’s a list of seven frequently met financial lacks and shortcomings:
1. No credit history—that is, the person never financed a car, a home, a washing machine, or other large purchases. With no credit history, the borrower can’t be “checked out.”
Creative Financing of Your Real Estate Fortune
2. The borrower has a low credit rating on the usual letter credit score of A, B, C, or D. In this rating system “A” credit is the highest or best, while “D” credit is the lowest or worst.
3. History of bankruptcy in the last few years. (If your bankruptcy occurred more than 7 years ago, it will usually be off your record.)
4. Your FICO® score (see Chapter 3) is less than 600.
5. You have court judgments against you for not paying bills in the past.
6. You have a record as a convicted felon for earlier indiscretions.
7. Any other negative credit history that’s on file about you.
If any of the credit problems above apply to you, take hope! You can still get started and earn big money in income real estate. I have hundreds of letters from people with almost all the above problems who still got started and are earning a big income today in income real estate!
Real Estate Ownership with “No Money”
“I have read several of your books and have used many of your ideas to improve my financial status. Within the last year I purchased two 8-unit apartment buildings at a time when I had no money. I used 100% borrowed money. Both apartment buildings are in my home town—population 1,300. As a result of these two real estate purchases I have increased my net worth from $8,000 to $50,000, after improvements and rent increases.” Minnesota