Home Equity Loan
How can I raise money to purchase real estate?
Between my parents and myself we own 13 properties. They are all single family, condos, and 1 three unit property and all in california. 2 are the homes we live in and the other 11 are all either breaking even or cashflowing with small loan balances and significant equity. I would like to raise money to purchase additional properties which will all either break even or cashflow. But I dont want to loan against our current portfolio of properties as my parents are very debt/leverage averse. I would like to purchase single family homes in the Riverside/San Bernardino markets (where we already own 5 of our properties) that make sense as investment properties. I have experience owning, managing, renting, and repairing properties. I am also a licensed appraiser and licensed real estate broker. What do you suggest I do to raise money to purchase additional properties without leveraging what we already have? I have a 625 Fico Score with 1X60 late payment in the middle of last year.
Public Comments
- Get a second job..... Money isn't going to fall out of the sky... and people are not just going to give it to you. If they would I won't have a mortgage and we all owe 13 properties...
- You would have to give more info. You say the properties are owned by multiple parties, but you do not want to leverage. If the deals are good enough mentioning the other holdings have no bearing on the new. As you stated you or your partners refuse to use the forementioned properties as collateral. The deal would have to good enough to interest a hard money lender. Which as you know means you should have an entry, and exit strategy. I am curious as to what you are really doing here.
- i guess you can get some money via angel investors. Check out some opportunities here www.forallhouses.info . I am sure you will get some money if you look hard.
