When I woke up today, about an hour ago. I was feeling incredible. I'm about to get 30K and save my deal. Phew. Then it hit me. I'm about to get 30K! Whoa! In the flash of an instant, that 30K opened up a whole new world of possibilities.
First, a lot of lender in my business want to see that an investor has reserves -- back up money for loan payments, essentially. I haven't had any. So I've had trouble qualifying with these lenders.
But after today, I WILL have some. Whoa. Now I can get them to fund my deals!!!
But that's not all. I realized, that if I could get a loan for this deal at a 9 month term instead of 12, I woudl need less reserves and could use 5K to pay my expenses during the rehab. Meanwhile, my colleauge is making a killer interest rate on the deal and we're all making money!!!
Didn't I just ask, on Tuesday, for a large disbursement of cash so I can pay my bills this month while I do these deals? Whoa. Freaky!!
Thursday, October 11, 2007
OMG! I Just Thought of Something
Posted by Greg at 9:04 AM
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