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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Trying to Get Started Posted by Donna on November 26, 2001 at 5:02 PM Hi All, I have been an avid reader of this message board for several months and I have learned a great deal from answers and questions. Unfortunately, I have a problem. My husband and I have formed an LLC in Michigan to begin acquiring properties prior to foreclosure. We have discussed contracts with lawyers and developed action plans and so forth. We really want to make a living from real estate investing. However, we don't really have the money to get started. I have estimated that it would take close to $65,000 to acquire the first pre-foreclosure property that would likely have a FMV of $90,000. This figure includes repairs, realtor, payment to selller, property taxes and so forth. The way I see it is that we have one likely option;use the $25,000 worth of equity in our home and finance the remainder using a mortgage company. We considered getting a small business loan from the SBA but from my understanding our type of business is not eligible for SBA loans. Can anyone suggest an alternative. We are eager to begin a new career away from corporate America and all of the related bureacracy. Also, borrowing money from friends and family is not an option. Is it possible to get a small business loan from a bank?? Thanks in advance for any response. Follow Ups: Re: Trying to Get Started trel 4:07 PM, 11/30/01 (0) Re: Trying to Get Started Ld 1:26 AM, 11/28/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi All, : I have been an avid reader of this message board for several months and I have learned a great deal from answers and questions. : Unfortunately, I have a problem. My husband and I have formed an LLC in Michigan to begin acquiring properties prior to foreclosure. We have discussed contracts with lawyers and developed action plans and so forth. We really want to make a living from real estate investing. However, we don't really have the money to get started. I have estimated that it would take close to $65,000 to acquire the first pre-foreclosure property that would likely have a FMV of $90,000. This figure includes repairs, realtor, payment to selller, property taxes and so forth. : The way I see it is that we have one likely option;use the $25,000 worth of equity in our home and finance the remainder using a mortgage company. : We considered getting a small business loan from the SBA but from my understanding our type of business is not eligible for SBA loans. : Can anyone suggest an alternative. We are eager to begin a new career away from corporate America and all of the related bureacracy. Also, borrowing money from friends and family is not an option. Is it possible to get a small business loan from a bank?? : Thanks in advance for any response. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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