I've been a real estate investor in the Seattle area for the past 5 years. I have bought, assigned, or wholesaled over 47 properties and have successfully sold about 35 of them thus far. I'm in the process of selling a few of my holdings and should be able to get 6 of the 14 houses I'm holding by year's end. I'm not financially strapped and do not need a few K's to bail out of any bad situation. The thing is that I don't want to keep buying properties the conventional way, which is getting a loan from various banks such as B of A or Wells Fargo. The process is time consuming and costly. I'd like to get a business line of credit of at least $500,000.00 so that I can buy various cheap properties that I come across via my marketing effort.
Most banks do not like people who operate a speculative business like real estate investment. I so far have not been able to find ways to work with them and get a huge business line of credit from them.
If someone can provide such fund show me how to do this, I can offer the following:
1. For every transaction that I enter, you, as the creditor, can order your own appraisal so you know I'm not inflating anything.
2. I will put 10% to 20% of my own money into each of these transactions. For instance, if the house I'm buying is $200,000.00, I can put down $20k to 40k of my own money. The rest will come from the business line of credit.
3. The business line of credit can also be secured (in 1st position) by the properties that I'm about to buy.
4. I'll personally show you the 4 properties I picked up this year and how much I have made and will make when I sell them (I have sold one and made 50k net. The other one I'm closing this coming Tuesday I'll make about 34k net.)
5. I can provide whatever else you need.
Here is what I have:
1. Excellent credit (750 mid score).
2. I can provide detailed information on all the transactions I have done the past 5 years. Things like how much I bought them for, how much I spent fixing them up, and how much I made
3. I'll provide details as to how an IT analyst like myself went from having only about 50k in networth to about $1.2 million in about 4 years. This way you'll know how capable I'm
4. I'll personally walk you through the current houses that I own, the liens against them (very low LTV), what I bought them for, and you can do your own research to determine how much they're worth.
5. I have a good amount of liquid capital to use (easily over $100k) plus various small business line of credit of around $150k. I also have 3 HELOC with about 80k each in credit line. They used to be over $120k but the recent financial situation caused the banks to lower the line. What a bummer.
What I want from you:
1. Please do not attempt to trick me or con me. I will have my attorney check you and I will make sure to also check you out before I even work with you. I have worked hard to build my wealth and will not part with it easily. So I'm not afraid to spend some money for due diligence.
2. I want a credit line from $500k to $2,000,000.00 with rate of around 6% APR to 10% APR.
Please be aware that I'm not someone you can take advantage of via deceitful means. If you are professional, honest, and have good intention, I welcome your business.