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quilts

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Posts: 15
Reply with quote  #1 
I've been a stay at home mom for the last 5 years.  I have no assets in my name (the house we own is joint). 

My husband is not for buying houses to either flip or rent out. 

So where do I turn for money?
OHlandlord

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Posts: 3,737
Reply with quote  #2 
There are ways to get private sources of funding, but you need to be able to show these private investors that you know what you are doing, that you've done your homework, and that you would be a good person to invest in. 

Have you done your homework - read everything you can get your hands on about finding the right place, inspecting it, making a good offer, being prepared for the closing, learned how to do the fix ups or located honest and reliable workers and contractors who will do the job for a fair price? 

Have you learned how to be a landlord (since flipping really isn't an option in this economy) - how to show a unit, take applications, screen those, pick the best applicant, get a quality agreement and all the necessary forms, do you know your state law or how to handle problems that arise once it is rented?

Once you have done these things, you may be able to get ptivate funding.  Without any assets or a job, you will be unable to get bank financing.  And if your spouse is not on board with this decision, it will be tough. 

Start by reading books from the library - state laws, LLing books, home improvement books.  Let your spouse see that you are committed to the education.  He may come around.
quilts

Registered:
Posts: 15
Reply with quote  #3 

Quote:
Originally Posted by OHlandlord
There are ways to get private sources of funding, but you need to be able to show these private investors that you know what you are doing, that you've done your homework, and that you would be a good person to invest in. 

Have you done your homework - read everything you can get your hands on about finding the right place, inspecting it, making a good offer, being prepared for the closing, learned how to do the fix ups or located honest and reliable workers and contractors who will do the job for a fair price? 

I've read nearly every book out there on buying rental homes (albeit all were writen before the meltdown that happened)

Quote:
Originally Posted by OHlandlord

Have you learned how to be a landlord (since flipping really isn't an option in this economy) - how to show a unit, take applications, screen those, pick the best applicant, get a quality agreement and all the necessary forms, do you know your state law or how to handle problems that arise once it is rented?

Since books are very general on some of this informtion, I will shortly be joining the local REIA in hopes of getting a clearer picture for this state on some of this.

Quote:
Originally Posted by OHlandlord

Once you have done these things, you may be able to get ptivate funding.  Without any assets or a job, you will be unable to get bank financing.  And if your spouse is not on board with this decision, it will be tough. 


He's not going to change his mind, he feels that it's too big of a risk.

Quote:
Originally Posted by OHlandlord

Start by reading books from the library - state laws, LLing books, home improvement books.  Let your spouse see that you are committed to the education.  He may come around.

I've been reading books for the last year.  I have library cards from two different libraries here and have checked out all of their books on these matters.
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