I am hearing a lot of crying lately from investors who can’t get loans approved. No more subprime for buyers, no more no-docs for investors, banks are making it tough again.
STOP CRYING! In the early 90’s when I got into real estate, we borrowed at 9.5% with 3 points, full doc, 20% down. No stated income, no “liar loans”, no B.S. We still made money. We wrapped loans at 12% interest. We borrowed hard money at 15% or more and we still made money. The market was weak, and we still made money.
Dry off those tears and face facts: there’s always an opportunity in every market! Sometimes the market just makes it harder for something – rentals, loans, buying, selling, there’s never a perfect combination of “easy street” for all the pieces. Stop whining and start hustling!Â
Somebody is making money in EVERY market… will it be you?Â
