From: phatboi77@hotmail.com
Newsgroups: misc.invest.real-estate
Subject: Re: Questions about Vacant Land Purchasing
Date: 27 Apr 2006 20:24:10 -0700
   posting-account=40SW7AwAAACeWssf5U5XyYmK9Vncetrz

That's great!

I'm very glad that you were able to help start me in the right
direction. I've got all the intention and motivation to do this, but I
feel I need the knowledge first. You mentioned that I should read up
heavily about this. I'm hoping you might be able to tell me a few good
books or URLs that I can visit to garner a better understanding of
what's going on.

Anything, on top of what you have already told me, would be a great
gift to me!

Thanks very much!


HELMER ZAPATA wrote:
> You are right, there is not a bank that will lend you the money at this
> point.  If you are really serious.  I would suggest to enter into a
> partnership agreement with a friend, relative, partner, etc. who can get a
> mortgage and knows what they are doing.  No real credit, credit history with
> good intentions will not cut it for the lenders.  There are many lenders
> that will run to lend you money, but you need to get your financing better
> stablished.
>
> Call a few lenders, it does not matter which they all mostly do the same.
> There are "unconventional lenders" and "hard money lenders" that will charge
> higher interest but you got to start somewhere.  Look on line and start
> reading a lot about land development/ investing in real estate.  And I don't
> mean the late nigh infomercials that try to teach you to get rich.  There
> are also lenders that will even go 50/50 if you find a good deal.  Just
> think it out.  Plan it well and hold your ground.  When you are ready I will
> be ready!
>
> I know a few great agents that work with land and development in Canada.  I
> will be more than happy to connect you.
>
> Best regards,
>
> Helmer Zapata, Realtor
> Commercial & Residential
> Exit Realty Lucky Associates
> 1338 Morris Avenue
> Union NJ 07083
> 908-206-8800
> Cell 908-764-2891
>  wrote in message
> news:1146081393.129624.23540@y43g2000cwc.googlegroups.com...
> >I am just starting in my journey into buying vacant land and I would
> > love to get some assistance on how to best go about this. I expect this
> > process to take some time as my credit isn't perfect, I'm not rich and
> > I'm relatively young (28).
> >
> > I live in BC (canada) and want to pickup some vacant waterfront
> > acreage. My first question is about financing. I understand that
> > without any buildings on the property most lenders will balk at you
> > because there is a lack of collateral, making the place difficult to
> > sell if I mess up. Who should I talk to or where should I go to find
> > out my best bet for financing. If the place costs $60,000CDN to
> > purchase, how much will I likely need to have before I can make the
> > purchase. Are there any good websites that can help me figure this out?
> > I figured the first thing I need to do is fix my credit (it's not bad,
> > just some debts from when I was younger). Second part is locating the
> > land, which I figure I'll do when I understand how I plan to finance
> > this. Third part, of course, is getting the place. Finding the land
> > doesn't seem to be too difficult, it's the financing part I'm not 100%
> > on.
> >
> > Thanks for any advice anyone can offer!!!
> >