$150k Needed By November 1st For Real Estate Purchase

**tycoonlogan** · 10-23-2008 01:51 AM

Hi guys,

I haven't bed on Young Entrepreneur in a while and I hate coming back practically begging for money. But I have a feeling I'm going to be here a lot more now that I have access to a high speed connection at school. =]

To get to the meat of this post: I'm trying to get into the rental market here in my hometown of Tuscaloosa, Alabama. It's home to the University of Alabama that has around 5,000 students who are commuters that need rentals. My corporation, Bibwell Enterprises, has opened its contemporary real estate division which does business as "Real Estate by Bibwell." I would like to purchase at least ten leased rental properties (meaning they are already leased and generating income) between November and October 2009. According to my calculations and business plan, the company should gross around $100,000 if I were to get mortgages on each of the properties.

There lies my problem... With the economic crash, banks have become stingy in giving money to people like me (interpreted as "young"), even if my corporation would be the one in charge of the mortgage.

I have a house that's already occupied until mid-2009.

If you invest (no matter the amount), you'll be issued one share of stock (privileged with no voting rights) per every dollar you invest.

If you're interested, shoot me a PM.

And sorry if this wasn't clear. It's 2a and I just remembered to do this... Questions can be answered within the post.

Thanks so much!
- Logan

**jasaunders** · 10-23-2008 07:24 AM

Originally Posted by tycoonlogan

banks have become stingy in giving money to people like me (interpreted as "young"), even if my corporation would be the one in charge of the mortgage.

Therein lies the problem. Banks and investors don't want your corporation to hold the title or mortgage, they want you to. Otherwise they have no recourse shall it fail, to collect from a company that has no credit history and no assets.

**tycoonlogan** · 10-23-2008 10:51 AM

Actually, many of the banks I've talked to would rather deal with corporations. But they went through all my paperwork (leases, business plans, and articles of incorporation) with a fine-toothed comb... It was like an IRS audit. o_o