Financing and Credit

I need private money's or another
Investor right now to assit me in buying a REO.

Bob 805/264-7432

Hey ya'll!
So I found this great deal. A property can be bought for 70K but is worth 4 times the amount. It can be easily sold for 250K. Great right??? I know, I am salvating just thinking about it.

Here is the problem. I ain't got 70K and my credit is lower then pretty much anyone I know. So how do I finance it.

So..... I am in need of a proof of funds letter. I have seen positive remarks about coastal-funding.com but that isn't working for me. Every time I attempt to submit my request I get an error telling me the page doesn't exist. Hmmm. Is there another source that any of you may use for a proof of funds letter?

What is the typical mortgage rate on investment property? I have heard 8% but wanted to make sure this is most current figure...

Also, when doing calculations Im figuring costs should be:

1. Mortgage
2. Insurance
3. Taxes
4. PMI if I put only 5% down

This leads me to my next question- are there any mortgage companies only doing 5% down. If so- what are they:)

Thank you everyone!

Hello room,

I found a cash only foreclosure deal through the bank. The house is appraise for $57k and they are selling it for $37k Cash only. I look at the house today and it need at least $6k to 10k fix up to be consider comfortable leaving. I can probably deal down to $10k but I still have to come up with $27K cash.

I have a guaranty renter to pay for my bill at least for the next 2 year.

Question:
What are my available option in this market? My wife credit is above 600.

I don't even know how to approach my bank and ask them to loan me $27k cash .

I am in Arkansas trying to put together deals. The lists that have been published on this forum for Hard Money Lenders are NOT for the little guys.

Several on that list are no longer around!!
Most on the list don't look at amounts less than $250K
Several do ONLY commercial.

I have spent several hours emailing, calling and addressing web sites only to come up with 2 lenders that will do loans for less than 100K deals and BOTH want a hefty % down. I have excellent credit (avg 790), so thats not the problem. Neither is the property since I have it locked up at 48% of ARV.

What type of forms or contracts/paperwork is given to a cash investor aside from a promissory note and a mortgage with them as the lien holder?

So I bought the Edge Kit a few weeks back and heard how Hardmoney can be a great way to finance a deal. So I found and REO property that I really liked and decided to try the HM route. Problem is that these lenders want 30-40% down and I was under the impression that this wasnt the case. Maybe some have changed their lending policies but I was bummed out after hanging up on the phone. I'm sure the guy who called is laughing his rear off right now wondering why he wasted his time calling me. grrrrr

OK, I am hoping that all the other little banks out there are watching this little bank's example. If they are, YOU could be a winner!
The reason I am writing this is in response to a PM I got today:
"I have a question for you: How do you manage to keep buying properties without lowering your credit score, and without increasing your income-to-debt ratio?"

I wanted to share this exciting secret I have found by using my local bank. I can use this for purchases as well, but the "plan" works better this way:

Hi everybody,