Financing and Credit

New update and incormation can be found on this post......12-25-08

http://www.deangraziosi.com/real-estate-forums/financing-and-credit/1344...

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Hey Guys,

I have purchased a duplex outright with my HELOC. I am renting out for a couple of hundred dollar cashflow. I want to refi and I know there are pro's and con's to going with origination points or discounts versus not doing this. How do those things apply to a investment property that the bank will consider a first mortgage cash out since it was purchased cash?

Any help would be appreciated. I figured my cash flow is the first and foremost important. Second I want(at least I think I do?) use the time to money value factor, but don't totally understand it. Please advise.

I searched the web and did not come by this situation.
I'm in a situation and i am in need of advice a assistance. i got my self into a ARM a few years ago
with a 1st mortgage 80% and 20% 2nd mortgage. the loan agent claims they would refi before the arm took effect but that did not happen. at this time i am in default on both mortgages. the property sold and they are now trying to get me out of the property to sell it and was wondering how i can get it back? does anyone have any good advice for me?

Flipdogs

I have been told over and over about financing and this isn't my first BarBQ. I have bought and sold homes over the years for my family to live in. I am having a bear of a time getting financing. The problem could be that I am now living in rural Mississippi. I have great credit, a good financial report from my accountant, own my own restraurant. And still having to go through hoops. Any suggestions.
Sheila

Hard Money for Creative Real Estate Investors

3 Components of a Hard Money Loan

1. Must be based on the Property – The loan is made based on the deal that you bring to the table for financing…NOT your credit score. Loans are usually around 65 to 70% of the after repaired value (ARV).
2. Short Term – Loans range from 3 to 12 months.
3. High Interest – Expect to pay 12% to more than 18% depending on who you use plus points.

Why Investors Use Hard Money

For over two weeks I've noticed an ad in my local paper with an owner willing to carry paper on his property, with a deposit. In fact, yesterday's paper indicated that he had dropped his deposit from $3000.00 to $1900.00, incating that he is obviously finding it a little difficult to sell the property even by offering owner financing. Let me reiterate folks that I have no money and my credit is not one to be proud of!

Here are some things you can ask as you are looking for a good mortgage or loan officer. Call several offices and ask these questions.
How many lenders do you work with?
How many loan programs do you have?
Do you work with investors regularly?
How many loan programs do you have for investors?
What do you need to qualify for a investment loan?
Do you know how to do any creative financing?

Finding someone that works with a lot of lenders is going to have more options for you to qualify for a loan, so take a little time to find a good mortgage officer.

I just came from meeting with my realtor at a house I put an offer in on today. We were discussing the bill that has just been signed. She said that lenders have been informed there will be NO MORE cash back at closing, no repair allowances, no seller incentives allowed at closing at all. They have been given no dates, but it could be anytime. Basically that would mean the only concession we as the seller could give is to lower the asking price. I find this hard to believe. Can anyone elaborate on this or have additional information?

Rina

I have found a very nice property as well. I need help on were can I go to find finance options. I have read the book, and right now I am at the point to were I need to know were i can find someone to lend me the money.

Just a note: I have my company info lined up, meaning that I have a LLC, EIN, DUN number, but I am waiting to open a bank account because I want a certain amount of money to remain in the account.

I cannot find anyone .... !

I bought Dean's book about a month ago, I read it fully cover to cover and for the most part I understand it all.

Im 21 years old with good credit and a steady income.
Im saving about $1000 a month.

I just dont't know where to / best place to start.