Financing and Credit

Ok Guys ,

I've been alot of talk but had my heart broke tonight, for the last couple of weeks I have been really happy because I have been taking the steps to freedom. Tonight I just had to secure the financing and I would have had deal one. Talk to my property manager down there everything is good to go.

I called a broker tonight to learn it is almost impossible to get a loan for under 50k on an investment property. Deal Dead?

Deal
condo 2bds 2baths pool in good neighborhood
built in 1984

Est Value:64k
Asking:34k
Offer:30k accepted
Cash:6k down

rent:725
mort @ 5% 24,000: 135
Hoa:150
tax:75
Ins:75
reapir fund(just in case):105
property man:60

Income after:$125 a month

Ok Guys ,

I've been alot of talk but had my heart broke tonight, for the last couple of weeks I have been really happy because I have been taking the steps to freedom. Tonight I just had to secure the financing and I would have had deal one. Talk to my property manager down there everything is good to go.

I called a broker tonight to learn it is almost impossible to get a loan for under 50k on an investment property. Deal Dead?

Deal
condo 2bds 2baths pool in good neighborhood
built in 1984

Est Value:64k
Asking:34k
Offer:30k accepted
Cash:6k down

rent:725
mort @ 5% 24,000: 135
Hoa:150
tax:75
Ins:75
reapir fund(just in case):105
property man:60

Income after:$125 a month

Hello DG Team Members, I have a cash investor who is ready to work with me on a deal.He will be purchasing a property for me to rehab and prep for selling and split the amount of the final sale. I am just taking time to run this past other investors out there as to the best approach and words of wisdom from you. Is there a particular way to help get the investor feeling at ease about the whole process?

Thanks everyone Jdarby.

I am in the Atlanta metro area, and I get frustrated seeing the houses and deals that are out there, but just don't know where to start with financing. I have a ft job, but my credit is "in the crapper" as Greg says, and this seems to be my road block.

I have had the books for sometime now, and just got the SFL system and the Edge 10 DVD's. I feel I still have a lot to learn, but I have come a long way in just a short period of time.

Is anyone else having the same issue? I see all these deals and money to be made....but this is my hangup.

Any advice would be appreciated!!

 
I just received a certified letter from the landlord(s) that our month-to-month lease will terminate on Sept 30, 2010. I have lived here since August of 2002, 8 years now. We are behind on our rent, but I want to at least buy the house because the landlord passed away about a year ago and now her children have it. It was rumored that they have to sell it or will they probably put it on the market. The house was appraised around $35,00 - $50,000 a few years back. It was just now appraised about a month ago, but I don't know the true value yet, but I know it's not more than $50K, if that.

Hi
I live in NYC looking to invest in Philadelphia.Right now im in contract to buy 2 properties in philly but i need to find a local bank that refinance without seasoning required, at least 75% of appraised value and lends below $50k. If you know any bank that does that please let me know

Thank You

Dan

USDA Rural Development Loans

Texas has a law pertaining to Hard Money Lenders and also deals with Owner Financing of properties. This is some serious stuff making it harder to owner finance properties in Texas. One can read more about it on this lawyers web page at http://www.lonerganlaw.com/Articles/The-Texas-SAFE-Act-and-Its-Impact-on... and the fine for this is pretty high too.

Shawn

I have loads of cash flow deals in the Lafayette/West Lafayette market but not enough private money to keep up with all the hottest deals.

If YOU would like to take that cash and put it to work for 1 to 2 months with my team I would love to speak with you. I mainly deal in duplexes but am willing to snatch up a SF is it the numbers works for all parties of the deal.

I have a great relationship with the local banks and have committed letters for permanent financing so the private capital can be quickly returned.

Scenario 1) of typical cash flow duplex cash flow after all rehab is completed and rented.

Purchase Price $30,000
Rehab amount $9,500
------------------------------------------------------
Total amount for rehab and purchase $39,500

Hi,
In the next few months I will have excess funding, and I decide to help other investors like me; I have decided to provide transactional funding on a 72 hours or 30 day term. Later on maybe the middle of next year if all goes well I will venture into Hard Money funding. If you have up coming deals and are looking into getting transactional funding, you can email me privately,I have a list I am putting together. Thanks