Financing and Credit

We had a meeting today with a mortgage broker because we are starting to get into doing sandwich leases. As we were talking to her we ended up on the topic of after the lease period is up and the buyer decides to purchase the property and in order to do that needs to get a conventional loan. My question is (for anyone that's already been doing these) where does the down payment for the loan lender come from? Is it something we need to save from our monthly profits or our initial chunk of money from the down payment made to enter into the lease? or does the buyer need to come up with another down payment when we reach that point?
help!

Thanks!!
Kelly

Hi All,

I have been approved by the Bank for a short sale in FL.....I cannot get finanacing due to HOA reserves are too low and too many renters in the community.
I am trying to purchase for my retirement home ....need $150K quickly as Bank is ready to pull the deal...
Any suggestions? Lisa B.

Has anyone ever heard of or used this type of funding...i was on the phone with an investor yesterday and he said it does exist...any thoughs on this would be greatly appreciated.

Hi All,
I am a new investor with no cash reserves and i am trying to get a hard money loan. I am getting negative feed back from the companies i am calling due to the lack of cash reserves. Anyone give me help as far as a way around this problem?

Thanks

I have found a house that i have owned 2 times befor and now it is for sale again. it had been on fireafter i sold it but i can buy it back for31,000.00 and it should take ap 25.000.00 to fix it up.it comes with 6 big lots. if i can find a way to do this i want to rent it out. also it has a grage apt.any thoughts on how i can get the money. i dont have good credit any more.

Can someone explain how you can get these deals closed?

Locked up a property and would like to use transactional funds to close with another buyer on the same day....

Having trouble finding a title company or attorney that will close this.

Some have said it's "Illegal"

i had a call with the tax club a couple weeks ago and it was interesting. they didn't like it when i didn't buy, despite not being in a position to do so. today i just got off the phone with a guy from the tax club about a business plan and credit coaching. first of all, i'd like to make sure they are affiliated with Dean. second, i'd like to get opinions from people who are using them or have used them. please share your experiences so i can make a wise decision when i'm ready. thank you in advance!

I do not see this anywhere. I need to know if there is a form that is simple but legal to borrow money from friends. Do you use a promiseary note? I know I spelled it wrong, Do I use a Land contract? This is confusing...I want my friend to know that I am serious and will not run off with there money. I need to borrow $20,000.00 so they are kind of lery, I cant blame them I would be too. Please help soon I am in need of an answer by this weekend. Thank you Diane Brian

This is a good article I found showing the effects of late payments and forclosures on your credit.

NEW YORK (CNNMoney.com) -- If you're delinquent on your mortgage, your credit score will suffer. Everyone knows that. The question is, by how much?

Until recently, those answers were hard to come by. Credit bureaus were uncommunicative about expressing, in points, just how much impact different foreclosure types of mortgage delinquencies have on scores.

Recently, Fair Isaac, which developed FICO scores, pulled back the curtain a bit, revealing some estimates of point-score declines following mortgage delinquency problems.

Here are the average hit your credit will take:

30 days late: 40 - 110 points

90 days late: 70 - 135 points

Opportunity is out there among us. We all know this. I would like to have this post established to assist people on who to contact for pulling out equity on properties that close that have instant equity due to the agreed upon purchase price vs. the appraisal price.

What banks are doing this in today's market and what are their criteria? I have not looked into this path but I know someone on the site knows this answer.