OfflineNow we all know some money has to go down it just doesnt have to be your own.
In De (delaware) all the banks/mort co's., want 20% down on an investment property. They also need 2% up front on the loan (buy 2 points) this, they say is a state law thing.
Question: is it the same in your area?
Thanks,
D
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Don't Wish the Past, Create the Future! - DH
it is the same here and you are quite right, it does not have to be your own it can be OPM.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
so how do YOU come up with your 22% plus closing?
Thanks,
D
Don't Wish the Past, Create the Future! - DH
MILLION DOLLAR QUESTION????
YOUR HERO, SULLY
The three I did last night were 100% owner finance and all I gave him was 10K. on the two and none on the last.
I actually have a line of credit with my bank carrying 65K so I have it if I need it but on commercial property they only ask 15% to be the owners own money the rest can come from wherever of the 30% they request down. SO.....as far as residential I have been doing assignments and referrals mostly till now but believe ME... when I tell you I have learned how to spend OPM - I HAVE.
There are many tricks in this trade and I just happen to make it a point to find out how to use them.
As far as closing cost, I asked him to pay ALL closing cost and I upped purchase price up on house enough to cover my end of it so I actually financed my closing cost back into the purchase cost.
THANK YOU
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Looks like you had a FEW answers to the million dollar question.
And you're on your way to the million dollar prize!
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
YOU CAN ACHIEVE IT. and I will and so will you...lets all think positive and cut the negatives out.
Much Love Rina
anita
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Anitarny,
you mentioned that Calif was similar to DE when it comes to downpymt. I'm in So cal, R u up northern ca? I'm just starting up and will need to become more aware of Calif RE investment requirements.
Laurie
I am in southern California.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"