OfflineI am looking to buy and hold a property. The property needs work and since it's a water issue everyone is running away, but not me. I have a renter who will move in.
I have some private money, but not enough. One option is try to get the bank to hold all or part of the note.
I asked the listing agent if the bank (HSBC) would hold the note on the property and the response was "no".
Should I be finding the name of the loss mitigation person at the bank and ask them, not the listing agent?
Has anyone had any success getting the big banks to finance??? or am I barking up the wrong tree??
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I'm sorry I don't have the answer you want, but you could google the answer. Maybe you should call the loss mitigation person or even go to a real estate investment club meeting and ask someone there
Sam
If you stop at the first no, this is not your niche. As a realtor you must get no's all the time. One of Joe Jurek's first deals was an REO that the bank holding it did finance it for him, plus they financed a much lower price than they were asking. I get no's everyday of the week and that still has never stopped us. We do not deal with realtors unless we have to. I have found that they do not dare think outside the box unless it is written down for them. They have no clue about the REI game at all.
Since you do have some PM to work with, I would suggest concentrating on that area for the balance of the deal. Buy and holds are a great way to build monthly cash flow, just be sure the numbers add up....Jan