OfflineOk 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
I could buy it in cash but I do not want to lock all my money up. Any advice or is it just time to fold?
Never put all your eggs in one basket! If you have 30 grand cash it should be spread over at least 30 deals. Owner financing deals are all over the place right now! I am a partner on a semi large property with less than 1,000 out of pocket initially! I would recommend that you find a partner. Get the property under contract and sell the deal to another investor. There are many things to do with a deal other than walk away from it. This website is FULL of creative investors that will definately help you in any situation! I am hopeful that this information helps!
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Hi Salden , thanks for the info.
I am having a problem getting a loan because I never had a mortage or have investment exp. I don't understand how you get these things without having a first shot?
A private money lender. Someone who wants to make better interest than what they are in stock market. You may pay more interest, but is just until you can cash out and re finance.
Cathy B
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