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ReFinace Problem

Posted on: Tue, 04/19/2011 - 22:48
ReFinace Problem

I am trying to buy condos in FL with cash and refi. The homes I found have good cashflow but are under 15k. I can't find a bank to refi the loans for me. Any thoughts

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Posted on: Tue, 04/19/2011 - 23:10 #1
???

Condo's for under 15k, are you sure you have the right pricing? You are paying cash?...Jan


Posted on: Wed, 04/20/2011 - 00:06 #2
Mike

I have used small town banks for this type of noseason refi after repairs. Big banks for us would not do refis with out 6 months of season. If there are any small banks in your area thats who you need to talk to.

I hope this helps.

Steve.

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Posted on: Wed, 04/20/2011 - 01:06 #3
Sign me up

Jan Malek wrote:
Condo's for under 15k, are you sure you have the right pricing? You are paying cash?...Jan

I'll take 10 to start with....

For that price you could take out cash on a credit card or personal loan

I agree with Steve and Veronica working with small banks

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Posted on: Thu, 04/21/2011 - 12:39 #4
Thanks for the Response

Thanks for the Response guys.

Jan- Yes I am paying in cash.

Steve and Veronica-Not a bad Idea. I will give it a shot.

Re Investor yes 15k Smiling

I can locate the deals for anyone intrested.


Posted on: Fri, 04/22/2011 - 11:46 #5
Mike

If it is a problem with seasoning, why don't you buy and hold for a bit, make some cash and then go after a refi. There are many private money people out there that will loan 65%-75% LTV. If you are buying these condos under market which it appears you are, private money might work for you for the short term...Jan


Posted on: Fri, 04/22/2011 - 12:06 #6
Condos in FL for under $15k?

Where in FL? Near the water?

I know some people who may be interested.

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Posted on: Mon, 04/25/2011 - 14:31 #7
Hi Guys, Jan- I will give it

Hi Guys,

Jan- I will give it a shot. The idea was to refi 100% to goto next deal

Success-This deal was near the water

I but the bid in but was to late Sad


Posted on: Mon, 05/23/2011 - 16:54 #8
Find the Money First

I would recommend that you find a refi funding source before buying because in Florida it's hard to get any funding for Condo's

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Posted on: Wed, 06/15/2011 - 19:20 #9
Deal on the table

Mike,
If you have the cash I have a deal on the table in SW Florida just need 18K cash. it is a 3/2 1500 sqft. If interested contact me.