Financing and Credit

I was hoping some of the finance experts could help me with a banking question:

Q: If I were to purchase a property valued at $100,000 for $75,000, and it was OWNER financed; how long would it be before the a conventional bank would refinance the loan?

Q: If the property appraised at $100,000 on the refinance, would they finance 75% of the value ($75,000)?

I am looking for someone to do a joint venture with me on a property I want to fix and flip. If you have any questions you can respond back to this email. Also, if you are interested I will send you all the information about this property.

I'd like to do a no money down offer on a house. The owner currently pays $1,200 for the mortgage. I'm going to offer no down payment, $2,000 (interest only payments) with a balloon payment in 12 months.

Question: How do I take care of the Realtors commission on a deal like this. Will they wait for 12 months for the balloon payment. I'm sure they won't be too thrilled about this.

Thanks for any advice.

http://money.cnn.com/2014/11/14/real_estate/housing-affordability/index....

Hello. I would really appreciate anyone's advice on how to 100% finance the following condo deal.

* Several Condos valued at $720,000

* My offer is $499,990

* Equity in the condos would be over $200,000 or 30% of the value.

Does anyone have any creative ways of getting 100% financing on a deal like this. I have done a lot of traditional bank financing, but no creative financing.

Thank you!

Does anyone know a good/fast sub-prime lender that I could use?
I found a great cheap HUD home that I want for myself to fixup and then use the equity towards a fix and flip.
I have low credit and only started at my fulltime job 2 month ago. I make very good money with low debt right now. My credit took a hit last year and hasn't had time to get better.

Thanks in advance,

Doug

Hello,

I successfully purchase my first home in 2011 at a 3.5% down payment.

I am thinking of getting involved in my next property but wanted to see if it is worth getting a loan to take for my next investment.

Since it is now considered a "investment" property, I will need a 20% down payment.

The area will be in new york city, credit rating is great and no debt.

What do you guys think?

http://money.cnn.com/2014/10/07/real_estate/home-equity-loans/index.html

In reviewing this story from Dean's book I have a question.

On page 172, just before the story on page 178, Dean talks about "pre-payment penalties".

In Dean's story on page 178, he indicates he obtained a 100% financing loan (80%/20%), but then sold the home in 45 days. How did he get around the pre-payment penalty which can be the equivalent of 6 months to 1 years worth of payments?

This was not offered as part of a worse-case scenario with a back-up plan after the story.

So what if your worse-case scenario is a pre-payment penalty? You can't rent the home as the rent won't cover costs, so what is a back-up plan for this situation?

I had asked the person who runs the Real Estate Investment club I joined a month ago for a referral for a Mortgage Broker, one who works with Banks who don't require "seasoning".

(Seasoning- meaning refinancing when owning the property a short-time such as a few weeks, a month, anything less than 6 months)

He gave me a referral for a Direct Lending bank contact who told me that there is no such thing and that all mortgage brokers/lenders have to follow the exact same guidelines and the minimum you must own the property is 6 months before you can refinance, period.

I'm located in Sacramento, Calif. Is this only true for California or is he full of bull and his company just doesn't offer this?