Money down

Money down

Now 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

__________________

Don't Wish the Past, Create the Future! - DH


California

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"


anita

so how do YOU come up with your 22% plus closing?

Thanks,
D

__________________

Don't Wish the Past, Create the Future! - DH


THE-

MILLION DOLLAR QUESTION????

__________________

YOUR HERO, SULLY


I have not had to

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
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Good job!

Looks like you had a FEW answers to the million dollar question. Smiling
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


If you can see it.....

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
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Anitarny, you mentioned that

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


Cali Loc

I am in southern California.

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


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