OfflineI'm trying to get a handful of properties here in California while they are att a great price so i can rent them out and sell them at a later date. Price range I'm looking for is between 100k - 150k. But unfortunatly theres no trust in the financial side anymore and I'm being told you have to have 25% down to buy an investment property no matter what and i just cant afford that. I have excellent credit (788) and was wondering if you guys knew anyway around this where i can get a couple properties at 5 - 10% down or maybe get a loan for the whole thing from a private lender. thanks for all your help.
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Your excellent credit will defintly help you. Try to find a local small bank in your area and talk with the bank about your business plan. Also, you may want to see if you can locate a cash partner. Contact everyone you know and explore their interest, from family members and friends to professionals you may know such as your doctor, accountant, lawyer or dentist.
Also, see if a hard money lender may benefit you. If the numbers are great on a prospective deal, you may be able to get the funds you need. Good luck on all your deals. Believe and Achieve!
Indiana-Joe
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Just a note. You should look into private lenders. Hard money lenders. If you go to the top of the home page on this site and type in the search engine lenders. There will be alot of helpful forum with alot of links to lenders discussed. Much success always.........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
if they are multi/family units you may want to look into HUD FHA financing, With a credit score like that you have room to work. And Joe was right on with the smaller banks. Maybe one or two of them are FHA approved lenders.
i just recently structured a no money down deal and no payments for a yr. on a 5 unit apartment building for 62k and needs 10-15k in repairs it will cash flow great now an investor friend of mine just had his 4 unit apprasied at 144k and its less then a mile from this 5 unit he keeps telln me to stay away from it because its harder to sell commercial and to stick w/the single family to 4 unit properties can i Please get a response i would hate to miss out on a good investment.
I am a newbie - Can you tell us or me a little about the deal you put together. This is a learning site and we all can learn from each other. Thanks
Erika, REI
Brownstone Investment Group
405.748.0734
www.facebook.com/Erika.Coleman
www.twitter.com/brownstoneREIgr
Job 22:21 Submit to God, and you will have peace; then things will go well for you.
Job 22:28 You will succeed in whatever you choose to do, and light will shine on the road ahead of you.
Deut 28:8 The Lord will guarantee a blessing on everything yo do and will fill your storehouses with grain. The Lord you God will bless you in the land he is giving you.
If you find a property that you are interested in, it sure doesn't hurt to ask if the owner will take a contract for deed. Even if the owner gives you a 1-2 year balloon, this will give you "seasoning," which can make banks very happy to see how you have made money with the property, when you could take out a bank loan and pay off the owner.
Dean addresses this as seller-carryback financing on p.183 of BARM
Andrew
"Be very careful, then, how you live- not as unwise, but as wise, making the most out of every opportunity..." Apostle Paul writing to the church in Ephesus