OfflineDon't forget to consider owner financing the down payment. If you have a lender who has approved an 80% loan for you but you're wondering how to come up with the 20% down payment and the money for the other costs and rehab, consider asking the seller to provide the down payment. You would sign a note back to the seller for the amount of the down payment. The seller could protect themselves by taking as second mortgage on the property for that amount.
The seller gets most of their money at closing and is earning interest on the down payment money. It helps the seller and buyer.
I know of one investor who had a lender willing to provide a 90% first mortgage. The property needed $15,000 in rehab. The investor got the owner to take a note for the downpayment plus the $15,000. The investor walked out of the closing with the money for the rehab in his hand. He fixed the property and resold it paying off the first mortgage lender, the seller and made a nice profit.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
These things are getting better and better everyday. Wonderful info. clear and consice.
VV.
what if i don't have a job? i've been searching for one, i don't think its possible or that a loan company will give me a loan if i don't have a job. How do i start to get a down payment then?
what if i don't have a job? i've been searching for one, i don't think its possible or that a loan company will give me a loan if i don't have a job. How do i start to get a down payment then?
If your having trouble finding funding,down payment,a letter for funding you name it.Lawyers, backers this place has it all. Go to [BANNED FOR SPAM - affiliate link to weprov...com] paste that in your address bar at the top of your computer and read and watch the video. Its the best
thing that could happen to or for us newbies. I've gone online and checked them out myself and can not find any complaints. Their for real. God Bless you all and happy investing. Big Red
[Admin edit:
Pasting affiliate links = instant ban.
Linking to unverified services/products = probably banned.
This is clearly in the rules and unless you know it is a mainstream and legit website, don't post it. The last thing we need is people to get frustrated and discouraged because they bamboozled because they saw a link here and thought it must be good.
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I have not had any dealings but I 'google' every company I come across and see what pops up.
Angela
Gary I was wondering the same thing. Bruckersplace sent me the same like and I am a little skeptical about investing in it....If anyone else has tried it and had results please let us know. Thanks.
Tim
I found this place and for free it's a helper and a place to get a start.http://****.com/?id=Bruckersplace You need to check it out. God Bless and happy hunting.Big Red P.S. Oh I just noticed the questions about the site that I'm promoting.Hey believe me I was sceptical too so I when on all the complaint boards I could think of because I'm a simple Joe and a newbie at this also. And to top it off I've been laid off with only a couple of buck left to survive.But after checking around and finding out that the C.E.O."John Alexander" of the site has been in the real estate biz. for over 35 yrs. and that he has over a half a billion dollars, Yes with a B and all the different ways that he and his company have put together to make money I had to jump on the band wagon. So by all means check it out. But in the end you'll come to the same conclusion that I did.That its on the up and up.Oh ya ask around of the old timers who John Alexander is, He pretty well known.God Bless happy hunting and good luck.We all need a little of both on our side special any time we are starting out in something new. Big Red
Hi All,
It don't look like it's free to me I was just at the site and it looks to me that to
use the Private Funds Program you need to be an Platinum Level Member, which is a
one-time start-up cost of $697.00.
But then on the TERMS AND CONDITIONS page they say...
6. Paid access to any level is valid for one year only. We do not offer any kind of
Lifetime membership or Lifetime access to the program. A yearly admin fee of $97.00
is required to remain active.
Also All sales are final after 3 days No refunds after 72 hours.
Plus a whole lot more to make me believe it's more of a network marketing program
then anything.
Besides you can only do Short Sales and REO's and all there are really doing is a
double closing.
complaints. Their for real.
Well I found some that you can take with a gran of salt and believe them or not.
That's all up to you, I'm just trying to look out.
Please Note the great review that Dean gets on all the pages.
Well that's just my two cents and everyone needs to make up there own mind.
MRK
P.S. Everything you need to get going is right here on this site and in
Dean's Products.
"IF YOU DON'T TAKE ACTION FOR YOURSELF, YOU'LL ALWAYS BE TAKING ORDERS FROM SOMEONE ELSE."
just so you know, from research and all that kind of stuff, who to my understanding is part of the hole David/Bruckersplace's thing, is not good at all...if you check out the 2 websites(and I am sure there is more sites out there) it explains bout him basically stealing money as far as when he is selling his system"rags to riches in 14 days"...Obviously check it out for yourself, but I personally would not trust anything is part of...Just my thinking and thoughts, so word of caution for anybody that is thinking bout going that route, just check into them completely first.
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~
We are living on a great day of age. It is called the internet
. Be cautious on what you buy. Once you see a product, Google the review of the product or the author. I have bought a lot of junk books over the years, but now, you can get reviews of the authors before you buy. That's what I did before my wife bought me Dean's book for Christmas. Dean has one of the best reviews out there. I can give you an example of bad reviews. They advertise all over the TV and the internet all the time. If you Google their review, you can read a lot of bad stuff about them. So, be cautious and use the internet to save you some money for not buying some bad stuff out there. Cheers.
I have spoken now with 35 different lenders of which 0 will allow the seller to carry back any portion of the down payment. I'm working on a deal where the seller is willing to finance 100% of the 20% down payment for an 80/20 loan but I haven't been able to find a single lender that will accept that. I have found a couple that will allow a gift to be used as part or all of the down payment but even then they want the gift money to be seasoned for two months and it must come from an immediate family member. Anyone have any ideas? Know of any lenders operating in DC who will allow the seller to carry back financing? I'm still caling lenders everyday but it is a bit frustrating.
Tony
"The seller could protect themselves by taking as second mortgage on the property for that amount".
boconnor!! I want to be cleared on this one. eg. If the lender provides 80% on a $100k property and I ask the seller for the 20% or 20k for down payment and I ask him to take a second mortgage, how is it going to protect the seller by doing that? This might work on my first deal.
Thanks
V.V
I have a house under contract but the down payment is from another source and not seasoned for this transaction. Is anyone familiar with these companies that get your down payment seasoned thru other investor accounts? If so, is there a company you can recommend and have done business with?
Thanks, Bruce