OfflineI just recently purchased Dean's BARM book and I am trying to get in the game. I had my realtor find some properties that were in an area that was renting well. I found a few and started talking with lenders, etc. about financing. All are telling me that there's is NO CHANCE of getting a loan without at least 20% down.
I have very little of my own money to put down. I have considered HMLs, however I have also been informed that refinancing an investment home is also going to be tough. I don't have the option to make it my primary residence. I am willing to work on Assignments but even other posts on this site have mentioned that foreclosures and REOs have limitations on when you can refinance, etc.
Since I am new to this, I don't know of a lot of resources and options available. Any advice I could get would be greatly apprecaited!
Discouraged but Determined!
Thanks!
Horay! I have a closing this coming Wednesady on this particular property. I will pruchase the property with NO MONEY DOWN. Yes, 100% financing. The only $$ that will come out of my pocket is attorney fees and small amount of closing costs.
Mati, as i've stated above, i've had my eye on this particular property for quite sometime before it went to foreclosure. When it went to foreclosure, i made an offer through an attorney to purchase the property. I was not pre-approved for a loan prior to making an offer, but i knew that if i could get the property for 50% off the FMV as Dean taught us, then it's very possible to get financing. Although i could have locked up the property and assigned for 10k, but banks do not usually allowed assignment on REO's. Instead, i've decided to purchase the property with no money, fix it up and rent it for cash flow. I can always re-finance within a year or two, if not i can always sell it for much greater profit.
Lloyd
Horay! I just closed on the property yesterday (3/11/09). Hundred percent (100%) financing and Zero Down. I didn't even have to pay a penny out of pocket and that was the most exciting part of this whole ordeal. The bank went as far as financing for closing costs. This is the best experience that i've ever had as a Real Estate Investor. I've read so much about 100% Financing and Zero Money Down, and i finally have experienced it. Horay! Horay!
It goes to tell you that if you find a great deal for 50%-60% under the FMV, the bank will most likely provide 100% financing and possibly more. On this particular deal, not only the bank financed 100% but also financed 15K for repairs, and plus paid for my closing costs. Now, that is an awesome experience and i love it! Thank you Dean for inspiring me to get involve in REI!
Lloyd
Hello Lloyd,
What lender did you use for the 100% financing on the deal you referred to?
Nick
Does anyone know , any hard money lenders at this point, who lend a least 70% ltv on a rehab purchase properties, nevada, az, and ca, please have a comenet Thank you felix with reeler properties
Nick, i used FNB (First National Bank) which is a local bank in my little town. I'm sure FNB is nation wide bank. Good luck!
LL
Elena,
I want to first thank you for your insight and the many valuable information you have been able to share in this group discussions.
I need to know one more thing concerning finders'fee. What other options does someone have if finders' fee is illegal in the state he or she reside, such as Florida?
Thanks
Nice job to all of you that have bought your first prop. with no money down. I have not purchased an investment home yet. I'm still moving foward but rather slowly. I'm over analyzing things and just need to make some phone calls to make real progress. I will get there no matter what people say. Like Dean says in BARM only you can hold yourself back. I really like to read everybodys success's and ways they did it.
Thank you
Lance