WHOO HOO or OMG ? In the end..the appraisal decides
I thought I'd make a new thread because I thought this was worth hearing about for building up of the doubtful. Look at what just ONE good deal could do for YOU.....if you perservere or get lucky like me. I posted this on the other thread, but I wanted all to know what's going on.
Hey there.....After being tenacious and sending many emails I finally found a Hard Money source that seems to be viable here in the NW.
They very quickly approved my deal....they DON'T require an appraisal....only Good Comps, and a basic info about me...Including Credit report for the first deal.
I ended up needing to put a small down on the deal because we have never done business before. The lender told me that once we do a few deals together that they will not require ANY DOWN payment. They are going to put a lien against my current home in lieu of the down. That's ok because it's only until I refi in 3 months.
That basically puts some "skin in the game." I will only have to come up with $2000 as part of the Application process which will go toward closing costs. Also....I only have to allow 3 months interest payments as the minimum that they wish to recoup. The interest rate is HIGH...13%, but I only intend to pay that for 3 months. Also...they are charging 5 points.
I will begin the REFI process almost immediately. My payment should be around $1400 or so, not including tax and insurance, but the $1650 rent that I will receive will cover most of those costs.
I did the COMPS and the average cost per sq. foot for the last 4 months of sales is $132 per.
With the 2689 sq. ft that I am purchasing that ads up to a Value of $354K or so using that as a basis. I paid $160K for the property. Needless to say....even if the house comes in at $100 per sq. ft.....that's still $109K of EQUITY.
So I guess WHOO HOO is the right title for this thread. But I guess that
" OMG " would be more like it if it comes in as "average"value per sq. ft. Average = $194K in EQUITY.
Now I realize that I couldn't sell it at that price in THIS market, but I guess I could open one HECK of an Equity line of Credit.
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BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.
I thought I'd make a new thread because I thought this was worth hearing about for building up of the doubtful. Look at what just ONE good deal could do for YOU.....if you perservere or get lucky like me. I posted this on the other thread, but I wanted all to know what's going on.
Hey there.....After being tenacious and sending many emails I finally found a Hard Money source that seems to be viable here in the NW.
www.privatemoneysource.com is fairfield financials' website.
They very quickly approved my deal....they DON'T require an appraisal....only Good Comps, and a basic info about me...Including Credit report for the first deal.
I ended up needing to put a small down on the deal because we have never done business before. The lender told me that once we do a few deals together that they will not require ANY DOWN payment. They are going to put a lien against my current home in lieu of the down. That's ok because it's only until I refi in 3 months.
That basically puts some "skin in the game." I will only have to come up with $2000 as part of the Application process which will go toward closing costs. Also....I only have to allow 3 months interest payments as the minimum that they wish to recoup. The interest rate is HIGH...13%, but I only intend to pay that for 3 months. Also...they are charging 5 points.
I will begin the REFI process almost immediately. My payment should be around $1400 or so, not including tax and insurance, but the $1650 rent that I will receive will cover most of those costs.
I did the COMPS and the average cost per sq. foot for the last 4 months of sales is $132 per.
With the 2689 sq. ft that I am purchasing that ads up to a Value of $354K or so using that as a basis. I paid $160K for the property. Needless to say....even if the house comes in at $100 per sq. ft.....that's still $109K of EQUITY.
So I guess WHOO HOO is the right title for this thread. But I guess that
" OMG " would be more like it if it comes in as "average"value per sq. ft. Average = $194K in EQUITY.
Now I realize that I couldn't sell it at that price in THIS market, but I guess I could open one HECK of an Equity line of Credit.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.