RE Financing...
Hi all - what's the best way to learn about the different ways to finance the purchae of RE? I would like to buy investment property with little or no money out-of-pocket, and possibly obtain a small loan to do some minor repairs (if needed). Last time I checked, my FICO was 735, have no debt, and $15k. I would like to keep the $15k as a cash reserve for my primary business but I could allocate some to RE if need be (but not preferred). Where do I find a lender who would meet my needs or as many as possible? I want to know what loan packages I can expect with my FICO/cash/no debt and what to ask for above and beyond that as I shop. Thoughts?
You should work to find an excellent mortgage broker. They are few and far between as this member of my team has take me over a year to find.
GOOD LUCK
With your FICO score and other attributes you describe, you should easily qualify for any number of creative loan programs, including nothing down.
The other poster is also correct - you need to find a good mortgage broker. Preferably one who is a lender with underwriters in house so that any potential problems (if any) can be found and addressed early and fast.
I have a software development business as well as a financial services business. Good employees and business partners are hard to find no matter what field of business you're in. A good enterprise software architect is just as hard to find as a good mortgage broker or real estate agent.
Good luck!
Doug
The best brokers for Real Estate Investors are the ones that you find at the REI Meetings. Just make sure that they are investors themselves.
Lori
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