Should I Refinance Or Wait.
I want to invest in some realestate, but I do not have money. A few lenders said that they would qualify me for 7.45% for 128,000 on the first and 9.2% for 32,000 on the second. My credit score is 619 with moderate to high debit ratio.
My current intrest rate is 6.6% for the amount of 110,000 and my secound is also 6.6% for the amount of 6,000. <IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by tnote on Date 01/20/2004 ]
If you are going to flip the properties dont worry about the rate.
Jeffrey Adam
[addsig]
Thank you for your response. My other concern is would I be able to buy again with my credit being so low and If lenders do another credit check my credit score could go down and I may get stuck with the investment. What do you think.
Don't worry about it. You will be paying it off when you sell it. Try to line up some
private money. Put ad in paper:
Real-estate investor with proven track
record looking for investors who want to make 12% on their money secured by a first trust deed.
Good luck
Jeffrey Adam
[addsig]
Does that mean the investor will recieve 12% of what he/she put in.
tnote,
I can't figure out from your post what you are refinancing. I assume you are asking about refinancing your primary residence to cash out your equity.
If this is so, why do you want to do this? Instead, consider the techniques that do not require much cash or credit, such as Subject To acquisitions or sandwich lease options.
If you still want some cash, look into a home equity loan at around 5%.
Yes, I am speaking about my primary home. To answer your first ? I need money to advertise. It cost $115 to $200 a month. As far as the how equity loan lenders will finance me at 10%. How can I learn more about Subject To acquisitions or sandwich lease options. Are you talking about short sales.
what state are you in?
California.
Quote:How can I learn more about Subject To acquisitions or sandwich lease options. Are you talking about short sales.Visit the Subject To Forum and the Lease Option Forum on this site. You should be able to glean the basic techniques just from the topics posted in the forums.
I like to thank everyone for your efforts and information in assisting me.
Thank you.