Unique Situation
i am trying to cashout refi a condo.
i need to go no doc due to being on workers comp (legit)
my scores are 725-734-748
at voe if company reveals to lender that i`m on comp
will that kill deal. any one else ever have this situation.
If you run into problems, you could also try a HELOC. The rate will probably be higher, but you can probably get it through faster and with fewer problems.
THANKS FOR YOUR RESPONSES
THIS IS A RENTAL IN A NON CONFORMING CONDO
COMPLEX 95% INVESTORS WITH ONE INVESTOR
OWNING 12 OF THE 54 UNITS. THE BROKER SAYS HE CAN GET IT DONE 70%LTV 7.5% 5/1 ARM CLOSING COSTS
OF ABOUT 2,700 0N A $105,000 LOAN. WITH MY SCORES
DOES THIS RATE SEEM HIGH
THANKS AGAIN
if you have pretty good reserves i would shop around for a better deal, especially with those scores.
disabled or not, you have to document your income.
Soing them a 1099/w-2 or however WC is paid would be fine.
The only concern that would have is HOW long will you be on WC?
many title companies will do farming for you.
I was interested in lots 15K or larger that has not been rennovated in 30 year.
The producted a CSV file for me.
Thank you. That is very helpful
Joseph
if this is for properties on the market why not contact a realtor and ask for their free mls account. the only thing is they will want you to work with them on any possible transaction stemming from there mls access.
sba lending
have you asked how much he will take back?
Poor credit and no money down? How about a co-signer and a partner with some cash?
does the owner and any family work there,how much do they take home.A private place like this 92000 yearly in sales should net 20-25k to a good operator.
You need to check with the main HQ of whatever chain you are interested on getting and find out who the closest franchisee is in the area and contact them...[ Edited by JDC21 on Date 10/20/2007 ]
you can also find out what national broker chain represents them.
See who the "chainlinks" affiliate in the area is.
take a equity partnet for 10% is what comes to mind.
Have the seller agree to give you a 10% 2nd after closing. This is a separate transaction, therefore a separate contract. (And separate escrow)
You put up 20% and close... Lender is satisfied. Seller lends you 10% after closing.
Would the seperate contract be a non real estate contract? Would the language have to say that the 10% the seller is giving me is in exchange for some specific service or anything else?
Thanks for dummying it down for me.
I am looking into a 8 unit complex in Florida. What should my passive income be in order to make it worth buying a 668k property?
Erica-
I would make a new post for this question, probably get more responses.
Quote:
On 2007-10-24 13:11, erica222 wrote:
I am looking into a 8 unit complex in Florida. What should my passive income be in order to make it worth buying a 668k property?
what city is this in?
(allston) boston, ma
heres a link with some info:
http://www.citysquares.com/allston_village.html?gclid=CNX1sI-GjY8CFSZhIgodf0WaGg
I do not see within this site where you can reply by email and do not know if you can include contact information or not
You an do a llot better,we have a 42 unit in arkansas,appraised at 1.2mil with 240k income,8-9k expenses without debt service you can pick up and it is not even listed,0 vacancy
Ed **Please See My Profile**
the total operating expenses for the year is $16,440.05. that info is for the 4 family originally posted.
Dude1e, I would like more info on the Arkansas property. Can you provide more info?