Using Equity As A Downpayment?
I am looking for a way to creatively get financed for an investment proplerty. I have come accross information during my search that I get the idea that for instance, I find a property for sale at $80,000. The appraisal is $100,000. Say the bank wants 20% down for a loan. the information that I have found says that I could use the $20,000 in equity as a form of down payment or colateral to get the $80,000 loan for the property with no money out of my pocket up front. Does anybody know if this is a possibility in getting financed. I am new to this and I want to make something happen soon, so I am spending tons of time researching the real estate investing world before I take the first step. Any help is greatly appreciated and hopefully someday I can do the same in return!!
Thanks
Jace
***FORUM RULES #2 VIOLATION***[ Edited by rajwarrior on Date 09/04/2004 ]