It would be best not to invest all 100k on one property. I would also stay away from all cash deals unless you were going to do a quick flip, Otherwise you would be lowering your rate of return. You could also do some tax liens and get guaranteed returns 10 to 20 percent.
I have brokered to a commercial bank that will go to 90% up to $1 mil. with a FICO of at least 680. I just bought a 6 unit in TX with this loan and am getting a positive cash flow. Thanks, Jane[ Edited by woodsong on Date 09/02/2005 ]
Quote:
On 2005-09-02 17:18, JaneSherman wrote:
I have brokered to a commercial bank that will go to 90% up to $1 mil. with a FICO of at least 680. I just bought a 6 unit in TX with this loan and am getting a positive cash flow. Thanks, Jane<BR><BR><font size=-1>[ Edited by woodsong on Date 09/02/2005 ]</font>
Thats pretty inresting what are some of the requirements for that, are they looking for anything specific, etc..
Quote:
On 2005-09-02 17:18, JaneSherman wrote:
I have brokered to a commercial bank that will go to 90% up to $1 mil. with a FICO of at least 680. I just bought a 6 unit in TX with this loan and am getting a positive cash flow. Thanks, Jane<BR><BR><font size=-1>[ Edited by woodsong on Date 09/02/2005 ]</font>
Thats pretty inresting what are some of the requirements for that, are they looking for anything specific, etc..
Use it as earnest money to tie up property with development potential. Get long mortgage contingency periods, use the time to come up with a user. Flip the deal while still under contract.
I would take some of it and get educated I tie up a million dollars in eisting properties by using blended sub to financing. last month I bought one with 40K down and take over payments and another for 15K. I then rehabbed and flipped one for a 18K return and should make 20 on the other by next month. Preconstruction is great in vegas or phoenix but not really that good of an investment overall in areas of flat or languid appreciation. For that you need to get educated and know the market that your investing in.
[addsig]
Are you sure you can assume the existing Mortgage? or are you just assuming you can? Have you read the sellers Mortgage Agreement? if not I suggest you start from there, if you have problem understanding it then take it to a Lawyer to explain it to you.
Yes, the existing loan is an assumable commercial loan with lender approval. The mortgage does not give specifics on what criteria are used for approval of the buyer/deal.
I am very interested to hear any experience on the assumption approval process from someone who did this (before we call the bank). Is it the same difficulty as getting a new loan? Thank You.
It would be best not to invest all 100k on one property. I would also stay away from all cash deals unless you were going to do a quick flip, Otherwise you would be lowering your rate of return. You could also do some tax liens and get guaranteed returns 10 to 20 percent.
I have brokered to a commercial bank that will go to 90% up to $1 mil. with a FICO of at least 680. I just bought a 6 unit in TX with this loan and am getting a positive cash flow. Thanks, Jane[ Edited by woodsong on Date 09/02/2005 ]
Quote:
On 2005-09-02 17:18, JaneSherman wrote:
I have brokered to a commercial bank that will go to 90% up to $1 mil. with a FICO of at least 680. I just bought a 6 unit in TX with this loan and am getting a positive cash flow. Thanks, Jane<BR><BR><font size=-1>[ Edited by woodsong on Date 09/02/2005 ]</font>
Thats pretty inresting what are some of the requirements for that, are they looking for anything specific, etc..
Quote:
On 2005-09-02 17:18, JaneSherman wrote:
I have brokered to a commercial bank that will go to 90% up to $1 mil. with a FICO of at least 680. I just bought a 6 unit in TX with this loan and am getting a positive cash flow. Thanks, Jane<BR><BR><font size=-1>[ Edited by woodsong on Date 09/02/2005 ]</font>
Thats pretty inresting what are some of the requirements for that, are they looking for anything specific, etc..
Use it as earnest money to tie up property with development potential. Get long mortgage contingency periods, use the time to come up with a user. Flip the deal while still under contract.
I would take some of it and get educated I tie up a million dollars in eisting properties by using blended sub to financing. last month I bought one with 40K down and take over payments and another for 15K. I then rehabbed and flipped one for a 18K return and should make 20 on the other by next month. Preconstruction is great in vegas or phoenix but not really that good of an investment overall in areas of flat or languid appreciation. For that you need to get educated and know the market that your investing in.
[addsig]
Are you sure you can assume the existing Mortgage? or are you just assuming you can? Have you read the sellers Mortgage Agreement? if not I suggest you start from there, if you have problem understanding it then take it to a Lawyer to explain it to you.
Yes, the existing loan is an assumable commercial loan with lender approval. The mortgage does not give specifics on what criteria are used for approval of the buyer/deal.
I am very interested to hear any experience on the assumption approval process from someone who did this (before we call the bank). Is it the same difficulty as getting a new loan? Thank You.
Call the bank and get an assumption pakage. It will tell you what you will need to do.
another option is purchasing in a LLC name and then selling the LLC.
How can you get a loan on a LLC name?