A Question That Must Be Asked And Answered By All.
How do we buy and make money right now. We have talked a lot about the problems in the mortgage industry. We have talked about problems with over valued properties. We know all of these challenges well.
So the question is how do we buy properties in the most creative way with the least amount of our own cash. Please share. If you are just doing short sales how are you getting the funds? If Sub-to how? Why? If seller carry How ?why? If it is something new and different please share.
I think everyone will benefit from this and we have all been to shy to ask.
Thank You,
James
Already am. I like using other peoples money and creative terms. It must be a personal thing. Still this is the time when those with the knowledge will make money. Just would like to be one of them.
J
Thanks King and good to hear from you. So you are paying all cash for these places. That is great. What about the little guys trying to make it into the big league? Would you tell them to get on property and leaverge it to buy the rest or is this a time when the little fish get eaten.
J
your monthly statement or screen print from websites an good proof of funds
You would have to be on your relatives account or them on the contract to use his funds..
I was quoted 6 5/8 on a 30 year fixed cash out refi. One of my sub2 rebtals is currently 10.5%, and I need to pay off my HELOC. With a refi and cash out, I am $100 less than the 10.5% loan, which breaks even after paying insurance.
Lending is drying up all over. If you have a 8yr fixed and a 30 year at comparable rates, check what the closing costs are. If you are sure you plan to sell before the 5 years then go with the cheapest and best option.