Where Are The No-down Lenders???
My son and I are wanna-be-investors. We've read a lot on the subject. We have some money (not a lot) and excellent credit. The banks and mortgage brokers we've talked to all say we need 25% down for investment property (we're looking at 3+ units). Everything I read on this site and other places brags about these no-money down and high LTV loans. So where are these lenders??? Who are they. We need a clue. We don't want to locate a great property at a good price and then not be able to close on it because we can't find a lender because we don't have 25% down. Should we find a property first and then try to locate financing by presenting the deal to the lender? It seems more logical to get a lender lined up first.
Any help would be appreciated. WIll an investment club be able to recommend a lender?
K :-?
You should always have the financial part in place first. There are many good investment clubs in Ohio. Find one that is close and start networking. I like the one in Columbus the best.
There are many lenders that have no money down programs. You need to call your banker, broker, or everyone in the phone book until you find one.
When you get into Multi Units make sure about the zoning.
If you are talking about commercial property, you may not find one right away in the phone book. The local REI Meeting usually has a broker or bank that claims to do these types of deals. Check with other investors to see who they use.
Lori
[addsig]
I was having the same problem. I must of talked to 20 different lenders over the years and finally I just found one that does 95 percent ltv loans with a credit score arund 700 and 100 to 104 percent ltv loans for credit scores over 720. But that is for 1-4 units. anything over 4 units and I was told thats considered a commercial loan and I'm not sure if you can get 100 percent ltv on those loans. The key is to not give up on looking and talk with every lender you can find in your state. use the internet and a local real estate agent to find a good lender that specializes in investment loans. Thats the biggest key, make sure they specilize in investment loans or you will be wasting your time with lenders who tell you theres no way your going to find somebody to loan you 100 percent ltv on a investment,thats not true. but you do have to have good credit. I have started investing in virginia, so if you invested there I could give you a name of someone, otherwise you will have to search in the state you are gonna invest in. good luck and dont give up.