I ve been looking for long time and I cannot seam to find a good home to do a rehabb on. Either they are in the worst neighborhood or the owners want millions for a really bad place
With a Flawless credit, you could do a lot. I hope the link D_random provided helped. If not, shop around for lenders that understand what an inv needs--You can NINA...80/15..80/10..There is even lender that will lend total rehab at the after repair value of home up to 80-90%--that way, a home with total repair and purchase cost at 80-90% is completely financed. Meaning 100 of total cost---In that case you get a home with very low prize compare to FMV, costing about 50-70% rest is gain. So many options can be possible bode
Cheers
[ Edited by chumah on Date 06/03/2005 ]
some lenders have investor rehab loans where you purchase the property and rehab it before the payments start but they are usually high interest rates for that period. I saw one today that was 18% for the first year with no payments.
Has anyone had success using the lenders listed on this site? There are several that advertise 100% financing, bad credit, etc., yet I still constantly see posts asking for info about these sorts of loans. Are these lenders not as accomodating as they advertise, or are people just posting in here without doing any investigation first?
HML will only lend up to 70%, but most including myself would not like have a 2nd on the deal. Most of us want you to have skin (risk) in the deal.
If you have not risk and the deal gets a little hard you could just walk away, but if you have invested your money then that most likely will not happen.
If you already have 2 properties you are already out the gate all you have to do is cross the street. So just look both ways and walk and you will get there.... goodluck
First, I find what you are experiencing is not abnormal. I have been there. I still find myself there at times.
One thing that helps me is to have clarity of purpose as to what I am working towards. Do you know specifically what kind of deals you want to do and what you are working towards?
Often when I spin my wheels it is because I am just taking on too much and not focusing.
Another thing that helps me is to keep a daily log of what I do and how much time I spend on investing tasks. I then note how much time I spent on tasks that were really worth my time and how much time is "spinning my wheels". This keeps me accountable to myself.
If I need a boost in motivation, attending a local REIA meeting or listening to my REI CD courses usually gets me re-energized.
http://www.thecreativeinvestor.com/residential/LenderFinder-index.html
With a Flawless credit, you could do a lot. I hope the link D_random provided helped. If not, shop around for lenders that understand what an inv needs--You can NINA...80/15..80/10..There is even lender that will lend total rehab at the after repair value of home up to 80-90%--that way, a home with total repair and purchase cost at 80-90% is completely financed. Meaning 100 of total cost---In that case you get a home with very low prize compare to FMV, costing about 50-70% rest is gain. So many options can be possible bode
Cheers
[ Edited by chumah on Date 06/03/2005 ]
Meant to write a note of thanks earlier. I have secured financing for property #3 and have just written a contract for #4. Thanks for the feedback.
some lenders have investor rehab loans where you purchase the property and rehab it before the payments start but they are usually high interest rates for that period. I saw one today that was 18% for the first year with no payments.
Has anyone had success using the lenders listed on this site? There are several that advertise 100% financing, bad credit, etc., yet I still constantly see posts asking for info about these sorts of loans. Are these lenders not as accomodating as they advertise, or are people just posting in here without doing any investigation first?
I think most people post first w/o investigation. [ Edited by d_random on Date 06/20/2005 ]
HML will only lend up to 70%, but most including myself would not like have a 2nd on the deal. Most of us want you to have skin (risk) in the deal.
If you have not risk and the deal gets a little hard you could just walk away, but if you have invested your money then that most likely will not happen.
100% financing and neg chas flow? Sounds pretty risky.
Hi guys,
Thanks for your replies, I wanted to know what if the seller is willing to carry a second?
Could this make a difference?
Please help any advice will be greatly appreciated.
Thanks
Juan
la2lawoman,
If you already have 2 properties you are already out the gate all you have to do is cross the street. So just look both ways and walk and you will get there.... goodluck
la2lawoman,
First, I find what you are experiencing is not abnormal. I have been there. I still find myself there at times.
One thing that helps me is to have clarity of purpose as to what I am working towards. Do you know specifically what kind of deals you want to do and what you are working towards?
Often when I spin my wheels it is because I am just taking on too much and not focusing.
Another thing that helps me is to keep a daily log of what I do and how much time I spend on investing tasks. I then note how much time I spent on tasks that were really worth my time and how much time is "spinning my wheels". This keeps me accountable to myself.
If I need a boost in motivation, attending a local REIA meeting or listening to my REI CD courses usually gets me re-energized.
To your success,
Jason Van Orden