Actually the way I finance 100% (and get the deals) is to buy properties that need a fair bit of non-structural rehab with money from a HELOC. After the rehab I finance it at 80% or less of the new value- which is still 100% of my costs.
Chirs, when you mention possibly being able to save hundreds of $$ /mth in taxes at the board of review I got to wondering what are the annual taxes on the prop you just bought for $28k?
I find its easier to look for pre-forclosure homes rather than homes that are already in foreclosure. This way you can speak directly with the homeowner rather than a lender. I get all my listing online at a really good source
(50-65 times monthly rent including repair and holding costs, depending on local taxes, etc.)
Chris, could you elaborate on this? What are you implying should be 50-65 times the monthly rent? Thanks.
Actually the way I finance 100% (and get the deals) is to buy properties that need a fair bit of non-structural rehab with money from a HELOC. After the rehab I finance it at 80% or less of the new value- which is still 100% of my costs.
Chris
Chris,
That was fantastic food for thought and thank you!
I need to spend more time here : }
Chirs, when you mention possibly being able to save hundreds of $$ /mth in taxes at the board of review I got to wondering what are the annual taxes on the prop you just bought for $28k?
I find its easier to look for pre-forclosure homes rather than homes that are already in foreclosure. This way you can speak directly with the homeowner rather than a lender. I get all my listing online at a really good source