$5000 = NEED HELP!!! - Posted by Norm

Posted by george from raleigh on January 08, 2001 at 13:16:31:

I’ve been told that even if you occupy a unit in a multi-family that it will not make a difference in the financing; will still be considered an investment property. Please elaborate!

george from raleigh

$5000 = NEED HELP!!! - Posted by Norm

Posted by Norm on January 02, 2001 at 20:17:14:

I have $5000 in my savings account. Credit rating in the 700’s(but I have about $7000 in credit card debt and $10000 in school loans with $3500 as MY gross monthly income). There is a 3-plex available for $87,000 that I could probably talk down a bit. Can someone give me ANY IDEAS on WHAT DEAL to put together as an offer??? The average per unit is $350 per month with “low vacancy.” Owner will consider financing. THANKS FOR ANY HELP!!!

Re: $5000 = NEED HELP!!! - Posted by Ed Garcia

Posted by Ed Garcia on January 04, 2001 at 10:20:43:


You don’t tell us what state you’re in. Not only do you not tell us what state you’re in, but you don’t tell us if you plan to live in the property. That makes a difference Norm, because the lender will provide you with a higher LTV and better costing if you’re owner occupied rather that none owner occupied. For example with your 700 credit score, if this deal is owner occupied, you may even get 100% financing. If it’s none owner, then chances are you’d need to do the deal with 10% down.

Norm, you haven’t even worked this deal to see if the seller will carry any paper.

Norm, You don’t give us enough information, there are so many different ways we can look at this deal depending on what your intentions are with the property. My suggestion is for you to call me at (909) 944-0199, and we can discuss your deal.

Ed Garcia