Best way to get a downpayment? - Posted by John

Posted by Clair-MO on June 29, 2003 at 20:12:06:

John, Why not ask the seller to loan you the balance of the down payment by offering a higher rate of interest to him? Also you can ask the seller to carry back a second mortgage then sell it at a discount to give him the money he needs not want. That’s the difference!

Best way to get a downpayment? - Posted by John

Posted by John on June 29, 2003 at 19:42:04:

I need a downpayment of about $17000 to buy a great 3-fam two doors down from the 3-fam I own/live in. The property is $349,900 with rent roll of $3600-3900. I might be able to get $5k together. How can I get the rest of the $12k? Credit cards are too high interest. I can get a personal loan but it would be 13%. Can’t borrow from relatives. I have no equity in my house. Any other ideas? My FICO is in the 650 range and I can’t get 100% unless FICO is 680

Re: Best way to get a downpayment? - Posted by Brad

Posted by Brad on June 29, 2003 at 22:54:30:

Regarding the credit, have you checked out or

You can perhaps dispute several of your tradelines on your credit report (works good with credit cards with balances on them or negative tradelines) and get a temporary bump in your FICO to above 680 (at least with Equifax your score will not consider the disputed tradelines while they are in dispute).

Re: Best way to get a downpayment? - Posted by terry

Posted by terry on June 29, 2003 at 21:53:29:

make sure you get the last months rents and security deposites and see what other things they have had to make deposites on.
and yes definately try to owner finance it!!!
hey 13% on a short term is not that bad.
get a loan on the new building; with that credit score you should be able to get a loan around 8% using the income from the property as collateral and do not mention the other financing.
before you make a decision make sure all the numbers work and you will be making a profit on all the units.