Posted by Daniel Lubell on June 07, 2000 at 20:54:30:
George,
I too work with sellers, and take over financing when I can. But, if you want to broaden your horizons, qualifying for loans is a great way to do it. I can’t tell you how many times I have gotten killer deals by bidding on the court house steps. And, that takes cash George. So, later on I will need to pull the cash out to do it again. Thus, the better the lender’s terms, the more successful I can be in this business.
This makes me a cash buyer, and in a lot of cases, money talks and you know what talks. So, having this tool in the arsenal is a good thing.
I have found out that this is a new tool from Freddie Mac (Fannie is not doing it yet). A national lender that will now give you money long term without regard to the number of properties you own is Interfirst, a national wholesale mortgage concern (http://www.lioninc.com/interfirst). You will probably still need to borrow through a local bank or broker that will package for Interfirst.
Breaking news…Does anybody know about this? - Posted by Daniel Lubell
Posted by Daniel Lubell on June 06, 2000 at 22:20:50:
I had heard from an investor friend that Fannie and Freddie are changing their recommended guidelines as to how many
homes an investor can have before they no longer qualify
for the “good rates” with long term financing. Currently, the number is 4 or 5 or something like that. According to this guy, they are going to remove this barrier entirely. Is there anybody that can verify this?
This would certainly be a problem if you chose to be one that {“QUALIFYS FOR LOANS”} I work with sellers period, end of paragraph! So Fannie & Freddie can go qualify themselves!