Posted by Michael Pine on September 25, 2003 at 21:22:26:
I do not know what state you are in, but I would say take out an line of credit against your home, and go for 95% or 90% loans depending on your credit. In some cases even 100% is possible.
You should have enough equity to get you into a couple of houses and start to setup your future real estate enterprise.
Best wishes,
Michael Pine
email: Michael_Pine@yahoo.com
AIM: Mortgagebroker71
Buy and Sell - Posted by Ron Milton
Posted by Ron Milton on September 25, 2003 at 19:43:28:
My wife and I currently own 2 homes, one that we rent and one that we reside in. We both work, make good incomes, ect. We have about $110,000 equity in both homes and have excellent credit. My idea is this, to invest in real estate, basicially buying and selling property, with as little down as possible so that eventually both of us can do this on a full-time basis and quit our regular jobs. Financing appears to be our biggest stumbling block. I can’t afford to put 20% down on every purchase that we make. I’ve heard of the 203K but you must reside in the house for a year (not an option). Should I look at commercial lenders, banks, mortgage companies? I haven’t set up an LLC yet but I am working on this. Anybody out there have any ideas? Thanks, Ron Milton
Re: Buy and Sell - Posted by CTH
Posted by CTH on September 27, 2003 at 11:24:55:
I recently (May03) purchased a residential property originally planned to rehab and resell. Have since decided to rent and hold.
Purchase price 71,000
Closing costs included everything 2,000
Cash received at closing was 5,000 for repairs I did.
I put 1,000 as earnest money.
Total loan was 77,000
I consider that NO money down.
Home appraised for 97,000 after repairs.
My credit must be good, I do not know the score but have never been denied credit.
I do have about 20,000 in savings.
I don?t see why you can?t do the same thing.
Good Luck!
Now have my eye on some multi family units.