Cash Poor - Posted by BR2


#1

Posted by Bud Branstetter on February 25, 1999 at 19:35:43:

Leverage is great if you can get the cash to get the huge discount that only all cash commands. Otherwise I’ll use mine to secure the deal. If the returns are good enough I’ll even buy it in the IRA.


#2

Cash Poor - Posted by BR2

Posted by BR2 on February 25, 1999 at 10:41:07:

Ran across a good deal in December and paid cash. Rehab work is almost complete so I called the mortgage company re: mortgage. Well, I’ve been told I have to wait a year!

Does anyone know of a mortgage company that doesn’t require a 1 year waiting period. Will a hard money lender work? I wanted to take my money out before putting renters in.

I guess paying cash has advantages and disadvantages…

Thanks in advance.


#3

Re: Cash Poor - Posted by steveNNY

Posted by steveNNY on February 26, 1999 at 07:35:26:

Try " New Century" - 1-800-967-7623 (ext 8324 - Jeff)


#4

Thanks Guys - Posted by BR2

Posted by BR2 on February 25, 1999 at 16:14:24:

.


#5

Re: Cash Poor - Posted by Mark R in KCMO

Posted by Mark R in KCMO on February 25, 1999 at 10:50:47:

BR2,

Find a new mortgage broker, this one simply doesn’t have programs that you need. You should be able to pull your cash out easily.

Mark R in KCMO


#6

Re: Cash Poor - Posted by Jimbob

Posted by Jimbob on February 25, 1999 at 10:45:23:

Sell the place for as much cash as you can get, take a portion of that cash, buy another and use it as a rental. You should never pay all cash for real estate. Leverage is the key to wealth.

Jimbob


#7

Re: Cash Poor - Posted by Laure

Posted by Laure on February 25, 1999 at 22:24:41:

I believe that it is Fannie May backed mortgages that require a year waiting period. At least that is what I have been told.

Laure