Posted by James Strange on July 07, 2003 at 18:35:38:
If your credit is good and debt to income is good. You should be able to buy with 100% financing. If you do this just have the owner lower the price.
James Strange
reiloans@liborhomeloans.com
Creative Financing - Posted by Rob
Posted by Rob on July 07, 2003 at 16:05:17:
I had posted this in the main newsgroup then realized this question would be better off here. I have a 3 property deal with a single owner, I can obtain 100% financing for what will be the owner occupied property and 95% financing for the other two investment properties (all 3 are identical 2 units). The seller is willing to contribute up to 10% of the purchase price for the other two investment properties. However the loans I have been able to find on investment properties the seller can only participate in up to 3% of the closing costs, and none of the downpayment. My credit is very good, but I don’t have the 5% per property to put as a down payment. If he was to give the money to me before the closing so that I could use it as the downpayment, Is there some way to write it into the contract or maybe secure it with a lawyer so he would have some security? I had even thought of purchasing the first property 100% then taking out a 125% second to cover the downpayment of the other two but I would rather not do this. Any other ideas on how to do this deal?