Posted by phil fernandez on March 10, 1999 at 19:11:13:
The banner came down today. I don’t see it up there anymore. You might want to e mail JP. It might have got erased by mistake or perhaps the boot camp is already filled up.
Financing - Posted by Marie
Posted by Marie on March 10, 1999 at 05:38:59:
We have been in the investing game for 2 years part time and are now trying to get into it full time. I am a designer and my husband is a building contractor. We were initially with a partner that did not know enoough about how to finance these deals. We got stuck with 2 year ballon notes. We have bought 7 houses in that time, sold 4, closing on 2 this month, refinancing the last one. All of these houses were bought with no money down. Now we are trying to buy more houses, multi-family properties and some small apartment buildings. The problem is I am working with a mortgage broker and they are doing fine, but the lender they have located is a real “PILL”. He tells me that you can not buy property anymore with no money down because wall street won’t buy the paper due to 12% of investor loan went bellyup. I know about banks and private money, but is there anyway -today- to buy property with literally no money out of my pocket, with a 15,20 or 30 year note, without balloon payments of 2 years, at 75% loan to value and money to us at closing for the rehab? We have done it like this as little as one year ago, but it was a 2 year ballon. I was wondering if there was a way without the seller holding a second (most people I purchase from are in such bad shape they can’t afford to hold paper). I think it is ridiculous to pay a lender closing costs at the purchase, then again upon refinancing in two years and then again when you sell. The only person making money on that deal is the lender X3. I also think that this young male loan officer was trying to dissuade me from getting into this business. His answer to that question was either a three year ballon and refinance after the loan was seasoned or go with his “Private” source at 18% for 30 years and if we refinanced his source would get a % of the profits at that time. Excuse me, but I have already gotten rid of one lousy business partner I do not want another one. What’s with 18% for 30 years? I might as well buy it with my credit card at those prices. Can anyone out there help me with this? If you have a source - we have good credit. It may be streched a bit now, but by the end of the month it will be much better.
Marie in Jacksonville, Florida
Re: Financing - Posted by Emerich
Posted by Emerich on March 10, 1999 at 21:46:35:
I live in south florida and First Union Bank has an excellent investors program dowm here, they may offer it near you. They will lend you either up to 100% tax assesed value or up to 85% of the appraised repaired market value reguardless of the purchase price. The only thing is that you need good credit to get these loans. These loans can also be approved in 24 hours and can be closed in as little time as 3 days. The terms they offer are 8.5-9.5% on a 20 year mortgage depending on the strenght of your credit. I have not used this loan yet but I know people that have and they say it has work out excellent for them.
Re: Financing - Posted by DJ Busch
Posted by DJ Busch on March 10, 1999 at 07:01:51:
Marie,
I think I may be able to help you. I have a couple of friends who are licensed mortgage brokers, and they’ve come through for me before. E-mail me and I’ll see what kind of help I can be.
Hakuna Matata
DJ Busch (also in Jacksonville, Florida)
Re: Financing - Posted by phil fernandez
Posted by phil fernandez on March 10, 1999 at 06:13:20:
Marie,
You are a prime candidate for Terry Vaughn’s and Ed Garcia’s 3 day boot camp in Atlanta. It’s in early June. Click on the banner above.
We got a taste of finding money from both of them at the recent convention.
Re: Financing - Posted by Charles-DFW
Posted by Charles-DFW on March 10, 1999 at 18:29:02:
Where is the banner for Terry & Ed’s Boot camp?