financing with no income but lots of cash? - Posted by mark


#1

Posted by Mark on November 12, 1998 at 15:53:32:

thanks Jimbob. is seller financing fairly common? can i reasonably expect this option or is it a rarity?


#2

financing with no income but lots of cash? - Posted by mark

Posted by mark on November 11, 1998 at 15:29:30:

any recommendations on where to get money for rental property if you have no verifiable income but lots of cash?

i have about 140k in cash, securities, ira’s, etc. - but don’t want to use more than 20k for a downpayment. i also have a 225k house with a 202k mortgage on it (and housemates that pay off about 2/3 of my mortgage payment) - which i got through a non-income verifying loan. i’m concerned that another plain old non-income verifying loan might not come through given that my net worth went from +165k to -60k with the new house…i am only considering purchasing a rental property which would yield positive cash flow, or an underpriced unit that i could fix up and sell - so, theoretically, i know that i have very little financial risk on the venture - the loan source, however, doesn’t know too much about my level of integrity or confidence - only the bottom line. i know i can pay it off, but they don’t…


#3

Re: financing with no income but lots of cash? - Posted by Jimbob

Posted by Jimbob on November 12, 1998 at 14:47:18:

Mark,

Either way, you’re better off looking for properties where the owner will carry the contract and provide financing themselves. The terms are often better than with traditional lenders, and as long as you come up with the downpayment a lot of the times, they dont care what your income is, and there is very minimal if any qualifying. If you default, they take the proeprty back and sell it again while keeping your down payment of course. Seller financing is the dream way to buy real estate in most cases.

Jimbob


#4

Scott Brittons course - Posted by cmarshall

Posted by cmarshall on November 11, 1998 at 16:04:51:

Has anyone had a chance to evaluate Scott Brittons Sure Fire Quick Start program?