First time investor needs help -Asap! - Posted by Mose
Posted by Mose on January 18, 2001 at 17:41:05:
I’m a first time real estate investor that just moved to the dallas-fort worth area! I have found a foreclosed home worth $42,000 (comps.) Needs $5,000 in repairs, listed for $29,900. The house is in terrible shape & I know they would accept $20,000 cash for the house! I plan to do split-funding w/two offers: $9,000 down & $11,000 due in 3 months or $16,700 cash at closing! I’m going to flip the property to another investor I have a list of 15, for a cash profit.
Here’s my problem, the real estate broker involved works for re/max, & wants a letter from a bank saying that I’m approved for the amount I’m offering before they summit my offer, because she had problems with other so called investors trying do info-merical techniques & not comming through.
What I want to do is find a mortgage broker to lend me 50% of the appraised value on the home which is $21,000, my credit is alright, the interest can be up to 19%, with whatever stipulations. Do anyone know of any mortgage brokers in the dallas-forth worth area that can act fast, I dont want this deal to slip through my fingers. All I need is a letter saying I’m approved for the amount that I’m offering. I plan on closing within a week after my offer is accepted!