Re: How can I buy income property - Posted by Dave T
Posted by Dave T on March 15, 2001 at 10:33:21:
You don’t give any information about the type of income property you are interested in. Are you looking at commercial property, a single family residential property, a multi-family rental property (more than four units), vacant land?
Bank lending strategies are not the same for all properties, and your creative options may be dictated by the type of property you are looking at as well as the seller you are dealing with.
I first approach a deal in the belief that it should stand on its own. Since you are a new real estate investor, I would strongly discourage putting your home at risk to finance such a large project for your first investment. There are very, very few deals that are so good that I need to jeopardize the equity in my house to finance a deal. I would rather walk away from a deal than risk losing the roof over my family’s head.