Posted by Mary on March 20, 1999 at 14:37:36:
Mike,
How do you get a mortgage on a property you don’t have a deed for?
How to buy? No money out of my pocket - Posted by Roy
Posted by Roy on March 19, 1999 at 15:30:26:
How can I buy this house with no cash, out of my pocket??
Guy called about a month ago asking 50k
Comps @ 55k.
He called back last week will take 45k.
Today face to face he said he will carry back some but need about 20k plus pay off 1st, to do his thing.
The house has a 1st morgagre of 14,9k paym’t 160.00. The loan is 10yrs old.
House needs about $5,500. In repairs.
Just from talking today I’m sure he would take 35k cash, Maybe 29k cash
Thanks
Roy
It depends . . . - Posted by JoeKaiser
Posted by JoeKaiser on March 19, 1999 at 21:49:18:
If you’re buying to keep, you’ve got to have a plan in place to allow you to put the money in and take the money right back out.
However, if you’re just buying to flip, than everything becomes a no down deal and instead of looking for way to come up with the needed dough, you just look for guys who’d like nothing better than to write you a check for your negotiation skills.
Those guys are often easier to find than the cash.
Joe
Re: How to buy? No money out of my pocket - Posted by RE Hudson
Posted by RE Hudson on March 19, 1999 at 17:09:42:
If the property will appraise for 55K you should be able to easily get a loan for 65% on the property it’s self, with no qualifying at all on you part nor any out of pocket expense. Loan amount = 65% of 55K or $35,750.00 ; No job- no income questions-nothing, OK
Re: How to buy? No money out of my pocket - Posted by Mike Harrison
Posted by Mike Harrison on March 19, 1999 at 17:13:56:
I agree. You should be able to contact mortgage broker and get no-doc loan, pay off first keep enough to do fixup and give as little to seller as he will accept.