I need some help!! Please - Posted by mark

Real Estate Investing
1

Posted by Louis Bernarducci on February 03, 2000 at 20:28:31:

You need to call the lender that I use email me and let me know what state we are talking about first.

2

I need some help!! Please - Posted by mark

Posted by mark on February 03, 2000 at 17:37:15:

Hi,
I have a few questions:

  1. Is there any possible way to get a loan with no money down? My credit score is 700 and I have had no luck getting any loan with no money down. I read carleton’s course and he stated that it was very easy to get a no doc loan, as long as you had good credit. He states that you can walk into a bank and ask for 55 to 60% loan with ease. I talked to two mortgage companies and they wanted more money up front for no-doc loans than they did if they were giving me 90%. What is the story?

  2. There is an apartment building that looks very attractive. The guy seems fairly flexible and when I talked to him he said he might work with me. Here is the situation:
    -4 two bedroom apartments with laundry facilities in the basement:
    -All four are rented out and together they are bringing in almost 2500 per month.
    -Taxes are 3350 per year.
    -He is asking 250K

I also read in carleton’s book that you can get an 80% loan on an investment property. Is that possible?
-If I offer to buy it for 240K get an 80% loan which would be 200k if the loan was LTV of 250K. I could ask him to take a second mortgage for 40k. Or I could try to find a piece of land worth 40K that has been foreclosed upon and buy it from the bank for 20K. I should probably find out how big of a mortgage he has.

Any suggestions? Would any one offer on this place??

3

Re: I need some help!! Please - Posted by Chris

Posted by Chris on February 04, 2000 at 12:00:53:

  1. There is an apartment building that looks very attractive. The guy seems fairly flexible and when I talked to him he said he might work with me. Here is the situation:
    -4 two bedroom apartments with laundry facilities in the basement:
    -All four are rented out and together they are bringing in almost 2500 per month.
    -Taxes are 3350 per year.
    -He is asking 250K

Just for easy numbers this is not a good deal. Lets say that you go for $250K and finance 100% of that at 8% over 30 years=$1834.41 per month(principal and interest).Taxes at $3350 per year are $279.17 per month. You have not figured in vacancies-say 90% occupancy(check for the actual in your area)=$27K after vacancies or $2250 income per month. Principal and Interest alone are $1834.41, add taxes and you are at $2113.58. You still have insurance costs and other expenses to pay with the remaining $136.42 per month. Any deferred maintenance need taken care of?

You need to run your own numbers, see what equity there is in the property and how much the seller needs for that. What is he willing to do to help you? $250K is not looking like a bargain.

-Good luck, Chris

4

Re: I need some help!! Please - Posted by Ben

Posted by Ben on February 04, 2000 at 06:33:39:

In the first place this is no deal. 250K for a 24K gross income?? You will certanly go broke.

5

Re: I need some help!! Please - Posted by ali

Posted by ali on February 03, 2000 at 18:01:20:

mark
yes you can get 100% loan with no doc/stated loan/w2 if you are w2 employee even you do not qualify on your w2, if your fico is 700 as low as 630 in texas where i do busniess.There is another way to get lite doc 100 % loan if you have busniess and you deposit good some of money in bank and we take 80 % of deposit as your income, or you can get 103% loan if you qualify with your w2.
i hope this would help

ali
SNA MORTGAGE
TEL # 972-466-2551

6

Re: I need some help!! Please - Posted by pros77

Posted by pros77 on February 03, 2000 at 17:56:01:

Hello Mark.
I just read your posting it it floored me.
Im a loan specailist and i process loans at 100%
for clients with 580 credit scores and up. if you would like any in sight on this matter, send me a e- mail.I woould like to help you out…Lamar

7

Re: I need some help!! Please - Posted by Mark

Posted by Mark on February 04, 2000 at 10:17:25:

Lamar,
I tried to send you an e-mail, but I am not sure if you got it or not. After the pros77 there was a period and the first time I sent you the e-mail it would not go through. I went back and sent you a second e-mail after I took the period out after the 77. If you did not get it let me know?
thanks,
mark

8

Re: I need some help!! Please - Posted by Mike

Posted by Mike on February 04, 2000 at 03:37:02:

Hi Lamar,
I have found myself in similar situations and if you can also help someone in illinois or can offer some advice i would appreciate. please feel free to email me. thank you.

9

Re: I need some help!! Please - Posted by CindyS-De

Posted by CindyS-De on February 03, 2000 at 23:35:50:

Lamar, Please Email me if you can help out in De. Your
address wouldn’t go thru when I tried to send you a note.