I'm a little discouraged? Please Help? - Posted by Mark

Posted by phil fernandez on February 07, 2000 at 19:48:07:


You do not need your own money to buy real estate. What you do need is education on how to buy real estate without your own money.

You can lease/ option a property without any of your money. ( okay maybe $500 ) or you can take over a property subject to the existing financing without money out of your pocket.

How do you do that? Hmmm. How bout buying a course from this site either from Kaiser or Bronchick.

I’m a little discouraged? Please Help? - Posted by Mark

Posted by Mark on February 07, 2000 at 15:28:14:

I am knew at this and I would like to start purchasing some properties and I cannot find a mortgage company will to give me 100%LTV. I am discovering that some companies might give you that much if you are living in the property. I have talked to a few companies and some say you can get 90%LTV or 85%LTV on investment props. That is good, but they also wanted money down.I have a good credit rating score near 700. I am getting married soon and I do not want to use any money for a down payment.
I thought If there was a house appraised for 100K and the owner was willing to sell for 80K If I could get a 90% LTV that would be 90K. I could give 90K to the seller and have them rebate me back 10K and say it was to fix up the property. Is that not possible?
I have also read in Carleton’s course, that I could get a 60%loan pay off the person’s mortgage split the rest of the cash remaining and have the seller take a second mortgage. Can I really do it with out putting 20% down on the property? Could I even do it if I got a 90%LTV and payed off the person’s existing mortgage gave him the cash he needed and have him take a second mortgage for 10% of the property?

The reason why I am asking all of this is because I got off the phone with a mortgage person today and basically she told me to watch myself if anyone was willing to loan me 100%LTV. She also said that you had to put money down even If you got 90% LTV and the seller sold it to you for 80%LTV. she told me on no-doc 50-60% loans I would have to put down 30%. I just did not understand all of this. I thought you could do what Carlton states in his course. The mortgage person also told me that I needed to work with a subprime lendor instead of a conforming lender, which she was.
I want to start doing this, I am truly very excitd and now I am feeling a little discouraged about the whole thing. I did not think on every loan you had to put money down.

This is a great site and I appreciate any responses.

The one sure thing … - Posted by CarolFL

Posted by CarolFL on February 09, 2000 at 07:57:18:

that she said was that conforming lenders behave, on conforming loans, pretty much as she described.

As Ray said, talk to someone else.
As Phil suggested, one of the other courses will give you more detail.

Frankly, when I got thru Carleton’s course, I found a BANKER (yes, large, ordinary bank)who would do 95 % of TAX ASSESSED VALUE - no survey if platted, no appraisal, and didn’t care WHAT secondary financing there was or was not.

Needless to say, I thought I was in heaven, and we did a number of these until the bank was sold (to Nationsbank/ BofA) and the world turned.

These were portfoliod loans of course.

Keep learning, and keep looking. CS’s material opened my eyes to how much I still had to learn … it didn’t give all of the mechanics of how to do it all.

Good luck,

Wrong Mtge. Broker - Posted by Ray S(FL)

Posted by Ray S(FL) on February 07, 2000 at 21:13:19:


I am really not familiar with what Carelton is trying to get you to do with the Financing on LTV thing. I do have his course but, I never could anyone to deal “like Carleton said”. I can tell you that you can buy property with no money down even with a mortgage broker. My broker has a program that will loan 103% of the PURCHASE PRICE. Not appraised value. However, if you are buying the property for investment you will need to be a lot more creative.

Take Phil’s advice and buy a course from this site.

Good luck to you!
Ray S(FL)