Mother in law is a lender. - Posted by Looking2AddValue

import · February 6, 2002, 9:55am

Posted by bob on February 06, 2002 at 16:44:46:

Fire her!!! - lol

import · February 6, 2002, 9:55am

Posted by Looking2AddValue on February 06, 2002 at 10:55:05:

Hello,

I have just taken the course, and am looking for some advice to get started. My father in law is an experienced realtor in town, and my mother in law works for a mortgage lender. Any deal that I do will have to be done through them, or I will look very bad in the family’s eyes. The problem is that my mother in law wants 20% down on any investment deal. However, I only have about $3,000 cash, so this won’t allow me to do much.

I think my only option is to do owner financed or find partners. I do have good credit, and I do have a real estate liscence. I just need some advice on how to bring my mother in law into some deals. How can I convince her that I don’t need 20% down?

import · February 6, 2002, 8:13pm

Re: Mother in law is a lender. - Posted by Kevin

Posted by Kevin on February 06, 2002 at 21:13:35:

With some lenders, they will do a piggy back loan or an 80/20 loan (same thing). Instead of the 20% downpayment, you can have the seller finance the 20% and it counts as a nothing down deal since you are financing 100%.

import · February 6, 2002, 11:36am

Re: Mother in law is a lender. - Posted by JoeS

Posted by JoeS on February 06, 2002 at 12:36:19:

Is she working for a mortgage broker or a bank? If a bank, then her parameters are set by the bank, and flexibility is gone. If for a broker, then her broker needs to search for some other lenders that will do a loan on investment property with 5-10% down. They are out there.