Need financing for personal residence - Posted by khadija

Real Estate Investing
#1

Posted by Roxanne-OH on February 15, 2002 at 11:24:18:

There is a club that meets at the Holiday Inn in Richfield the third Wed. of every month @ 7:00. I haven’t been attending the meetings but I know quite a few investors in the area and keep close contacts with most of them. If I hear that there is a really good speaker coming, then I’ll go.

#2

Need financing for personal residence - Posted by khadija

Posted by khadija on February 14, 2002 at 03:15:33:

I would appreciate suggestions and/or referrals for purchasing a home for my personal residence. I am new to REI and would like to have own residence before starting. Live in Cleveland, Ohio area. Here’s what I have been offered so far: 1) Purchase of a 2 bed, 1 1/2 bath condo at $89,900. Credit score around 578. Financing with one company @ $71,920 + 5% down payment grant + $12,980 seller carryback. 2 yr. ARM at 10% plus around $3k in closing costs! 2) After I had put a $500 deposit and signed contract for condo, I found two homes in the area I would prefer to live in that are REO properties, one listed for $69k, other for $80k, haven’t made offers yet pending CMA totals and ARV values. Would like to purchase one and flip the other even if deal goes through with condo. Will rent one and live in other.

Can I get a better financing offer? Any suggestions on how to submit multiple offers for REO’s.

I love this site and am looking forward to attending the convention!

#3

Re: Need financing for personal residence - Posted by Roxanne-OH

Posted by Roxanne-OH on February 14, 2002 at 11:05:07:

HI, I work in the same area as you and have an absolute wonderful broker. He gets great deals and gets them fast. He also works with plenty of investors in the area so is familiar with what we do. His name is Kurt and his number is 800-860-3181. Tell him I referred you.

#4

Re: Need financing for personal residence - Posted by khadija

Posted by khadija on February 14, 2002 at 11:43:57:

Thanks for the referral Roxanne. Do you attend any of the REIA meetings in the area, if so I’m still looking for a good one to attend. Any suggestions?