Posted by Rick on August 06, 2008 at 09:01:58:
Brandon,
Email me, I may be able to help you put this deal together.
Need help lining up financing on Duplex - Posted by Brandon ( IL )
Posted by Brandon ( IL ) on August 05, 2008 at 17:50:53:
Have located a duplex locally that was recently forclosed, the bank just put the property on the market and is pricing it to move fast. I found the listing on Realtor.com, it just went up a week and a half ago, and after looking at it my realtor literally asked me to let her know what my intentions are because she may want to have her husband buy it if I don’t.
Essentially it appraised last year for around 75K and they are currently asking 42K. It needs almost no repair, just rehabbed by the poor guy who got forclosed on within the last couple years, both units ready to rent out with 2BR, 1 bath, market rent being around $450 a unit.
Here are where the difficulties come in, I have crap credit, though my girlfriend is willing to let me buy it in her name if need be, though even then she has average credit. Essentially I need something along the lines of no/low doc, low credit requirements.
What IS in my favor is that I can put down %20-%25, or even %30 if it helps me qualify for something, of the total purchase price in cash for downpayment and as you can see above the cashflow and LTV is solid.
Just trying to see what my options might be an if there are any ‘secondary’ lenders that do work in Illinois that aren’t complete scams/ripoffs.
Thanks.
Re: Need help lining up financing on Duplex - Posted by Jim
Posted by Jim on August 06, 2008 at 10:42:13:
Use your GF’s ok credit and put 30% down. Find a good local mortgage broker to work with on the deal.
If they wont do it because of the low loan amount, put 30% down on the 42k and go Hard Money.