Posted by RC on February 26, 2002 at 22:30:58:
If you have a partner to come up with half and the seller is willing to carry a note then you’re almost there. How about doing an equity line of credit on your houses? If your credit is good there are lenders that will do 90/10 commercial loans at low rates. Make sure you do due diligence before jumping in to this and cover all your bases. Good luck
Need your expertise! - Posted by Heather
Posted by Heather on February 25, 2002 at 22:22:35:
Great opportunity available in my area. There are seven 4 plex units that have just been listed for $1.3 million. Wow, I have never worked with this amount before, but the property will cash flow about $4,000/month. I have access to a partner who can come up with half of the down payment. The seller will carry a portion of the down. How in all hell mighty do I get a loan for the remaining balance? I am self-employeed and do not show much for income, but have 4 other properties with about $180,000 of equity in them. Who do I turn to to make this deal happen. Who will loan this amount of money to someone who doesn’t show income? I know that anything is possible! I am 27 years old and want to make real estate investing my life. I love it! Any information would be great. Thanks for all of your help.
Heather