New Angle - Posted by Laure

Re: New Angle - Posted by Laure

Posted by Laure on March 19, 2000 at 22:38:44:

I am paying 8.5% 3yr adjustable, 15 year amortization. I “just noticed” recently that they are calculating my note on a 360 day year. Doesn’t seem like much difference, but it makes the interest higher. It’s a bit deceiving, but I understand that it’s standard on commercial type loans. As far as Docs, every once and a while, they ask for a cash flow chart that I keep on my properties, and for financial statements personal and business. Usually, when I have done a few deals, he’ll say, hey, send me an update since things have changed around a bit since your last financial statement. That’s about it. I also do all my deals no money down. I will usually give a mortgage on a rental property in lieu of a down payment. I have one paid in full property that has been used to buy 5 others. The rehab money is a different story. I have been using the cash flow from my rentals to fund them until recently. On the last deal, my banker asked me if I wanted some fix up money, and I said, “well sure!”

If you have a chance, you should go to St Louis for the seminar there. I’m going for my first time, and I am sure there will be tons to learn.

Laure :wink: