Posted by Ron on July 14, 2003 at 10:08:01:
there are a lot of lenders allowing 10 to unlimited properties.
NOO 90% LTV BIG seller concessions 3% comm. - Posted by Ron
Posted by Ron on July 13, 2003 at 01:25:37:
I am a reator/investor in Minnesota
I own 6 properties, and I am looking to buy 1 property every month, and I need a mortgage guy that can get them done in 3-4 weeks and that can continue to always get 1+ done per month. Here is what I am looking for.
Will need lenders that will let me have over 6 properties
600+ credit score
I am looking to get cash back at closing if possible.
Let’s do as many deals as we can without putting out money, but creating money, for example:
90% LTV
7% seller concessions
3% buyers realtor commission.
We’ll assume the properties I find will easily appraise for 10% higher as I can find the deals.
Seller concessions, or whatever creative that are legit, so that the only money I spend of mine is my own commission.
Again I am looking to do 1 per month for myself, and I have a large network of 100’s of investors that will also be interested in such a program as they have many programs and face the same problem.
Email me, let’s talk some biz.
Again, they need to be programs where commissions, concessions, whatever make up the down payment, so that I don’t need to come up with money.
Re: NOO 90% LTV BIG seller concessions 3% comm. - Posted by rm
Posted by rm on July 15, 2003 at 09:07:33:
I’m looking for something like that- let me know what you find, if anything.
I had to re-write an offer because the underwriter said it wasn’t an “arms-length transaction.” My brother was the agent and we were buying jointly. Had to remove his name from the offer.
One thing I’ve done to limit out-of-pocket repair costs is to have the seller pay the contractors out of their proceeds at closing.
A check is cut and given to me. I then turn it over after the work is completed. The only difficulty I’ve found is when I’ve had to change contractors or suppliers.
Re: NOO 90% LTV BIG seller concessions 3% comm. - Posted by Terry(IN)
Posted by Terry(IN) on July 14, 2003 at 10:06:40:
Ron,
Some ideas for aquireing as many properties as you want are “subject to”, contract for deed or lease/ option transactions. The only way you are going to get around the banking industry ceilings on the amount of property you can own is to not have to not have to get your own mortgage on every property you control. It’s good to see a realtor that can think outside the box, you just need to go a little further out for what you’re proposing.
Re: NOO 90% LTV BIG seller concessions 3% comm. - Posted by James Strange
Posted by James Strange on July 13, 2003 at 13:36:56:
LTV is based on the lower of sales price of appraisal which ever is lower. Hard Money Lenders will use appraisal but they will not go to 90%.
Investor loans usually limit sellers concessions to 3% on investor products.
I do know of one 6% cash back loan but it may not work for your situation.
http://www.dudleybuildingsociety.co.uk/mortcashback1.htm