Re: SCook and Other retailers - How do you finance, etc.? - Posted by SCook85
Posted by SCook85 on June 02, 1999 at 08:58:15:
I use only one method to purchase, I make all cash offers and I use hard money to pull it off. Once I own a property I use whatever method I have to to get it sold, wheter it be owner financing, L/O, or if my buyer gets new financing.
Unlike a sandwich lease type deal, I don’t have a set amount of down payment in mind. I evaluate each of my buyers and make a determination of how I want to put them into my homes. If they have enough money and reasonable credit I will finance them myself. If they have good enough credit to get some form of bank financing I will do that. Usually if there credit prohibits them from getting any form of financing I will look at the L/O route, in which I want anywhere from 2-10% down and that depends upon credit and rental history. I do guarantee anyone who L/O’s from me financing if they demonstrate 12-24 months of making there payments on time. I figure that by this time I will be comfortable with financing them myself.
Hope this helps.