Posted by Rose on March 24, 2001 at 16:02:44:
Thanks for the response JPiper. I posted a message on financing forum asking Ed Garcia about it also. Eventhough I like the idea of buying as residential (investment homes), don’t think it’s as easy moving every year to a different location/home.
Thnaks again - Rose
This is my plan-What do you think? - Posted by Rose
Posted by Rose on March 24, 2001 at 24:04:02:
What do you think aobut this?
Since I am still catching with all the REI info (I am new in the market), I am exploring different options.
In my residential home (2 years old)I have 35% equity. When I am checking around for lenders, they told me for investment house I need 20% down. I want to buy a second house without putting lot down. (I haven’t learned all about nomoney down yet)
What I am thinking is to lease or leaseoption my house.
(Please advise me on which one I benefit most since I have $300-400 positive cashflow monthly if I rent it). Want to find another home with some fixup to do like carpets, paint, cleanup yard, tlc…type work.) If I live there for a year I can buy this as a residential home I heard. After a year I might look into renting it out or do leaseoption and buy another.
Also after buying my 2nd house, I want to purchase another small house with my son (he is in early 20’s)as a partner. I was told by lender as long as he lives there for a year we can claim this as a residential.
I don’t know all the details about how this helps in Taxes??? I am trying to find the ways of not putting a lot of down.
Any suggestions on what I am thinking??? Is this pattern a good deal? I have excellent credit and wondering whether I am going to have any problems in financing through mortgage companies? Do you recommend any??
Ofcourse I will be looking at other nomoney deals also for investing during the above process.
Appreciate your feedback and thank you in advance.
Re: This is my plan-What do you think? - Posted by JPiper
Posted by JPiper on March 24, 2001 at 24:43:42:
You should be able to obtain 90% investor financing…perhaps even better. Check with Ed Garcia…I suspect he can help you.
Read the How To Articles. This might give you some creative ways to obtain houses for low or no cash requirements.
JPiper