Posted by Darinn on March 06, 2000 at 19:59:21:
Brilliant! Do you command a fee?
What is a “no doc” loan? - Posted by JA
Posted by JA on March 06, 2000 at 15:48:14:
And what is 80-10-10?
Duplex owner will finance 20k on 155 asking price (value 159). I have no down payment money, what could I do?
Both sides rented for a total of $1450 mo., very low vacancy rate in the area. 2400 sq. ft., each has 2 br and 2.5 baths. Excellent cash flow for him now–how can I get good cash flow on this myself? He needs at least 20k to put on other properties.
Re: What is a “no doc” loan? - Posted by d.moren
Posted by d.moren on March 06, 2000 at 17:36:22:
That means you have no documents or not all the documents to back up what you say is your income.
A “full doc” loan would be one where all your paperwork, your tax returns, W-2, etc., could be used to substantiate your income.
A 'no doc" loan is based on your “stated” income.
As you can imagine, the more documentation the better the terms.
That’s what I know, dennis
Re: What is a - Posted by Jason
Posted by Jason on March 06, 2000 at 17:30:31:
Well, ive read about this trick. Raise the selling price to FMV. Create a second note for 25K. Search here, and other investments boards for a private buyer who will purchase the note, discounted, for 20K. May or may not get it, but youll get close. Close the deal, seller sells the note, you have property, seller has cash, invester has mortgage note. Everyones happy. Good luck!
Re: What is a “no doc” loan? - Posted by LOL
Posted by LOL on March 06, 2000 at 17:20:08:
Physicians are excluded, though some Dentists might qualify.
P.S.( 80-10-10) - Posted by d.moren
Posted by d.moren on March 06, 2000 at 17:41:34:
An 80-10-10 is where you get a firstmortgage for 80% of the purchase price, a second mortgage for 10% of the price, and then put up 10% of your own money (or in some cases an investers)as a down payment.
There ya’ go!