Posted by cory on April 17, 2004 at 02:41:28:
I also have partners in my real estate investing. Make sure you have set ground rules in writing. Partners help spread the risk when first starting, but also the profits are spread out. As far as finding financing, I would go to as many places as possible. I went to several banks and mortgage brokers before I found the right person and loan. Some banks would not give me the time of day and others had several loan options to pick from.
1st Time Financing advice… - Posted by Matt W
Posted by Matt W on April 15, 2004 at 08:51:19:
Myself, along with two friends (one of which is a real-estate agent) are ?partnering? up to dabble in the pre-foreclosure/foreclosure world. I?ve heard that having partners may not be the best road to follow, but in my circumstance working with two successful, level-headed businessmen only sounds beneficial ? at least to learn the ropes.
I am interested in finding out just how much can I qualify for, I have a credit score of 688 and will be financing our first investment. I am thinking 100% financing with an interest only loan. Any thoughts, good or bad? Secondly, is it ideal to work through a mortgage broker vs. dealing with my personal credit union? From what I understand, a broker will work to find the best lender, where as my personal bank has there set rates/loans? I am ready to take the next step, but I need some guidance?..
Thank you,
Matt W