800 FICO, 100k cash, any way to leverage? - Posted by jason

Posted by Chris on October 04, 2008 at 05:44:48:

You are in a great position!

Lenders require 20% down for investment properties now, but with $100k you can by more than enough property to keep you busy.

I would just go the old-school route and put your 20% down and get 30 year fixed mortgages.

You might have some trouble after 4 rentals though. There are some good discussions about getting around the 4.

800 FICO, 100k cash, any way to leverage? - Posted by jason

Posted by jason on September 25, 2008 at 17:52:30:

I am looking to buy a few properties in the 70k range after rehab costs…rent for a year or 2, and sell in the 120k range.

I have an 800 FICO, low DTI ratio, and 100k cash.

What would be the best way to leverage this $$? I see that the banks have really tightened up so I’m not sure what’s feasible?

BLOC to a company established under 2 yrs seems impossible. Chase bank said they cant offer me any leverage if I put up my 100k as collateral in an account.

I hear it will be tough to get a HELOC on a rental property in first position. Is that so? If not, what kind of terms would be available? At a decent rate it may be a good way to go.

any ideas would be great

thanks