Ed - bad brokers or is this just not possible? - Posted by Shannon

Posted by lc on November 16, 2000 at 21:51:09:

Your key to the whole thing is your trade, you said you work for a contractor, What abot him/her?Keep going and rent the home your in and go find another lease option and your on your way…

Ed - bad brokers or is this just not possible? - Posted by Shannon

Posted by Shannon on November 16, 2000 at 19:38:44:

I want to buy an investment property but have only $2000 for a down payment, the property lists for $39,000 I can’t find alot of comps, but - worst case scenario it would sell for $60,000 after putting $15,000 into it (I work for a construction company). I bought the home I now live in on a lease/option, got a mortgage a year later and refinanced it two years after that (so I have no equity in it now). The last two brokers I have worked with appear to know little more than I concerning mortgages…I was a Realtor previously and have telemarketed mortgages, but am not at all familiar with creative financing, beyond what it took to get this home. Is there someone out there in Indiana who might finance this deal some way? I have a 574 credit rating (bad stuff is all old - getting better every day), 59% debt to income ratio, titles to three old cars :slight_smile: AND - a brother who lives with me who has had a mortgage in the past, sold the house and currently has about a 535 credit score and 72% debt/income and no cash - but he’s willing to buy it as his “primary residence”. I really want to find a way to do this and feel extremely confident about it, but get turned down at every corner - suggestions???

Re: Ed - bad brokers or is this just not possible? - Posted by Quinton

Posted by Quinton on November 21, 2000 at 10:57:43:

If you got the house for around $30,000 you might be able to get a hard money lender to do a 65% LTV loan for you and then you could get someone to pay the mortgage.

So if it takes around 10-15 K to fix up and you have a purchase price at around 30K you might be able to do it and L/O it to someone else or rent it out with an option for that person/couple to buy it after a few years.

I just got stuck with a deal I financed myself with these new seasoning rules… so I just rented it out with the option for the couple to buy in 2 years… They pay my mortgage and I make around $20 a month in rental income for 2 years.

Just a thought…