Posted by Dave(IN) on June 22, 2001 at 12:56:11:
Lisa,
10% down on a $128,000 purchase is $12,800. I hope your not planning on spending $10,200 in closing costs! If the place will appraise, you can push the price up by $5,000, with the seller paying up to that amount in closing costs. Not as creative as most on this site, just a thought. Good Luck!
Financing First Deal - Posted by Lisa
Posted by Lisa on June 22, 2001 at 06:31:11:
We just purchased a 2 unit house for $128,000,only I’m sorry to say this wasnt a creative deal! I’m going to work on that for the next time but at least we have gotten our feet wet.
We need to put 10% down plus closing costs for a total of about $23K. (I’m wondering how many of you experienced cre’s are cringing right now!) I dont want to zap all my cash out of the bank or have to sell all my stocks, etc. We do have about 25k equity in our house…should I use the cash from there? And if I do, am I better to get a line of credit or an actual equity loan?
Someone posted about being in a sellers market and that is very true for my area. Rental props have multiple offers within hours of being listed and realtors are just having open houses instead of individual showings because there are just too many people looking. This house is a good deal but not a great deal.
We haven’t applied for the mortgage yet so if there are any suggestions about creative financing I might still be able to apply I’m open to suggestions.
Thanks!
Lisa