mspells
I am a mortgage broker in Ohio. What kind of savings are you working with? Have you considered flipping these discounted homes to generate cash?
I know in Ohio we need at least 2yrs, and that may be why you need to go no doc and with your credit scores high this may be an option. It all comes down to lender risk so you will most likely need capital for down pmt. It doesn’t have to be yours though. Also ask yourself if your ready to be a landlord or get to know your way around doing deals. Just some thoughts.
Good luck
Posted by M Spells on December 13, 2002 at 10:10:26:
I’m a “newbie” and I need some advice. Reside in Atlanta, GA area and looking to do first RE deal. My credit scores are all over 700, I have some savings, but I’ve only been in my profession for a year and I’m commissioned. My initial thought was to buy through a wholesaler (typically buying at 65% based on purchase price and repairs), and cash out at 75% with a no seasoning refinance. Now I’m finding that I have to go “no-doc” on that loan. Any opinions, and is this even the right way to get started.