Posted by Gabe on July 20, 2002 at 16:53:31:
Thanks for the info. I talking to a broker now that is willing to help me with 100% depending on my credit score.
This is a great forum!!
Gabe
Four Unit need help financing in Miane - Posted by Gabe Garza
Posted by Gabe Garza on July 19, 2002 at 14:32:46:
Hi all!
I found a 4 unit building a little run down for 114K. It brings in $1700.00 gross rent, and the taxes are 2K. Currently I only have 3K to put down on the deal, and I need help finding financing the deal for 100% if possible. I did what Ed recommends using only 75% of the rental income to see if it has positive cash flow and it does. I plan to buy and hold for about 10 years. I called about five local banks and they all want 20% down, I got one to come down to 10%. Am I approaching the banks wrong? If so can anybody give me some good tips?
On a side note, I currently live in a duplex and rent half of it out. I know I have about 12K in equity at least, but I am hesitant to take the equity out for an investment property.
Re: Four Unit need help financing in Miane - Posted by Gabe
Posted by Gabe on July 20, 2002 at 15:17:05:
Gabe-
the best your going to do is 90%. will the seller hold a second? is the property worth more than the sale price? that could help but your local banks are not going to let you be creative in acquiring this property. you might call a local broker that could help. a qualifying question to ask him or her,do you do sub-prime or investment loans?