Posted by Richard on December 08, 1998 at 23:05:30:
I too got a good loan this last Aug. It is a large
student house that needed work. Here are some details.
5% down, no termite clearance, did not replace roof
before COE, lender required mortgage insurance at
$83.00/month, I have good credit and now my latest
rental has about $850/mo positive cash flow.
My total invested money is about $65k.
Good luck
Investor loans-low down-anybody do this?? - Posted by James B.-Illinois
Posted by James B.-Illinois on December 07, 1998 at 19:01:16:
I am looking to buy a 3-5 unit in Hammond, IN. area. I am looking for an investor loan with only 10% down. Has anyone ever gotten one? Are they even available. I do have good credit.
James B.
Re: Investor loans-low down-anybody do this?? - Posted by Paul Macdonald
Posted by Paul Macdonald on December 09, 1998 at 21:44:45:
The answer to your question is yes, yes and no. If you mean standard residential loans Fannie and Freddie will only lend on units up to 4 per building. So if its a 3 or 4 unit no problem. If its zoned and listed as a 5 unit you’re going to have to go commercial.
Most multi-plex units (2,3 & 4) require a minimum of 10% down on owner occupieds. Investor is usually at least 20%.
Good Luck
Paul Macdonald
Re: Investor loans-low down-anybody do this?? - Posted by Cesar
Posted by Cesar on December 07, 1998 at 20:25:31:
As a matter of fact, I am in the process of doing some deals right now with 90% investor financing. What you need to do is find a good, trustworthy mortgage broker in your area, and make him your best friend. There are not too many better ideas than building a good team and sticking with it. I have built an almost-perfect team of mortgage broker, appraiser, real estate agent, title company, and mentor. I must say, the last part, the mentor, will probably be the best investment you will ever make. Take them out to dinner as often as possible (you pay, of course), and pick their brains. There is no substitute. No matter how many books you read or seminars you take. I strongly believe in increasing your knowledge, but not at the cost of experience. Read the books and take the seminars, but try to find someone who you can offer something to who has the experience.
Re: Investor loans-low down-anybody do this?? - Posted by Bo (GA)
Posted by Bo (GA) on December 07, 1998 at 19:43:15:
Yes, they are available, at least with full doc in GA. Try www.countrywide.com (no affiliation).
Bo (GA)