Is this a possible.... - Posted by Patch

Posted by PBoone on November 28, 2000 at 09:18:05:

1 - Yes, Reasonable
2 - Yes, Possible
3 - Maybe, But Doubtful, usually the lender will go up to 80%LTV w/o PMI insurance and there goes your profit.
4 - No, All SFR lenders want to see a personal guarantee.
That’s the short, now most of this will work w/ owner financing except the overleverage.

Is this a possible… - Posted by Patch

Posted by Patch on November 28, 2000 at 07:52:22:

Hi all,

Lemme run this one by you all to see if it is
do-able or even reasonable…


I will purchase a home say for $100,000 to $110,000
I would want to get 100%, or better yet 110% financing
at a term of 15 yr…

I will not live in the house…
I want to either rent it out…or most likely
L/O the property…
Under the L/O terms, I can get $115,000 to $120,000 for
the property… hopefully if option is taken, it would be under a 30 yr note…

Now, also keep in mind that the deed would always
be in my name until the house is bought…

  1. Is this a reasonable assesment?
  2. Is this a possible scerario?
  3. Is there a lender out there that would
    give me a mortgage, knowing or not knowing the
    fact that I am not living there…
  4. Also, if this is possible, could I obtain mortgage
    in my corp., to protect myself…

Thank You all so much for the advice…

Brian aka. Patch