Posted by Mel on July 27, 2001 at 11:51:32:
We would love to hear what anyone has to say about this…we are in the exact same situation.
Two Questions - Ed? - Posted by Mark
Posted by Mark on July 22, 2001 at 12:06:56:
Thanks Ed, And hello to All !!!
If I do my homework well, and discover property well below market value, could financing be secured based on the loan-to-value only? (By example: 20K price - 60K value)
The second question is related to the first:
An investigation/inquiry of my credit history NOW, would fall in the neighborhood of a new mortgage obligation recently acquired. Stated differently: Should I expect to find a financing source on a good LTV (a deal that stands alone), when my debt-to-income ratio might be taxed to it’s limit? Or do I have to pass-up on this and other great deals until I have a more proven track record?
[As a qualifier, let me say my intentions would be to take possession, rehabb, then L/O the units - rather than just “flipping” them at this time.]
Thanks once again!
Mark