Posted by Ed Garcia on December 01, 2000 at 11:03:11:
Leon,
If you like, you can call me at (909) 944-0199 and we can talk for a few minutes and I can kind of walk you through banks functions and how they differ from mortgage co’s etc.
Ed Garcia
What will banks do? - Posted by LeonNC
Posted by LeonNC on November 30, 2000 at 15:19:40:
I’m not familiar at all with what banks will do for investors. I’m going to talk to a banker next week but I don’t want to sound totally ignorant (which I am when it comes to bank financing since everything I know is without banks).
If I were to buy a house with a credit card…for example…the house cost 20k cash and needed 5k in repairs. Backend is to flip (without doing repairs) or (do repairs)lease/option.
If I wanted to keep the house or couldn’t flip it would a bank finance this house for me for the 25k I owe to pay the credit card off? What interest rate is “normal?” Are they going to require seasoning? Can I get them to do it without paying a lot of costs?
Do banks make loans on houses like this without me having to use the credit card? In other words can I arrange with a banker to have the money waiting for me to do the deal? I really don’t care if it’s secured at this point.
I know these are like the most basic questions about bank financing but that’s where I’m at. I don’t get real excited about landlording but I do get excited when I think that just 15 of these could put me in a position to do a lot more. I guess I’m kind of dense but I’ve finally figured out why not do what works and has worked in the past for others. I’m not trying to rely on banks but it would be nice to have it available knowing what I can and can’t do.
Any other information you can add would help out.
Thanks!
LeonNC