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You may want to see if the owner is open to owner financing so that way you won’t have to borrow as much funds. Also consider doing some no doc/stated income loans to see if that will help you out as well perhaps allowing you access to more funds. If the property your looking at is selling below appraisal value take out the loan based on purchase price and use the difference between the appraisal and purchase price to restructure some of your finances.
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The Mortgage Consultant
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you then have to figure out if your going to flip properties for profit, assume the loan, or outright buy the property. If you are going to purchase make sure your financing is in place so you can move quickly to capitalize on opportunities as they arise. It is also important to know how long you intend to hold the property as expenses will increase the longer you hold onto the property so make sure you know what your exit strategies are.
Although you may have minimal savings that is not the only thing you need to be able to participatethere are many financing programs that will give you a 100% financing so that way you don’t have to have any out of pocket expenses
Anyway I think thats enough to think about
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Get my 2 cents
The Mortgage Consultant
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