I have seen some talk in here in regards to real estate so I thought I might throw some info out on it.
Anyone looking to finance a 100% on investment properties in the midwest can get a hold of me.
People probably think it is not possible but it is. It doesn't take all these special requirements by the seller and the property like some of these info mercials you see on TV. There are large banks that will lend you the money in straight forward deals.
Real simple. Say you find a house you like for $200,000.
Put the purchase agreement in. We get an appraisal to support the value of $200,000. Get two loans, one for $160,000 and one for $40,000.
What if you don't qualify for the mortgage? If you have good credit the investor will let you state your income and still do the loan. You need a middle credit score of 680 to do this type of deal.
What is the downside? An investor is lending 100% financing on an investment property which is a higher risk loan because it is an investment property and an even higher risk because they are not verifying what you state you make for income. What do they ask for in return? If you guessed a higher interest rate, then you are right.
What is the upside. The hardest thing about buying real estate is saving up the funds for the down payment. This avoids that. The other thing is I think it is better to hang onto your cash if you have investment properties to make the payment if the property is not rented.
Real estate is the number 2 way in the US to become millionares (no it is not gambling, number one way, is inheirtance). There are special tax laws that benifit real estate like 1031 exchanges that avoid paying capital gain taxes and if done right avoid them forever!!! The other huge advantage of real estate is leverage. Houses went up nationally by 16% last year according to Fannie Mae and freddie mac. If you owned a $200,000 investment proerty and had a $200 a month negative cash flow but it went up 16%. Thats $32,000 -$2,400 or a $29,600 gain. Takes alot of working hours to make that. I personally own investment properties and have two others I am looking to purchase.
The company I work for is liscensed currently in Minnesota, Wisconsin, North and South Dakota, Iowa and Colorado. We are close to being liscensed in Arizona and Nevada.
If anyone has any interest in talking about investment properties feel free to get a hold of me.
On another side note, sometimes people have a hard time getting financing on commercial deals. My joke is bankers will lend you money if you can prove you don't need it. We have another lender that does deals on commercial properties that banks pass on. They are a national lender and can do it in all 50 states. Once again, what do they ask for, higher rate. Usually there is a reason the bank won't do the deal but with some creativity there is often a way to get the deal done.
As Always Good Luck
Northern Star
Anyone looking to finance a 100% on investment properties in the midwest can get a hold of me.
People probably think it is not possible but it is. It doesn't take all these special requirements by the seller and the property like some of these info mercials you see on TV. There are large banks that will lend you the money in straight forward deals.
Real simple. Say you find a house you like for $200,000.
Put the purchase agreement in. We get an appraisal to support the value of $200,000. Get two loans, one for $160,000 and one for $40,000.
What if you don't qualify for the mortgage? If you have good credit the investor will let you state your income and still do the loan. You need a middle credit score of 680 to do this type of deal.
What is the downside? An investor is lending 100% financing on an investment property which is a higher risk loan because it is an investment property and an even higher risk because they are not verifying what you state you make for income. What do they ask for in return? If you guessed a higher interest rate, then you are right.
What is the upside. The hardest thing about buying real estate is saving up the funds for the down payment. This avoids that. The other thing is I think it is better to hang onto your cash if you have investment properties to make the payment if the property is not rented.
Real estate is the number 2 way in the US to become millionares (no it is not gambling, number one way, is inheirtance). There are special tax laws that benifit real estate like 1031 exchanges that avoid paying capital gain taxes and if done right avoid them forever!!! The other huge advantage of real estate is leverage. Houses went up nationally by 16% last year according to Fannie Mae and freddie mac. If you owned a $200,000 investment proerty and had a $200 a month negative cash flow but it went up 16%. Thats $32,000 -$2,400 or a $29,600 gain. Takes alot of working hours to make that. I personally own investment properties and have two others I am looking to purchase.
The company I work for is liscensed currently in Minnesota, Wisconsin, North and South Dakota, Iowa and Colorado. We are close to being liscensed in Arizona and Nevada.
If anyone has any interest in talking about investment properties feel free to get a hold of me.
On another side note, sometimes people have a hard time getting financing on commercial deals. My joke is bankers will lend you money if you can prove you don't need it. We have another lender that does deals on commercial properties that banks pass on. They are a national lender and can do it in all 50 states. Once again, what do they ask for, higher rate. Usually there is a reason the bank won't do the deal but with some creativity there is often a way to get the deal done.
As Always Good Luck
Northern Star
