Financing in 75248>Question Details

Dave, Home Owner in 75248

Purchasing some investment properties (condos) in about 60-90 days in the 40-70K range, need an experienced money person on the financing.

Asked by Dave, 75248 Wed Jan 18, 2012

I know that 20% down and personal guarantee will be required. What terms can I expect? How long can the loan be outstanding? Can it be amortizing or a bullet payment?

0 votes Share Flag Financing in 75248

Help the community by answering this question:

Answers

9
Are you looking for long term financing or rehab/hard money type financing.

Sounds more like hard money....
I'm thinking in the 9% range....6months repayment with monthly payments and balloon at the end.

However I just saw the word condo....lots of hard money lenders won't lend on condos and many banks won't loan on under $50,000 so you may be in a bit of a tough spot.

Call me and let me know what you are thinking about doing and maybe I can point you in the right direction.
0 votes Thank Flag Link Thu Jan 19, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Dave,

Fannie Mae allows for you to have up to 10 financed properties. If you currently have less than 4 financed properties including your primary residence and second home(s) then you can put 20% down. Once you exceed 4 financed properties you will then have to put 25% down up to 10 total financed properties. If you own properties that are free and clear then they are not included in the total. Example, I recently financed a client who owned 12 properties free and clear and had 7 properties financed. We were able to loan on three more for him. If you have more questions or would like a quote please feel free to contact me at 210-257-0642.
0 votes Thank Flag Link Thu Jan 19, 2012
You live in my neighborhood, Prestonwood. Love it. I have 2 kids at Parkhill going to Pearce next year.

Couple of starter ideas. Have you been to a Roddy Roundup?? http://roddy.com/ Go take a look on line. They are free at the Addison Civic Center. Next one is Feb 2. Wonderful platform for investor research and to meet and greet with agents, other investors, lenders, both "hard money" and standard mortgage lenders.

Also, have you considered seller financing in that price range...wrap arounds etc.

Sterling is a good "hard" lender.

Best of luck. Let me know if I can help you in any way at all. Maybe I'll see you at the Roundup.

Helen Karuba AFR, ABR
Virginia Cook Realtors
214-534-2020 cell
0 votes Thank Flag Link Wed Jan 18, 2012
3% down no PMI insurance. Call me for info to see if you qualify!

Sandy Maltese
DFW Urban Realty,LLC
Ph: 469-964-2669
0 votes Thank Flag Link Wed Jan 18, 2012
25% down...,10,15,20,25,30 year terms available. Amortized. http://www.HomeLoansInDFW.com has more information and you can apply there or call me.
0 votes Thank Flag Link Wed Jan 18, 2012
There are no "standard" answers Dave. Every situation is unique and most of your answer(s) will be based upon "you". The Internet, as great a tool as it is, is over crowded with all kinds of entities and people who'll tell you they can "do the deal". But, their success ratio and lever of customer satisifaction leaves a lot to be desired--especially for investors. However, developing a "face-to-face" relationship that will continue and have more possibilities is the best way to raise your level of success. Typical lenders don't portfolio their loans which affects their terms/guidelines. I recommend seeking a private lender with whom you can build a relationship and who can customize solutions for you. There are tremendous advantages of having someone who knows you, your business and can help you achieve your goals.

Ron Perry, CRS
RE/MAX Town & Country
972-741-8141
0 votes Thank Flag Link Wed Jan 18, 2012
Investment property loans are different now. Contact any lender of your choice as Lynn indicated below to qualify for a loan before heading out.

GOOD LUCK.

Kenny
0 votes Thank Flag Link Wed Jan 18, 2012
You would need qualify for a loan to move forward with purchase. Contact mortgage broker complete a loan application.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Jan 18, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Texas > Dallas County > Dallas > 75248 > Financing in 75248 > Question
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer