Financing in Fresno>Question Details

Michelle, Other/Just Looking in Fresno, CA

anybody want to partner up with me?

Asked by Michelle, Fresno, CA Sun Oct 12, 2008

I'm a stay home mom that's interested in investing in multi family units. I've been gobbling up books on them recently trying to get in on it. We used to own rentals but they were condos and a single family so it's a little bit new to me. I think the prices are getting sensible now to load up on multi families even SFRs. Witht the mortgage crisis the broker that I went to said that there are no more programs for 100% financing or even 95%. My problem is that my husband does not want me to use our funds as down payment. I've found a way to get some funds though that is only going to cost me , I think 0.25% and then probably get the rest from a 7.99% interest credit card. With the total I think I'm still short of my goal. So that's why I'm looking for potential partners. I will want to set it up under LLC though. And my target market is the Fresno area. Start with less than 15 units or less for now.

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Be careful about using a credit card for your down payment source. Fannie Mae and Freddie Mac set the rules in this industry and they do not allow "unsecured debt" as a source of down payment. Contact me and I can tell you how to structure your financing. National Bank Of Kansas City is a federally chartered bank lending in all 50 states for over 10 years.

John Brown
Loan Consultant
jbrown@nbofkc.com
(800)375-8096 ext 0147
0 votes Thank Flag Link Mon Oct 13, 2008
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