Home Buying in Dallas>Question Details

Ibrahim, Home Buyer in Dallas, TX

Is it easy to find 30% equity in single family homes that are move in ready?

Asked by Ibrahim, Dallas, TX Tue Jul 16, 2013

The lender will finance 70% LTV single family. I need help finding some, I will be renting them out. I will pay out of pocket for minor updates but the property have to be in good condition.

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11
Was that seminar reasonably priced? Do they offer personal coaching, too?
1 vote Thank Flag Link Fri Jul 19, 2013
You are probably the only person in the world looking for property that will have positive cash flow from the git-go!
Somebody should have thought of that!!!
1 vote Thank Flag Link Fri Jul 19, 2013
You need to have the 30% in cash.
It would be very rare that you would find someone willing to give you a 30% discount in this market on a nice move in ready home. Not even 1 in 100 I think. Probably one in 500 or one in 1000. But I do not think that is what your lender wants. They want you to have some investment in the deal.
1 vote Thank Flag Link Wed Jul 17, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Ok. I work with investors everyday that are doing what you are looking to do.

The hard money lender will loan you 70% of the after repair value of the home. Meaning that if a home is worth 100k in perfect condition they will lend you up to 70k to purchase the home and do the rehab in the property. But the key is once its fixed up you will need to refinance into a permenate long term loan (Fannie Mae) to hold as a rental.

I work with lenders that will allow you to get the hard money and finance 100% of the deal hard money and refinance you as long as you are a qualified buy and hold investor.

No it's not usually hard to did these type of deal depending on what area you are looking to purchase.

You need to work with an agent that understands the business model, knows the players in the investment game and find an investment club to help support and educate you.

Give me a call if you would like to discuss your situation in greater detail. I have a couple of properties that meet the criteria lined up now.

Regards,

Chris Hutchinson
REALTOR®
The Michael Group
972.809.0607
http://www.chrishutchinsonrealestate.com
1 vote Thank Flag Link Tue Jul 16, 2013
NO...it is not easy at all.
0 votes Thank Flag Link Fri Jul 19, 2013
You should pick 1 Realtor and work with them only. Don't expect them to do all your work and do it for nothing. 70% LTV will be as easy to get as seeing Big Foot. I do not work with investors for that very reason. A big waste of time, they don't want to pay anything for a house and want everything for nothing. So good luck.
0 votes Thank Flag Link Fri Jul 19, 2013
Yes Duong That's what I meant.

So I can't find a house with 30% equity, I would still have to put 30% down?

If I found a house with 20% equity can I put the remaining 10% down to make it 30% equity in it?
0 votes Thank Flag Link Wed Jul 17, 2013
I think what he meant is this: A decent home bought for $70K that can be appraised for $100K so he can get $70K loan (70% LTV financing through a hard cash lender). He puts out small changes for minor updates and leases it. It means 100% financing to him. You may find one ... once in a blue moon. Good luck.
Duong Nguyen
RE/MAX Associates of Dallas
469-556-3042
don_remaxabrams@yahoo.com
0 votes Thank Flag Link Tue Jul 16, 2013
Hi Ibrahim,
I believe John's statement below may appropriately apply to your question. Since you are purchasing investment properties, the lender may require you to put 30% down, and they will finance the remaining 70%.
There are plenty of homes on the market that are in excellent, move-in ready condition. Contact me and I'd be happy to hunt some down, negotiate the best offer, and represent you in the purchase process. You can also view properties on my website at http://www.NeedMyHomeSold.com/property-search. Let me know how if I can be of assistance!

Diane Briggs, REALTOR®
Asset Realty
(214) 289-0093
http://www.NeedMyHomeSold.com
0 votes Thank Flag Link Tue Jul 16, 2013
Ibrahim,

Your question is a little confusing. When a lender says they will finance 70% LTV they expect you, as the buyer, to put up the 30% equity. Do you have that cash to put down on properties that you are planning to buy?
0 votes Thank Flag Link Tue Jul 16, 2013
Yes it would be in DFW area find 70% equity. I work with investors world wide

Contact my office
_________________________________________
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

Follow me on Facebook and Twitter
http://www.facebook.com/lynn911dallas
https://twitter.com/Lynn911
0 votes Thank Flag Link Tue Jul 16, 2013
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