Purchasing investment property with little/no money down?
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I've been watching flip this house on A&E and following the story of one of the investment teams. In an interview online -- one of the founders said that he and his family were on welfare and food stamps and he was able to get a loan for his first investment property. I'm not that dire - but was wondering how can that be?
Purchasing investment property with little/no money down?Hello,
I am a broker and what that guy did & what you can do is very easy. He simply took out a 100% loan with no prepayment penalty, had a hard equity lender give him another loan for the repairs. finished it and sold it and paid everyone back. Even though a person can be on welfare or food stamps doesn't mean that they do not have bad credit, but if they do then they can get a loan for about 80-85 percent and talk the seller into giving them a seller held second(between the buyer and the seller). but he bought the properties below appraised value. I hope that i have been helpful. Have a blessed day.
Purchasing investment property with little/no money down?he didnt say where he got the loan...loan shark mmaybe
Purchasing investment property with little/no money down?Depends on the value of the property and what it sold for. If you buy something at 80% of value, it is easy to get a 100% or more loan.
The value of the property, not the credit worthiness of the buyer is paramount!
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