OfflineI have found a 14 unit appt. Complex that is bank owned. They have it listed at
$350,000 or best offer, they have had it on their hands for a while, the appraisal came in
at $625,000. Will the bank loan on the property that it owns? How do I get them to do it?
I have no money to put down and I don't have very good credit, but the property
is cashflowing right now. At half capacity it could still cover the mortgage.
My question is will they loan on it and how do I convince them to if not, and if they will can I take money out at closing?
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Yes, lenders will loan on properties that they currently have in their REO inventory. These properties are not generating them any income and ultimately the decision is theirs as to if they will loan on this deal or not. I found a lender that had a package of 5 properties for sale, they were actually selling the homes with 100% financing. You had to qualify financially was the key to the deal - Pass a credit check, and income guidelines.
You will actually never know if this particular lender will loan on this property until you go in and inquire about the deal. Make an appointment with the bank asap, and find out if they will do this!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Im a greenhorn do i write my own contract or what do i say to get a finders fee once i find a buyer. im so confused ut open and eager to learn
I'm a greenhorn also. Did you read Dean's Profit From Real Estate Right Now. If you haven't, get a copy. He explains the whole process on how to approach a seller to let them know your intentions as an investor. Just talk to people and like Dean says, "don't be afraid to ask."
I was standing outside of a property one day examining it for a while. A neighbor noticed me and asked me if I was interested in buying the property. I was just looking at it, but the neighbor told me all about the property and why it was empty and what the owners had done with it etc. Just talk to people.
Hope this helps.