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Author Topic: Fixer Loan, little equity, can anyone help  (Read 4689 times)

Offline true9baller

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Fixer Loan, little equity, can anyone help
« on: September 09, 2006, 01:15:42 am »
I need roughly 30k to fix up a property that went bust after I bought it (insurance didn't cover the specific type of damage).

I own several other properties but none have the equity I need.  Does anyone have any idea how to get this a loan for this?  Thanks.

Offline JOHNNY Q

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Re:Fixer Loan, little equity, can anyone help
« Reply #1 on: September 09, 2006, 09:10:27 am »
www.prosper.com   or lease option your other property. Pull cash from TB.
John Quebedeaux-CEO-Quebedeaux Financial Investment Holding LLC
Residential, Commercial, Construction, Land Acquisitions, Lot Loans, Bridge Loan, Hard Money, Foreclosure Bailout & Short Sales.MTN, BG, SBLC etc...

Offline true9baller

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Re:Fixer Loan, little equity, can anyone help
« Reply #2 on: September 09, 2006, 06:07:37 pm »
Sorry for my ignorance, but what's TB stand for?

Offline JOHNNY Q

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Re:Fixer Loan, little equity, can anyone help
« Reply #3 on: September 09, 2006, 06:31:25 pm »
You are not. You ask a question. TB- tenant buyer.

LTV- loaan to value
DTI -debt to income.
ABC- always be closing!
Ice-income , credit, equity
LOI - letter of intent
John Quebedeaux-CEO-Quebedeaux Financial Investment Holding LLC
Residential, Commercial, Construction, Land Acquisitions, Lot Loans, Bridge Loan, Hard Money, Foreclosure Bailout & Short Sales.MTN, BG, SBLC etc...

Offline true9baller

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Re:Fixer Loan, little equity, can anyone help
« Reply #4 on: September 09, 2006, 06:40:39 pm »
Johnny,

Thanks for your help, but I'm not familiar on how pulling money from a tenant buyer would work.  Can you give an example?  

Offline JOHNNY Q

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Re:Fixer Loan, little equity, can anyone help
« Reply #5 on: September 09, 2006, 08:27:04 pm »
You have several properties. Do 1 or 2 lease options. If the numbers works with your tenant buyer.. to do a lease option tenant buyer would put 3 to 6 percent down on the value to becomes rent to own.
John Quebedeaux-CEO-Quebedeaux Financial Investment Holding LLC
Residential, Commercial, Construction, Land Acquisitions, Lot Loans, Bridge Loan, Hard Money, Foreclosure Bailout & Short Sales.MTN, BG, SBLC etc...

Offline true9baller

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Re:Fixer Loan, little equity, can anyone help
« Reply #6 on: September 10, 2006, 12:31:13 am »
In other words, get the money from the money from the option consider, of a tenant buyer from the lease options....Thanks.

Offline JOHNNY Q

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Re:Fixer Loan, little equity, can anyone help
« Reply #7 on: September 10, 2006, 02:23:23 am »
Yes, that is correct. Make sure the tenant buyer understand that the down payment is not refundable if they decide not to exercise there option. If that is the case, get another tenant buyer in there again. Free money!
John Quebedeaux-CEO-Quebedeaux Financial Investment Holding LLC
Residential, Commercial, Construction, Land Acquisitions, Lot Loans, Bridge Loan, Hard Money, Foreclosure Bailout & Short Sales.MTN, BG, SBLC etc...

 




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