Fixer Loan, little equity, can anyone help

true9baller · September 9, 2006, 6:15am

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.

JOHNNY_Q · September 9, 2006, 2:10pm

www.prosper.com or lease option your other property. Pull cash from TB.

true9baller · September 9, 2006, 11:07pm

Sorry for my ignorance, but what’s TB stand for?

JOHNNY_Q · September 9, 2006, 11:31pm

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

true9baller · September 9, 2006, 11:40pm

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?

JOHNNY_Q · September 10, 2006, 1:27am

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.

true9baller · September 10, 2006, 5:31am

In other words, get the money from the money from the option consider, of a tenant buyer from the lease options…Thanks.

JOHNNY_Q · September 10, 2006, 7:23am

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!