We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
December 05, 2021, 01:59:36 pm
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
December 05, 2021, 01:59:36 pm
Home Help Search Calendar Login Register

Author Topic: $40,000 needed for down payment!  (Read 2823 times)

Offline young_investor

  • Member
  • *
  • Posts: 2
$40,000 needed for down payment!
« on: July 30, 2007, 12:47:50 pm »
I'm new to the investing world. I have decided to invest in real estate to fund my college education.
I found a great deal in Beaumont, TX but need help with the down payment.
How would I go about finding a loan for $40,000 at 5% interest?
« Last Edit: July 30, 2007, 02:43:45 pm by Mdhaas »

Offline LIGHTBEING

  • Member
  • ***
  • Posts: 193
Re: $40,000 needed for down payment!
« Reply #1 on: July 30, 2007, 02:27:41 pm »
I don't think anyone would be interested in this.  Money market savings and CD's are yeilding 5% at the moment.  If you are looking for investors you need to sweeten up the deal, alot.

Plus, what type of experience do you have?  You won't really be able to market this deal with no experience.


Offline Iron Range

  • Member
  • ****
  • Posts: 563
Re: $40,000 needed for down payment!
« Reply #2 on: July 30, 2007, 03:01:29 pm »
Loan Status: Denied
Great Tenants are an Investors Greatest Asset

Offline Mdhaas

  • Global Moderator
  • Member
  • *****
  • Posts: 2570
Re: $40,000 needed for down payment!
« Reply #3 on: July 30, 2007, 03:18:22 pm »
Unfortunately the days of 5% interest rates are long gone.

The only way you will find that kind of rate is maybe from a family member. 

Hard Money (HM) loans are in the mid teens.

« Last Edit: July 30, 2007, 03:20:14 pm by Mdhaas »
If at first you don't succeed.....................skydiving is not for you

Offline REI4ROI

  • Member
  • ****
  • Posts: 803
Re: $40,000 needed for down payment!
« Reply #4 on: July 30, 2007, 09:24:27 pm »
I'm with the consensus here---not only is your target interest rate unrealistic, but your aspirations might be too (in today's guideline shrinking enviroment, you will be hard pressed to find anybody that is willing to take a 2nd position or fund a silent downpayment)...

Regards,

Scott Miller
RE Investment Advisor
Weichert Realtors
[email protected]

Offline Frontier Investing

  • Member
  • **
  • Posts: 64
Re: $40,000 needed for down payment!
« Reply #5 on: August 01, 2007, 08:59:27 am »
Its very difficult to find anyone to take a second position but it can be done. However your rate is very unrealistic; because the loan will be in the second position is considered a greater risk to the lender/investor. There going to want a piece of equity in the deal.
Development Company
(Multiply individuals have access to this account)

 




SMF 2.0.15 | SMF © 2017, Simple Machines