A few newb questions please help..

1)does 100% financing include the closing cost?

  1. can you borrow more than the house value and get extra money for upgrades?

  2. Some people say that just to get your foot in the door, take the best rate available even though it may be high and then refinance your loan a year later.
    Is this ok to do?

1)does 100% financing include the closing cost?

There are a ton of lenders out there and everyone has different guidelines most lenders will allow seller to pay up to 3-5% of closing costs!

  1. can you borrow more than the house value and get extra money for upgrades?

Same as above there are a ton of loan programs out there most of the loan programs that allow 110% finance will only do them on an owner occcupied property. That being said there are still a few lenders that will do it on a investment loan! And/or there are ways to pull cash out at closing! IT’S ALL IN THE CONTRACT!

  1. Some people say that just to get your foot in the door, take the best rate available even though it may be high and then refinance your loan a year later.
    Is this ok to do?

The only problam I see with this is when you go to refi in a year what is Allen Greenspan going to have the rates at you might shoot yourself in the foot on this idea!

Where in CA are you? I am in CA also…what area are you looking to invest??

I’m in southern Cali. But I would rather try investing in a cheaper area, like Vegas or Arizona.

VEGAS IS VERY VERY HOT for investors…it’s getting to be almost too hot…AZ not sure about…does anybody have any info on markets in AZ

Is Vegas realy cheaper these days?

Not very cheap anymore, most properties in the 250-400K range now, here about 1 1/2 yrs ago was the best for investors…what does everyone else think?