Another New Investor...

General Real Estate Investing
1

Well I wouldn’t consider myself an investor yet. I am still in the learning phase and trying to get all the information I can before I make any major REI decisions. I will start by telling you my current situation. I reside in Houston TX and I just currently moved into my primary residence about 2 months ago ($90,000 home). I have a full time job with alot of down time for research making about 35,000 a year. I have many contacts in the real estate industry through people I know and networking. I have contacts for different lenders, a title company processing manager and some real estate agents. I have some disposable income but not mutch and pretty good credit. I guess the question I am trying to ask is once I find a deal, what would be some options in funding my investment? I’ve heard that in financing and investment property you need 10% down. What if you did not have the 10% down, would some lenders work with me. Or would I need to find a financial backer(or partner)? Any input would be greatly appreciated. Thanks

Kris
Motivated Investor

2

if you have good credit any good mortgage broker should be able to get you 100% financing for an investment property. check out the financing message board. contact some of the brokers that post there, or if you look for one on your own, just find a broker that works with investors, has a variety of lenders and programs, and is creative. don’t limit yourself by going to a specific lender instead of a broker who can find the right loan for you from several different lenders.

also, keep in mind there are ways of financing 100%, without financing 100%… there are downpayment grants, seller financing, etc. use OPM (other people’s money)! this is why you need a broker who is creative.