Hello everyone I am brand new to the site. I just bought my first investment property, rehab is going well, so far so good. I would love to continue to buying properties in the future but the biggest obstacle I see is not having 10-20% down every time I purchase. A friend of mine mentioned seller financing. I know this is a very general question but can someone just give me the basics on this as well as any other ways I can secure financing without all that initial output, thanks.
Some other ways would be:
hard money lenders
private money lenders
Depending on your credit score, there are lenders that can do 100%, but I will let more knowedgealbe investors speak there peace here since I am just a newbie, not yet having done anything but read the posts here.
Another thing to do is if you have equity in the propety you just bought is to pull it out with a cash out refinance when you have it done. Obviously you want cashflow so if you could have a first and a second mortgage and still cashflow 100 bucks but yet have 10-15K to invest elsewhere that might work for you. Lenders, brokers, banks, etc. are places to start looking if desired. Food for thought,
Initially I rehabbed and then refinanced to recoup my investment but the last ten have been financed 100% with a BB&T in-house investment property loan that includes repair monies. Hope this helps.
Hey what is BB&T? How can I find out more about in-house financing?
BB&T is a bank – a pretty large one with a big “footprint”:
I work for a mortgage lending firm who has just opened up a new program for rehabbing. It’s called a constructon loan. It loans monies for purchase and rehabbing together. Credit terms are beyond reasonable (620 FICO) and up to 100% LTV (total cost). If you dont want to put anything down I would suggest creative financing.
Where do you lend? What kinda terms in general are you talking about? Interest only notes for a year? zero down? interest rates?