Okay here is the deal i have three sub-2 deals in my name and done
They were done about 30 days ago now i would like to get one may be two of them refi so i have better terms and may be pull some cash out of them
I personaly have bad credit this is why i got them sub -2
Where can i go and ore do to make this a happenning deal ?
I would suggest you find a partner and try that route. I would say you should try a local bank but with bad credit you will most likely be wasting your time. Conventional financing (meaning Fannie/Freddie) is going to require at least 12 months of seasoning due to you not being obligated on the individual note to each property. You will need to keep a record (cancelled checks works best) of 12 months of on-time payments and then you should be able to get them refinanced if you can get your credit score to at least a 580 and you have at least 20% equity in each property. Hope this helps.
THANK YOU
Was in hopes of finding some place or some on who could or knew of a way place get this done with out any seasonning
The seasoning would not be an issue if you could get conventional financing, but unfortunately due to new guidelines you have to wait 12 months when you buy a property subject 2.
How much equity do you have? Is there enough of a spread for you to flip them to another investor and still have you make some money?
You have been posting on this site for awhile and you keep mentioning bad credit. have you tried getting your credit cleaned up? If you plan on staying in the REI business it would probably be in your best interest to work on getting your credit cleaned up. I am not preaching to you, but as someone who works in finance I can tell you that you will get a lot more done at a much better rate if your crdit is good.
YES iam getting my credit fixed up but it happens not overnight
As well if i ask the questions as if i still have the really bad credit then the answers will all so apply to the people not postting but just readding the posts here
I am haveing to pay off a tax problem from many years ago so you do not just get this payed off and done over night
No matter what the TV says
No i have properties and have bought and sold them with my bad credit problems
So no one should ever not get in to this business just because they have bad credit
However yes they should work on getting it fixed up
Real Estate,
Glad to hear you are prospering. as I said in my previous post I was not preaching to you, just trying to give you objective advice.
No problem was taken as it was posted