When Buying..

Question

I'm interested in buying a property that I can't pass up. Should I just go to the bank and try to get a loan or get hard money first and then get a loan to take over?

Kevin Raye · Answer

Interesting!! Thanks for your response!

Jon Klaus · Answer

In this situation, I'd ask for owner financing.  She doesn't want the hassle of landlording and you can free her from that, plus give her guaranteed income at an interest rate that is far higher than CD's.

Kevin Raye · Answer

I apologize for not being more specific. I found a 2/1 in a very nice neighborhood and I negotiated the price with a lady whose husband had rentals. Now, the husband died a year ago and she doesnt want to be a landlord. I offered her 29k in an area where the houses are between 79k-140k. I'm a newbie, and my strategy, at first, was to wholesale it, but now I want to buy it. It has updated windows and a roof that's 2 years old and besides paint theres really nothing left to repair. The rents in that area are between $1250 and 1400. I just don't know where to start with financing.. What do you all think??

Jacques Columbo · Answer

Is the property an REO that needs work? Then, I'll go hard money lender first. Better, private money.
          Is the seller a private individual? I'll try to negotiate an ownerfinance then go the bank if you have too. This will saving you one extra closing costs. I don't like going to the bank. See if you canavoid it and still do the deal. Good luck.
          [REMOVED]

Jon Klaus · Answer

You haven't told us anything about the deal or yourself to help us know what kind of financing you might expect to get.

Ideally, I'd want to match up a great deal with great financing.  Is that possible?  Find out.  If not, I'd find good financing.  If I could only get bad financing, it might not be a great deal.