Looking At Purchasing My First Property!

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I have a property in my neighborhood that I would love to purchase. It's in a nice neighborhood and I feel it is a good deal. I want to know how I should go about purchasing it, HML - PML - Bank - etc. I live in Hawaii and the homes run anywhere from 500+ so they are pretty pricey. I've been in contact with an agent to take a look at the inside of the property and asking questions about it.

Just need help with what I should I do. Private message me if you want to. Any help would be appreciated!!! 


Hello Justyn!  You came to the right place to ask such a question and I hope that you get several decent answers.  Since you did not tell s much, I will make a few assumptions about your goals and what you are looking for and if you are concentrating long term or short term. With regards to financing usually the easiest way for the buyer is owner financing.  Show them on how on paper they will probably make more money in total and be fairly flexible depending om their personal needs.  They will not have to pay the broker commission, they can spread out their income, close quickly, and make more money on the interest charged or wait on any other financing.  Even a Bank might charge less they look more at you and charge a high down payment which the owner might not.

After owner financing, I would probably go next to Private Lending, especially if any expensive expenses need to be made because they will usually lend 100% of those where a Bank would not.  The Private Lender might loan 100% of the home price and tend to look more at the deal than you.  It might be how good of a deal you got that influences them the most.

The Bank might charge less interest if you qualify but they would look more at you instead of the project and usually take longer to approve the loan and it depends if time is an issue with the owner.

A Hard Money Lender would probably be my last choice.  Like a Private Lender it would be a short term loan usually last only 12 months or fewer.  Plus they charge usually the highest interest rate plus points.  Them and Private Lenders can usually close quicker than a Bank.  Beware of the fees charged by every choice.  Shop around to find the best deal for you.

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