Fiance and I are trying to buy a 2 unit multi family in WI. had frustrating results with our mortgage broker. He told us we dont have enough revolving credit history. Only 4 months with a secured card so far. determined to not give up I investigated who owns this property and its owned by an LLC. I tracked them down to Arizona and I have they're number. I know I have to call but Not to sure what to say or where to start.
What experiences do some of you have in making deals and more specifically struke a seller finance deal?
What's the best time to call?
Do I make an offer right away?
I will call him up chat about conditions, rents $etc. Until you have a pre-approved letter in hand I believe it will not be considered. You can say something like it is very nice, interested, and hint you have some money. If he can carry a second small mortgage and you have the bulk in cash, just listen. Investors get letters constantly there are cash offers often at market price if they want to call back. Money offers etc are last thing people want to talk to a total stranger. Good luck.
@Paul Gallardo Have you explored other options for getting a loan? Co-Signer to overcome your lack of credit? Other lenders? Other programs?
Don't take the 1st "No" in lending as the absolute!
As for calling the owner, if you are at the last resort what do you have to lose? You really only have something to gain at that point!
We recieved our pre-approval letter or a fha loan today. I already have a realtor I want to contact. Also a few properties to look at. what I am seeing here though is there more than a few HUD safety requirements I need to keep mind of