Newbe funding question
2 Replies
Curtis J De Leon
Rental Property Investor from Macon, GA
posted about 1 year ago
Hello all,
I'm still pretty new to RE investing so I dont have a ton of money saved for down payments but I have found a SFH valued at $130k and I have the opportunity to purchase for $97k. I know that most lenders will lend up to 80% of value but how would I go about finding a lender that would fund purchase and possibly tie in closing. I would only want to do something short term (5 year or so) with ballon at the end so I can refi it to a 30 year.
James Galla
Attorney from Akron, OH
replied about 1 year ago
Have you tried reaching out to any lenders yet? That's probably a good first step to see whether your idea is received well and to also get to know who your local lending institutions are.
Jon Reed
Rental Property Investor from Springfield, MO
replied about 1 year ago
@James Galla advice is your step 1... you gotta go talk to a lender and not rely on Googling and Forums only.
As far as getting closing costs include. You can do that easily by adding that to your original offer on a property. You can offer them $95K but seller pays all closing costs. If they still don't want to bite you can even offer more than the asking price and have them pay all closing costs.