Down Payment

3 Replies

Hello,

Hope all is well with everyone

I'm fairly new to BP, so I may have postednthis in the wrong place...if I did please forgive me...Here is my question

If I believe that I have a deal...and I have acess to hard money or a private money lender but I don't have cash or a credit line for a diwn payment, or closing cost...what do you all recomend I should do?Hello,

Hope all is well with everyone

I'm fairly new to BP, so I may have posted this in the wrong place...If I did please forgive me...here is my question

If I believe that I have a deal...and I have access to hard money or a private money lender but I don't have cash or a credit line for a down payment, or closing cost...what should I do?

Sounds like a 100% finance deal, and for someone who is new, I don't recommend it. Keep saving your money, and you will find another deal.

@Jonathan Plair Need more information, is this a flip or buy/hold.

If it is a buy/hold, you won't be able to find any lender that will lend you 100%. Getting money from HML is suicidal at 12%. You might consider a partner if you have good credit. They put the down payment and you put in the credit.

If you are flipping, you can utilize HML, but you need reserve or income to sustain the holding cost.

Good Luck!

@ Chan Khim...This is a flip...When u say holding costs...are u referring to closing costs?

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