!. Seller Financed-up to 100% financing (any rate)
2. Bank Financed -up to 80% (4.5-5% fixed rate)
3. Non-prime-up to 75-80% (6.5-8.5% fixed/arm)
4. Private/Hard money-up to 75% (7-18% fixed/arm)
If you plan to rehab the property with the purchase, you can finance up to 90-95% of your project, but would likely need to use one of the above "take-out" strategies for long-term.
!. Seller Financed-up to 100% financing (any rate)
2. Bank Financed -up to 80% (4.5-5% fixed rate)
3. Non-prime-up to 75-80% (6.5-8.5% fixed/arm)
4. Private/Hard money-up to 75% (7-18% fixed/arm)
If you plan to rehab the property with the purchase, you can finance up to 90-95% of your project, but would likely need to use one of the above "take-out" strategies for long-term.
Start with conventional financing. Find a Mortgage BROKER -NOT BANKER. Do you first deal with 20%down. After you have one, it will be easier to Partner with someone on the next one, as you can prove you know what you are doing.
Find investor meetups in your area. See if anyone is new, and would like your help in buy and holds.
Can be structured a few ways. You can use your credit, and their down payment money. Or you can use their credit and down payment money.
You only need 1 person on the Mortgage, but you can put multiple people on Title.
Then you can decide how to split cashflow/appreciation, etc.
If I'm using my credit, i get all the cashflow and i split the appreciation.
If I'm using their credit, i split everything 50/50
Thanks for the advice @ Brad Smith and @Robert Herrera.
When I was younger, I started investing but took a long break for motherhood. I have max out on the amount of loans I can get through traditional banking.
Tiffany Jones
Call my dear friend that is an executive with Harbor Bank. His name is Ulric Donawa. Send me a direct message and I will share his mobile number with you.
This is a local bank based in downtown Baltimore, with one of their branches located in PG County.