I'm interested in starting investing in real estate but I'm the DFW area, and the market is WAY too hot.
In the mean time, I'm preparing for the market to come down, and foreclosures to come back.
So my question is how do I approach a bank to finance my future deals?
Am I asking for a mortgage? credit line?
When should I approach them?
What is the loan to value I should expect?
What kind of a lender am I looking for?
Any advice for a first time investor?
Thanks, I appreciate any help.
you maybe waiting a very long time for that scenario to play out..
foreclosrues are a cash and carry business in most state.. I think Texas is that way.
If your talking Sherriff sales IE real courthouse steps foreclosures.
need to find a team of cash investors who want to play with you.. VERY cash intensive
Yes, Texas is that way, and I am referring to courthouse steps.
Any way to finance after purchase?
Why do you think it's going to be a long time for it to play out?
I think the economy is pretty stable in that area.. and mortgage originations post 2010 are pretty solid. you could have some heloc issue's coming up.. and there will ALWAYS be those that can't manage their personal financane's die intestate get divorced Haorder houses ( my fav last few years).. but my comment is just that I would not expect a repeat of the 08 to 2011 foreclosure activity
Most HML will refi a foreclosure once you have the deed from the sherrif and they can get title insurance they usually want you to keep 20 to 30% cash in the deal..
Thanks Jay, I really appreciate your insight.
Homes are going for 20% over asking over hear. I think it's a bubble or at least a sellers market.
Would you advise to shut up, raise more cash and be patient or should I look at alternatives?
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