Hoe to Fund the Deal?

Question

Ok so i wanted to know if anyone thinks this would be good idea. I have about 200k to use as a down payment on a property, i wanted to know since i don't think i would be given a commercial loan, would it be smart for me to find someone else to assume the loan and then i go ahead a put my money down?....are there any pros or cons in this strategy?

Chris Mason · Answer

Fannie Mae currently does not allow the use of projected hoe income for qualifying purposes, unless the income from the hoes appears on two years of federal tax returns.

Due to the fact that we currently are not offering hoe-based financing, I have approximately 99 problems but a backhoe is not presently one of them. I hired a GC to dig that drainage ditch, and called it a day.

Do not fall for the witchcraft of the hoe-industrial complex that President Eisenhower warned us about!

Matt K. · Answer

LOL at the title....

Tom S. · Answer

@Jeffrey Odu  More details please.  Why don't you think you can get a commercial loan?  Why not use conventional financing?  is $200k a 10% downpayment or a 50% downpayment?

Agree with Jim above, a $200k downpayment can be very favorably viewed by lenders.

Jimmy Murray · Answer

@Jeffrey Odu For a commercial loan banks are going to be more interested in Cash Flow of the property vs. your personal financial statement in most cases.

With a $200K downpayment I think this should give you enough financial backing to land a commercial deal with a bank.

John Thedford · Answer

That title sure made me wonder:)Ask @Chris Mason his thoughts.

Jeffrey Odu · Answer

Do you know what else they will look into before approving me for a loan, mind you, this is the first deal I'm trying to obtain, So no prior deals prior..

Jeffrey Odu · Answer

im thinking i won't be able to get the loan because this would be my first real estate deal and i heard the banks like to know you have experience so they can trust you with the loan. thats why honestly

Hoe to Fund the Deal?

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