OKC Deal, Need Lending
In June I found a property. After extensive research I found this to be a great deal.
Worth $94k fixed up. $50k as is. Confirmed $15k for repairs. Property is in OKC. My family will manage it just like my other places in OKC while I live in AK managing my 4 plex.
So I thought I wouldn't have a problem getting into the deal since the amount to purchase it is $37k. I put my focus on finding a buyer. I then found a buyer so I can get out right when I get into it.
So I called several mortgage companies to start moving the money and transfer the title into my name.
PROBLEM! THey just are not lending in OKC. 1 company said "we just don't lend to investors". 2nd company said "No, you live out of state" 3rd said you just bought a 4plex and only can show 6 months on taxes with it when they need 12 months on taxes (b/c i bought it in may 09). 4th said "No because I have to show it rented first. (How do you rent something that isn't your just to get financing???").
Now I'm at a lost and restoring to Private lending.
Can I get some help? I'm really at a loss here because normally I can get OPM from the bank. :roll: