So many newbies lament the fact that they have no or little money to buy their first property. Yes, having your own money is good, but just as good is having access to money or using OPM. My favorite is owner financing and private money. It affords you so much more flexibility than bank financing. I recently closed a deal on a three family in which I put a little less than ten percent down with the rest on a note with the seller at 2 percent. You can’t get this from a bank. This deal has good cash flow and great financing. You must think “outside the box” Be bold. Ask bold questions. As my mom would say,
“If you don’t ask, you don’t know”. One of my investors is a retired police officer who is has invested in four of my projects. With some he-has financed the entire deal including acquisition and on others he covers the acquisition and most of the rehab at 5.5 percent with no financing costs. This is a vast improvement over the 1percsnt he was getting from his credit union. . He is very happy with the arrangement and, of. course, so am I! He allows me to delay the first payment for five months to give me time to rehab the property. Again, this will not happen with a bank.
Just some thoughts on a Friday night.
5.5% loan! You are getting a steal.
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