All Forum Posts by: Dusty Ny

How would I go about finding seller financing? Is this something I ask for when I make an offer or is there a market of some sort where these opportunities can be found?

Just wanted to say thank you again for the excellent advice. I've spent the last few days researching and discussing financing with various lenders. I looks like the money is out there, now I just need to find a property and see what happens.

Excellent.. I'm so excited to see these suggestions.

I'm not familiar with a non-recourse loan, looks like I have a lot of work to do this weekend.

Darryl

I haven't looked in to it yet but I think it might be a good option. I started searching for information on "securities backed financing". I'm trying to put together a list of leads this weekend so I can start contacting people on Monday and see what they say.

Does it make sense to buy the property with securities backed line of credit, then try to get the house refinanced to payback the line of credit?

Thanks for the advice.. I'm going to stop wasting so much time searching for a mortgage and find something that I can buy in cash.

I was thinking on putting $150k down on a 500k property (NYC is $$$) but I don't have any property other then a coop that doesn't have nearly enough equity. I doubt that I'll get a line of credit that will cover the cost of the buildings in my area.

I'm going to talk to a mortgage broker maybe he can pull a rabbit out of hat (but I'm not holding my breath). Any thoughts on dealing with mortgage brokers?

Michael

I understand my situation is unusual. I make money every month which far exceeds my monthly debts (usually 2-3x depending on market conditions) but I've just reinvested it.

I'm not entirely sure I understand what you mean when you say I need to offer them something.. do you mean I have nothing to offer because I can't show an income or do you mean that I need to offer them something over the 20-35% down like some sort of collateral or placing stocks in to escrow account?

If I find a property that is 80-100% occupied and more then covers the mortgage, do they factor that in?

Do I have other options that I should look in to?

Thanks again..

I've been reading these forums for a few weeks now and I'm starting to get a feel for things but I'm very new to all this so please forgive my ignorance.

Hopefully someone will be kind enough to point me in the right direction. I have a few hundred thousand dollars in various stock accounts, mutual funds, bonds, etc. I'd like to get some of this money out and invest it in to a multiunit property (seems like there are great deals out there) but I'm nervous that I wont be able to find a mortgage because I don't meet the lending standards of most banks. I'm looking in to buying in cash but that limits what I can buy and since I live in NYC the buy in is very high unless I go 1 1/2 - 2 hours drive away from home.

For the past 2 & 1/2 years I've been living off my cash reserves (my expenses are under 2k monthly) so I don't have any income to show. From what I gather "Stated Income" based mortgages are history (or nearly impossible to find).. My fiance is willing to co-sign a loan but she doesn't make a ton of money so that limits us as well.

I've been talking to banks but all the big ones pretty much laugh in my face, except Wells Fargo but I've heard they run you around (and the guy has been really flaky). I'm going to start talking to my local smaller banks but I don't have any relationships with them.

Am I being unrealistic in looking for a mortgage or should I concentrate on a cash purchase instead? I don't mind doing the work but I don't want to waste my time either.

Any advice would be very much appreciated.

Thanks