All Forum Posts by: Account Closed

I need $86,000 to close on an 8 unit. Should I take out a loan for half of that and pay the other half with cash? I would just pay off the smaller loan with the cash flow. I also graduate in 3 months with my bachelors and I already have a great job lined up for worst case scenario. 

I know this isn’t ideal but it’s really do this or stay doing nothing. I don’t have anyone that will be willing to loan me money, I don’t have any interested partners, and I have been unsuccessful at raising any money. 

The seller was willing to carry the property, but can’t because of due on sale. And I’m not sure of any lenders that will allow the seller to pay for some of the downpayment. The ones I called already said no. 

I guess not

@Patricia Steiner of course I have looked for sellers willing to carry the financing. They are extremely hard to find. I’m asking this because the seller was willing to carry the financing but couldn’t bc of due on sale clause. What are my other options?

The lenders I called will not allow the seller to pay for ANY of the downpayment. I have read stuff where people are getting creative deals where the seller pays for some of the downpayment. I’m not having any luck. What am I doing wrong?

@Brandon Kingcaid call the bank and ask 

You’re on a forum asking what security system to use? 🧐 seems like a simple google search could have solved that. 🤷🏻‍♂️

@Will Fraser in regards to the down payment. How are buyers getting low or no down payments when they purchase through conventional financing? The banks I called will not allow the seller to pay for ANY of the down payment. 

A guy on another thread was talking about how he purchases properties with no money down and the seller takes out a second lien. 

What are other people that I am not doing?

I have been calling apartment owners directly and have researched how to cold call and what to say. I found 2 owners that were willing to carry the financing. One is 2 (4) plexes but he was able to carry the financing because of due on sale clause. So I called banks to get a traditional loan.

I know there are creative ways for people to reduce their down payments when they get conventional financing through a bank but how? The lenders I called today do not allow the seller to pay any part of the down payment. I have also seen other people claim to get properties with no money down and the seller takes out a 2nd lien. And all these banks require reserves for all the properties they own. What are they doing that I’m not?

Thanks for any advice.

His system is applying for business credit in your name and then taking a hefty 12% or more of that. All profit to him, and all debt to you that you have to pay back. If you need business credit, apply for it yourself. 

I have been calling apartment owners directly and have researched how to cold call and what to say. I found 2 owners that were willing to carry the financing. One is 2 (4) plexes but he was able to carry the financing because of due on sale clause. So I called banks to get a traditional loan.

I know there are creative ways for people to reduce their down payments when they get conventional financing through a bank but how? The lenders I called today do not allow the seller to pay any part of the down payment. I have also seen other people claim to get properties with no money down and the seller takes out a 2nd lien. And all these banks require reserves for all the properties they own. What are they doing that I’m not?

Thanks for any advice.