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Okay folks here's the challenge. I have located a mixed use property in Baltimore, Maryland. There's a tavern on on the first floor in a good neighborhood and the second floor has a 3bdrm apt which could probably be converted to two seperate units. The asking price is $250,000 and everything inside conveys including the liquer license. Appraised value is $290-300. total space is around 1800 sq/ft/taxes 1150. Tavern has been closed for four months.

So far, I've spoken with at least 5 commercial lenders who either wanted, collateral property in the area(which i dont have), 20-25%down($50,000!!) or extremely high application fees, closing costs. They didnt ask and werent concerned with my income/credit which is in great shape by the way. Most were excited until, I mentioned the part about the bar/tavern as suggesting they have a high rate of failure which scares the daylight out of investors. The upstairs alone could rent for 1/2 of what the mortgage would be and also if I decided not to open the bar myself, I could lease it out. So, based on what I've said, does anyone know of a bank/lender that works with investors for bars/taverns/lounge/mixed with apts with less than 20% down? Please advise, thanks

Hey thanks soo much for your input, I had a bad feeling about it to begin with plus I was getting a bad vibe from the guy. It's safe to say, this deal has been chalked up. :protest:

I found a house in baltimore, 3 brdroom rowhouse, asking 75,000. The neighborhood is on the rize with some houses selling in the 100s. The owner will finance with $12,000 down, and 14% interests only payments. Since the property is a foreclosure it needs to have the previous owners belongs cleaned out, paint and carpet. Does this sound like a good deal? Also, since the owner will hold on to the title until payed off how can I make sure I don't get screwed? What if he wore to not cash my mortgage check and try to foreclose on me? Or what happens when/if he were to pass, does that pass the responsibilities on to his next of kin?

Hey Folks I have a credit card question. I'm a newbie and I have learned soo much from this site so I thank all of you in advance for your support.

I've cleaned up my credit over the last 4 year and I'm just now getting into the middle 700s. Initially, I had one of those arm and leg, interest rate credit rebuilder Master cards, with a limit of 200 and includes a $50.00 annual fee. I've since secured a much better credit card with 20 times the amount of credit, no annual fee and a low interest rate. Was this a mistake given I am interested in buying an investment property soon? Should I cancel the credit rebuilders card I've had for 4 years? If I do, will it ruin my credit score/rating?

I'm a newbie and have prequalified financing via E-LOAN,
(up too 150,000) which because I'm an investor they are asking 10% down plus closing costs. I haven't located the exact property yet however, I am looking for single, mutli-family properties in Baltimore, MD. E-LOAN in practice doesnt, in most cases finance mortgages under 100,000 because they make little money, plus its difficult to resell the loan to another company. If I find a property, for much less it's going to cost me a higher interest rate, plus 2-3 points.

Should I still go with E-Loan or are there better options? Also, are there any brokers out there that finance loans from 30,000 and up? And lastly, let's say, I find a property for 55,000 but needs 5,000 in upgrades, how do I finance the property plus additional funds for the upgrades? Any advice, would be great.

Hey folks! Absolutely love this website, it's been very, very informative. I'm a newbie, and have gone as far as getting pre-approved via Eloan. I interested in properties in Baltimore, MD, however I haven't located the exact one. I had them pre-approve me for the amount of 150,000. I'm just not sure if the closing costs, and terms are favorable. Is there somewhere I can plug the numbers in or do a loan comparison to see if I should proceed or look elsewhere?

Thanks in advance,
New Guy