Thats bullshit banks will not lend, if you have a property free and clear
Do hard money
They will do loans for any investor with 0 down, yes its is real. I have seen someone use them and flip 10 houses.
This is not always true in the current market. No comment on the rest of your post but I have a friend that owns rent property and flips houses in a similar manner. He has tons of credit, but he cannot buy a house. He owns dozens of vehicles, large equipment that cost $50,000 to $120,000, lines of credit for other things etc. He could go buy a fleet of vehicles tonight with only his signature but he
cannot buy a house without a huge (30 to 50%) down payment. This is true of rental properties, flip properties and even a home for himself. He recently put 50% down to finance a property for himself, something that even broke idiots seem to be able to do with no problem.
Now I have no idea what exactly they are looking at that makes this next to impossible but he has great credit, makes early payments often but has had this problem for years.
Welcome to real estate with RiverboatBTC, this course is free but if you would like more come to my seminar at the price of 5999
. This is a joke its what all the real estate guru's say lol
Your buddy is looking in the wrong places. My buddy took 5k from his parents and bought his first rehab project. He put 0 down and paid closing cost only. I seen someone just sign a house over to him cause they could not make the payments. They moved out he got them out of default, rehabbed the house and sold it. He only paid for the rehab.
These are the type of things inexperienced investors do not understand, or know about. Why do I say this, check this out.
I have 100k to put into rehabbing a house.
House cost 50K rehab 50k House is worth 150k. Great I made 50k.
or
I take 100k get a hard money loans for 4 properties paying 10-20% down on each one and now I made 40K X 4. Its only 40k due to the fees of the hard money loans.
or
I find home owners going into foreclosure offer to let them out from under the house, they just have to hand over the keys. You pay to catch up the note up to date. Now you have a rental or a rehab. Free equity.
All these people lend all day everyday most not even on credit and some require 0 down.
Tell him for hard money flips
http://www.dohardmoney.com/loans/residential-rehabTo refinance a property
http://www.dohardmoney.com/loans/refinance100% approved, you pay 600 for a 3 appraisers to come check your property out. They tell you what your property is worth and will lend you up to 70% of its market value. Credit does not matter they lend on the value of the property.
HML Loan Type Both
Lending Area 37 States
Contact Jennifer Watkins
Address 2691 S. Decker Lake Lane
City, State, Zip West Valley City, Utah, 84119
Phone 888-852-1522
Fax 801-456-3284
Web Site
www.wdbfunding.comEmail
loans@wdbfunding.comHML Loan Type Residential
Lending Area AL, CA, CO, CT, DC,DE, FL, GA, IL, IN, KY, LA, MA, MD,ME,MI, MN, MO, MS, NH, NJ, NC, NM, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA,WA, WI
Contact
rehabs@brookviewfinancial.comAddress 2321 Whitney Avenue
City, State, Zip Hamden, Connecticut, 06518
Phone 203-230-8500
Fax 203-248-1771
Web Site
www.brookviewfinancial.comEmail
rehabs@brookviewfinancial.comHML Loan Type Both
Lending Area CT, FL, ME, MA, NC, NH, NJ, NY, PA, RI, VA, VT
Contact Dan Burke
Address 888 Washington Street
City, State, Zip Dedham, Massachusetts, 02026
Phone 617-971-9700
Fax 617-983-3541
Web Site
www.endeavor.comEmail
danburke@endeavor.comHML Loan Type Both
Lending Area Nationwide
Contact Kim Riddle
Address 11427 Reed Hartman Hwy
City, State, Zip Cincinnati, Ohio, 45241
Fax 877-744-3922
Web Site
www.globalequityalliance.comEmail
pm@geafund.comHML Loan Type Both
Lending Area MD, DC, VA, CA, DE, NJ, NY, OH, PA, TX, FL
Contact Jason Balin
Address 9017 Red Branch Rd. Suite H
City, State, Zip Columbia, Maryland, 21045
Phone 443-539-8282
Fax 866-859-6019
Web Site hardmoneybankers.com/reiclub
Email
jason@hardmoneybankers.comHML Loan Type Both
Lending Area 31 States
Contact Steve Porter
Address 4725 Holladay Boulevard, Suite 230
City, State, Zip Salt Lake City, Utah, 84117
Phone 801-878-7655
Fax 801-278-7020
Web Site
www.hardmoneyrg.comEmail
info@hardmoneyrg.com Lima One Capital
HML Loan Type Residential
Lending Area AL, DC, FL, GA, MD, NC, OH, PA, SC & VA
Contact John S. Warren
Address 5 Concourse Parkway Suite 3000
City, State, Zip Atlanta, Georgia, 30328
Phone (404) 908-0080
Fax (404) 908-0090
Web Site
www.LimaOneCapital.comEmail
info@limaonecapital.comI could go on, and on and on.
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