Wow, it is a crazy time for lending. There is money available but if you are looking at investment property you better have some capital to work with. I am working on closing two income properties that total an assessed value of approximately 200k. We are purchasing these properties for 160k out of probate. They are great rentals and have existing tenants in the homes. However, the bank even with great credit, has required 25% down and won’t allow the seller to pay more than 2% in closing costs. That is a lot of money out of pocket to purchase something that far below market value but it is the new Fannie Mae Guidelines. It is just something we have to deal with. In this environment you need to be creative with your financing. There are tons of deals out there but you may limit yourself as far as what you capital availability is. If you would like help thinking outside the box and structuring deals please feel free to give me a call or visit my website. There are several ways to overcome this capital requirement you just have to be creative. Maybe I can help you think “outside the box”.
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Direct: (405) 922-2968
Century 21 Goodyear Green