Comments on: Financing 0 down for Investment Property with no PMI? http://aspenfinancialgroup.com/financing-0-down-for-investment-property-with-no-pmi.htm Fri, 21 Oct 2011 00:09:40 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Tadow http://aspenfinancialgroup.com/financing-0-down-for-investment-property-with-no-pmi.htm/comment-page-1#comment-2030 Tadow Sun, 29 Nov 2009 22:08:42 +0000 http://aspenfinancialgroup.com/financing-0-down-for-investment-property-with-no-pmi.htm#comment-2030 Financing is a problem? That sounds like a slam dunk. 1. Go owner occupied, 80/20, get a credit from the beneficiary/seller or what have you for costs...done deal. Send me a message and I can set that up in a snap Financing is a problem? That sounds like a slam dunk.

1. Go owner occupied, 80/20, get a credit from the beneficiary/seller or what have you for costs…done deal.
Send me a message and I can set that up in a snap

]]> By: JJ http://aspenfinancialgroup.com/financing-0-down-for-investment-property-with-no-pmi.htm/comment-page-1#comment-2031 JJ Sun, 29 Nov 2009 22:08:42 +0000 http://aspenfinancialgroup.com/financing-0-down-for-investment-property-with-no-pmi.htm#comment-2031 Private loans with russian mofia Private loans with russian mofia

]]> By: stephen l http://aspenfinancialgroup.com/financing-0-down-for-investment-property-with-no-pmi.htm/comment-page-1#comment-2032 stephen l Sun, 29 Nov 2009 22:08:42 +0000 http://aspenfinancialgroup.com/financing-0-down-for-investment-property-with-no-pmi.htm#comment-2032 You need to get a creative loan officer working for you; I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck. You need to get a creative loan officer working for you; I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.

]]> By: Maggie Jeans http://aspenfinancialgroup.com/financing-0-down-for-investment-property-with-no-pmi.htm/comment-page-1#comment-2033 Maggie Jeans Sun, 29 Nov 2009 22:08:42 +0000 http://aspenfinancialgroup.com/financing-0-down-for-investment-property-with-no-pmi.htm#comment-2033 Try and create a win/win deal for you and who ever you are dealing with. Remember, there is always risk with real estate investments. Besides the conventional bank idea - you can try the following: Find out if the owner still holds the property, offer to buy it and get him/her out fom under the foreclosure. Offer to pay less than the value, but more than what they owe so they don't lose all the equity. The best case would be to pay 80%, of appraised value so you can refinance with the bank with no PMI. If possible, borrow only what is owed and do an interest bearing note to the owner for the "equity" you want to pay. Then, you can do a balloon in 5 - 7 years at the current rate or slightly less (since they are in trouble) and then refinance before the note comes due because presumably you will have paid down thte mortgage with the rents, and the value of the house may have increased. Another option is to find a partner. There are a lot of great way partners can help each other. If the rents are greater than the mortgage will be, the split fo the income could be divided by the partnership %. Borrow the money from an investor and give them a handsome return. Take the house over, refinance and pay back the partner immediately, and use the rents to cover the new mortgage. Just some ideas off the top of my head....talk to people who sell realestate - they see this stuff all the time. They may even be interested in being a partner. Just be sure to just a lawyer and make it all legal. You won't be sorry. Try and create a win/win deal for you and who ever you are dealing with. Remember, there is always risk with real estate investments.
Besides the conventional bank idea – you can try the following:

Find out if the owner still holds the property, offer to buy it and get him/her out fom under the foreclosure. Offer to pay less than the value, but more than what they owe so they don’t lose all the equity. The best case would be to pay 80%, of appraised value so you can refinance with the bank with no PMI. If possible, borrow only what is owed and do an interest bearing note to the owner for the "equity" you want to pay. Then, you can do a balloon in 5 – 7 years at the current rate or slightly less (since they are in trouble) and then refinance before the note comes due because presumably you will have paid down thte mortgage with the rents, and the value of the house may have increased.

Another option is to find a partner. There are a lot of great way partners can help each other. If the rents are greater than the mortgage will be, the split fo the income could be divided by the partnership %.

Borrow the money from an investor and give them a handsome return. Take the house over, refinance and pay back the partner immediately, and use the rents to cover the new mortgage.

Just some ideas off the top of my head….talk to people who sell realestate – they see this stuff all the time. They may even be interested in being a partner.

Just be sure to just a lawyer and make it all legal. You won’t be sorry.

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