what must be approved waste of time and energy for a buyer waiting for a serious short-selling by the Bank. And he had no person has agreed to a short sale by the lender in Chicago
?Alternative
organic = “Chicago mortgage” src = “http://farm4.static.flickr.com/3219/3139780786_6d87d27cd5_m.jpg”width =” 160 “/ <>
/ Division>
/ Division>
Myself with two other players want to start investing in real estate to hold for a long time. The hard part is that we can not come with a 20% down payment from the buildings and we are looking for (Chicago suburbs) ranging from $ 550K U.S. $ 900k. What “creative” financing options that are out there?
Vendor Take Back (vtb), Joint Ventures, Hard Money Lenders, Bridge Financing. (Google the terms and read up about them)
MANY possibilities which will depend on your down payment, credit history, incomes and the property you wish to purchase.
A mortgage broker might be your best bet, go in, put all your cards on the table and see what they’ll pre-approve you for.
Actually, a 25% down payment is the norm. But talk to any big S&L, such as Washington Mutual, about loans. They may be able to do 75% financing, and the seller could take back a note for 5 or 10%. Such deals are done all the time; the last time I bought a building, by the time the dust settled there were six mortgages on it. These all got replaced with one new mortgage after a year or so.
I guess you have 10% ?
You can get approved:
- Find a seller who’ll accept to lend you the missing 10%.
(He could be a partner with yourself and your 2 friends for a year or 2)
or, to earn money until you get enough foor a mortgage:
- Do some building management. Many building owners are getting old and need some help. You charge a % of the income.
Good luck !