How much money did you have when you bought your first property?

[BSM]

Hello,

I'm new to this forum.  I was just wondering on how much money did you have when you bought yor first property?  Thank you.

Brian

[TMCG]

before or after?  

[BSM]

Before you bought your first property.

[cliffdog]

onetime i went for broke( my first was 13,000 and i  took out a personal loan for 8000 for repair.when i was finish i didnt have any money

6 month later took out heloc for 36000 and bought 2 more
one for 18,000 and 1 for 13,000

[TMCG]

what were the results of these transactions?

[cliffdog]

the first one i rent out for 575.00

the second i rent out for 600.00

the third one i rent oout for 635.00

[reoconsultants]

Hello,

I'm new to this forum.  I was just wondering on how much money did you have when you bought yor first property?  Thank you.

Brian

NOTHING!! AND I MEAN NOTHING!!

Got 40k Cash back at closing though!

[TMCG]

so, reo,

no money down.  no money in the bank.

you found a property, bought it with nothing down and refinanced it all in the same closing?

[reoconsultants]

Never refinanced!!

Cash back!

Had Good Credit!

Heres how the deal went..

I found a house in Denver Appraised at $225,000.00 F.S.B.O. $185,000.00 Talked them down to $170,000.00 did the loan owner occupied for $225k and pulled the cash out. 5% seller consession on closing costs!

Now that we started that I will also tell you there will be people that are now going to say "That is not legal." My contract for cash out has been reviewed by 5 attorneys and they all gave it the thumbs up. Also it shows on the HUD!

Then I bought 4 more the same way except Non owner occupied. With a little down and alot back!

[allagash]

I found a house in Denver Appraised at $225,000.00 F.S.B.O. $185,000.00 Talked them down to $170,000.00 did the loan owner occupied for $225k and pulled the cash out. 5% seller consession on closing costs!

Hi Robb,

What sort of technique do you use for finding out what appraisals are for houses that you're considering like this....

Thanks,
-Mike

[TMCG]

you can start with tax assessed value.

then you can do a quick online comparison to get a quick idea of appraised value.  zillow.com - there are others as well - free.

then you can either

a - subscribe to realtytrac.com
b - know a realtor who will get you comps from realtytrac or your local MLS system.

or pay an appraiser

or learn to do your own appraisals (lot of work here).

[eve_32]

Brian
I purchased my first property no money down and got cash back at closing. I also know of several investor's that i worked with that built made money that way also.

[Funder]

     REO:  I keep getting told that lenders will not go for concessions more than 2%, and that those concessions can only go for closing costs.  This is in the state of CA.  I am told that you can get cash back at closing for advance rent payments, security deposits, ect.  Do you know if this technique works in all 50 states?  Do you have a boilerplate contract?
     To answer the initial question, you should be able to get no money down loans right now with owner occupied situations, 5% down loans for nonowner occupied.  They will want to see 6 months principal, interest, taxes and insurance payments in reserve capital.  I bought my first property with about 5% down and almost nothing in reserve capital.

[DFWHoldings]

Never refinanced!!

Cash back!

Had Good Credit!

Heres how the deal went..

I found a house in Denver Appraised at $225,000.00 F.S.B.O. $185,000.00 Talked them down to $170,000.00 did the loan owner occupied for $225k and pulled the cash out. 5% seller consession on closing costs!

Now that we started that I will also tell you there will be people that are now going to say "That is not legal." My contract for cash out has been reviewed by 5 attorneys and they all gave it the thumbs up. Also it shows on the HUD!

Then I bought 4 more the same way except Non owner occupied. With a little down and alot back!

No one is going to say it's illegal if it's above board and the lender is aware of the deal. The illegal aspect to 'creative financing options' come in play when facts are witheld from all parties. The fraud is what is illegal, not the transaction. In your case, if all parties are aware and consenting, there is no fraud. (Texas of course has a state constitutional issue with this, but we're the only state.)

[Swirlaze]

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