The .2 rule vs actual value

[LIGHTBEING]

agreed

[haynesm]

My first time to post. Not even sure i'm doing it right
100% financing can be done. I have only done it one time as most of my purchases are tax liens.  Found property that I was interested in.  A junker, bad shape,etc etc.  Went to local bank ( ok may 6 or 7 banks) checking on loans.  One offered me full purchase price loan plus $2000 for rehab work.  Me - happy? Never even realized what I had.  I just knew I had the money to purchase the property and a little left over to do some work.  Long story short. House had 5 acres of land that come with it.  I knew this from checking records at court house. Real estate guy who sold me the house and i guess the  property owners (finance company from out west somewhere) didn't know about the 5 acres. Guy wanted to rent house with option to buy, he would do work on house.  He was there about 5 months and house burned down. No, I didn't do it.   I had it insured for $26,000.  summary:  Bank loaned full purchase price $14,000 , plus $2000 for rehab work (total $16,000) insurance paid me $26,00 so in end I got $10,000 plus 5 acres of land in town.  Gee, this house buying busness must be easy.      

[LIGHTBEING]

Good score for you, just remember that we are talking about commercial properties in the current market condition.