Hi everyone, I have been on the forum a while and love all the information that I'm gathering. I have finally saved up enough money for the for a 20% to 30% down for a second property. I'm thinking about getting private money for the following reason: 1) My credit is around the low 600's (its currently being worked on and should be in the upper 600's in a few months). 2) I could close a deal allot quicker So I understand that I would have to put in 20-30% money for the down payment. I'm wondering if I can roll into a conventional loan within 60 days after the house has been purchased and fixed up. If so would they do 100% of the vaule of the house? I'm new to the real estate game and don't want to get caught up in a mess. Any information would be great. Thanks
Here is a question: can you not get a.. hmm I don't know the name. But basically an agreement for a mortgage from your bank. So they won't give you the money yet, but they agree to give a certain amount by using the property (of a certain value) as collateral. I realise this isn't a possibility everywhere, but maybe in your country the banks do something like this. It allows you to have financing secured even before you start to properly look at properties... so then when you find what you want you can close the deal fast since you have already negotiated everything with your bank.
Probably best to talk to various banks and see what type of options you have available. Policies probably differ from bank to bank. Possibly you might be able to find outside financing or make some sort of arrangement with the owner. It all depends at what price you are getting the property for and what the appraised value is.
For people on here to be able to help a lot more, I also think you need to provide a few more details like the type of property, what it's worth, how much your actually getting it for, things like that. People can probably offer generic advice that will cover a range of different people but if you want something more tailored to your situation, then more info will be helpful I'd imagine.
It's quite a specialist query really, Stacked and you'd probably have better luck talking this through with a specialist unless you can give us a little more information. What country are you in for a start?
