My credit score is a bit over 650 so a lot of people still dont want to loan large sums of money to me, however I have never made a single late payment on anything, I have heard trying to go thru the SBA is a real pain in the neck and doesnt usually yield results hoped for, is there any other way, time efficient, low cost, any place I can go to to apply for a grant if such thing exists or a low int. rate loan to buy some eye sore properties around town and fix them up for fair housing, I am trying my hand at real estate and fixing up properties, have done 3 houses so far and yet it is still hard to get the money, can anyone point me in a better way than the one I am currently taking? I have heard the SBA is really giving out loans for this sort of thing, any intelligent answers will be appreciated.
2006-08-20 04:03:40 · 2 answers · asked by Sandie L 3 in Business & Finance ➔ Renting & Real Estate
You may qualify for an FHA program with a quad-plex if you live in one unit. Also state programs are available on a state by state basis. But I fear for you it is your inexperience and lack of substabtial net worth that is against you for larger opportunities.
Your best bet is buy a quad plex, and if you don't want to live in a unit you'll need 25% down. Any lender can help with that but I suggest that if you have a relationship with a lender use them. If you live in a unit you can use FHA financing same as a single family home.
To acquire a complex like I think you want will be far more than your credit score. They want you to have assets and experience with that type of deal plus the 25% down. I do commercial and investment real estate and have access to a lot of financial institutions, all are very simular in what they requore and expect from borrowers.
2006-08-20 11:17:33 · answer #1 · answered by hithere2ya 5 · 0⤊ 0⤋
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2016-10-02 07:56:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋