As a person who wants to borrow money to buy real estate, you are a person in demand. Banks and mortgage companies are in the business of lending money. You want them. They want you. Begin by researching values in your small, specific investment area. Decide on your first purchase. How much will you need to put down? How much will you need to borrow? If your purchase is to be owner occupied, you may be able to borrow 95% of the purchase price. If the acquisition is an investment, you may be able to borrow 75% or 80%. From your research, you may find one or two banks/mortgage companies are more inclined toward lending money on income property in your investment area. Talk to these lenders. Find out where you stand and what you need to do to qualify. Very simply, get pre-qualified for your mortgage loan. Being pre-qualified is a big negotiating chip. Also, on all your deals, you may wish to ask the sellers if they would be interested in participating in your financing via a second mortgage. This may reduce your down payment requirement. Arrange 20-year mortgages and in 20 years, your dynasty is built. Of course, if you wish, there are 15-year mortgages. |
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