---

Need to buy 3 duplexes. I can put down 25-30%

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
tobwn Joined: 29 Jan 2012 Posts: 1 1.31 Dollars($)	Posted: Sun Jan 29, 2012 7:19 pm    Post subject: Need to buy 3 duplexes. I can put down 25-30% Like 0 Dislike 0 I want to buy 3 duplexes at $60-$80K each, however I already have 4 mortgages in my name. What banks will do a loan on mortgages 4-10 with an amount this low? My credit score is excellent. I have $70K in cash right now. I already own 6 rental units that show positive cash flow on my tax returns. Who can help with these loans?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun Jan 29, 2012 10:29 pm    Post subject: Like 0 Dislike 0 Hi tobwn, Yes, it is true that you will face difficulty in qualifying for a mortgage as the amount you're asking a loan for is quite low. I will suggest you to contact a personal lender and check out if you could get a personal loan for those properties. However, it is a fact that personal loans will come at a higher interest rate. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Feb 02, 2012 1:53 pm    Post subject: Like 0 Dislike 0 tobwn - it's not likely at all that you'll find an ordinary lender willing to take a risk on these duplexes. Most lenders (virtually all lenders) have limits on the amount of property you may own, and your claimed downpayment amounts aren't exactly sufficient to satisfy most (or all) of them. You may have to find a lender who isn't relying on traditional requirements in order to get financing. Private lenders are all over the map, though you're likely to pay more for the privilege. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0