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Updated almost 18 years ago,
Help with financing
Now I understand that this topic has probably been covered, but I would just like to bring it up in order to hear from other new members with knowledge in financing and help me with it.
I am interested in buying condo in a very nice are where property values are steadily rising along with rents. The condo is actually owned by my aunt which would be flexible when it comes to taking back a second mortgage of at least 10 percent. I have talked to many banks and special investment loan companies and have been turned down countless times.
Im currently working on my credit to get it above 750. I currently pay rent of 780 in a "not-as-good" area of the condo. I am hoping to purchase the condo for about $105,000, less the second mortgage. Rents are around $1,000 with included water. i would occupy the property for at least 2 years. I know its a great deal and want to jump on it fast but I cannot get anyone to finance me. Anyone have any ideas?