Lender · New York NY · Member since 2023 · 77 posts · 5 votes
Sounds like a silly question, but it seems like over the years, I am in a cycle or loop "inquiry & questioning", from potential borrowers/investors.
As a professional, I am aware who is serious, and who is not, but I still question, what are people afraid of ?
There is something called "CREATIVE FINANCING", take a chance. What's the worst that can happen, you lose the property, and it gets FORECLOSED upon.
If you dont have the DOWN PAYMENT CASH, borrow it, if you dont qualify for financing, FIND a CO- BORROWER, or work on your CREDIT, if you dont have the CLOSING CASH, more of the SAME.
Can anyone, my question ? Isn't that why, we are here ? Unless you are a student learning how to invest, that I understand.
@Dell Colvert I don't think that people are scared, but that they have not been educated yet. However, when you make a statement like "There is something called "CREATIVE FINANCING", take a chance. What's the worst that can happen, you lose the property, and it gets FORECLOSED upon."
Let's just go back to 2006, warm body loans, 100% financing or more and no consequences. Not everyone should be buying a home? If you borrow your down payment, then that makes your DTI higher? I don't know may people, other than relatives who want to become co-borrowers. If you don't have closing cash "more of the same" more debt and less ability to properly qualify?
@Dell Colvert I don't think that people are scared, but that they have not been educated yet. However, when you make a statement like "There is something called "CREATIVE FINANCING", take a chance. What's the worst that can happen, you lose the property, and it gets FORECLOSED upon."
Let's just go back to 2006, warm body loans, 100% financing or more and no consequences. Not everyone should be buying a home? If you borrow your down payment, then that makes your DTI higher? I don't know may people, other than relatives who want to become co-borrowers. If you don't have closing cash "more of the same" more debt and less ability to properly qualify?
Good Investing...
Was also just thinking that I haven't seen this kind of advice since before 2007.