#3 in the Books :)

[Nathan Emmert]

Sorry, having a good day and just wanted to share. Closed on my 3rd rental this morning. Purchased and financed for $100k, appraisal came back at $132k so bought at 75% of appraised value, should be a pretty easy refi to conventional in 6 months. Current rents are only $1,300 a month but market would put it in the $1,700 to $1,800 range total for the 3 units.

This was the first time I tried the 70/30 with a local credit union. The bank offers 70% of purchase price in the first position and allows the seller to carry a 30% second position note, 100% financing. I had built $2,500 of seller concessions into the offer so when I left the bank today I had an IOU for security deposits, pro-rated rents and taxes, and my earnest money... $3,600 total... $0 out of pocket :) Negotiating 2 other duplexes and plan to try to do the same on those!

We all tend to get locked into the "conventional" loan mindset at times... 25% down... 5% interest for 30 years. Make enough phone calls and you'll find there are other options.