URGENT question!!!

[Vik Ari]

hi all,

let say i buy a property cash for $100,000. once i close can i finance it with the bank for 80000 and keep 20000 equity. the reason i am doing this is because i am getting a really good deal with cash so i want to close with it then finance. so i can use the 80000 to buy other properties.

gurus, pls help asap!!!!

vik

[Jon Holdman]

Probably not for 80% of the price you paid, but perhaps for 70% or maybe 75%. You'll of course need to qualify for the loan - credit score, income, DTI, cash reserves, etc. You may need to do a little looking to find a lender who will do this.

It would almost certainly be cheaper to just get the loan up front. Are you sure you can't do this?