Anyone for 100% financing?

Yesterday was an interesting day. It started out by working my day job.  Afterwards I played with the kids a little bit, and headed off to my rental property to hook up the stove. I went to Home Depot to pick up the parts, then headed over to the property.  I quickly hooked up the stove and went in the basement to put a sink in my storage room.  The sink was given to me for free over the weekend, so I'll just hold on to it until I need it. I then heard a car door. I looked out the basement window, expecting to see the tenants car.  It was not their car. A minivan was parked directly behind my truck. I watched the people get out and go to the neighbor's house. So I grabbed my pipe wrench and headed out to my truck. I made a mental note of the license plate, make and model of the van, just in case. Two men approached me and asked "you buy houses?".  turns out they saw the signs I just put on my truck that I buy houses. Relieved, I followed them to a duplex that they are selling. They bought it a year ago and are tired of rehabbing. Unfortunately they paid too much money for it, so my offer was really low. But maybe they'll think about it and come down on their price.

All of this happened when I was supposed to be at our rental property association meeting. I decided to head over, despite being an hour late. Turned out to be a really good decision.  Last night was our "vendor fair". At the fair was a local bank.  I introduced myself to the loan officer and started asking questions. Turns out, they will do 100% financing with no minimums, no limits on number of units, limited seasoning, and really good rates (5.65%). This is great! I spent a lot of time discussing real estate with the loan officer.  The owner of the bank is a HUGE real estate investor in the area. So they understand the business. On a handshake and a smile, they offered me 100% financing for my rental property (subject to my tax returns and financial statement, which is no problem at all).  They knew the area well enough to know the estimated value of the property, and they will go 70% LTV of the VALUE, not the amount that I'm in on it. The moral of the story is that you CAN get good financing if you work at it.

Happy hunting