All Forum Posts by: Joseph King

@Lesley Resnick Thank you for your advice, I have ruled out using the hard money lender for that reason and that I wouldn't be able to refinance in time. I have decided instead to talk to the seller and see if they will seller finance the 20% as a second mortgage as long as I can find a bank that will agree to those terms as well. 

@Jerry W.  Thank you, Ill start with my local banks and if I get turned down ill move to another.

@Jeremy Pace thanks.

@Jeremy Pace Getting a little more detailed with my deal I'm looking at a package of 3 4plex's by the same seller and are side by side , will a commercial lender finance this in a lump sum or will I have get separate loans?

@Jeremy Pace ok, being military I have navy fed, so ill look into them once I correctly analyze my deal. I appreciate all the help.

@Jeremy Pace ok I see. Have you successfully completed this method, if so do you have any recommendations for commercial lenders? I have read other post and others have said it is difficult to find a lender who would support this method.

Are you aware of any lenders who can support this method? 

Good evening BP community, so after creative financing brainstorming I think I have an understanding (feel free to correct me ) of how to use the no money down idea. So using this example (made up numbers) lets say I come across a 4plex for 100k every thing looks good and all units are rented. so I go to my local bank and apply for a commercial loan, 20% down with a 25yr payment period. Now I don't have the down payment (20K) so I talk to the seller who is willing to seller finance as a second mortgage for a 10yr payment period. The lender approves and I close on the deal. Next I rehab and refinance (BRRR I believe) the property is then appraised at 200k. So now I take out an equity loan in which the bank is willing to do 80% ltv (80k). I use the 80k for my next down payment and repeat the process. So if the method is correct my question is simple, Does anyone have any suggestions of good commercial lenders that will work with me on this method?

@Steve Haight thank you. After listening to enough BP podcast I decided it was time to put all this education into action.

Good evening BP community, so after creative financing brainstorming I think I have an understanding (feel free to correct me ) of how to use the no money down idea. So using this example (made up numbers) lets say I come across a 4plex for 100k every thing looks good and all units are rented. so I go to my local bank and apply for a commercial loan, 20% down with a 25yr payment period. Now I don't have the down payment (20K) so I talk to the seller who is willing to seller finance as a second mortgage for a 10yr payment period. The lender approves and I close on the deal. Next I rehab and refinance (BRRR I believe) the property is then appraised at 200k. So now I take out an equity loan in which the bank is willing to do 80% ltv (80k). I use the 80k for my next down payment and repeat the process. So if the method is correct my question is simple, Does anyone have any suggestions of good commercial lenders that will work with me on this method?