Great investor purchase program for $0 out of pocket!!! (Colorado) in Denver, Colorado For Sale
|Details for:||Great investor purchase program for $0 out of pocket!!! (Colorado)|
|Date posted:||18 November 2011|
|Type:||For Sale - Private|
|Other:||The ad is older than 2 months.|
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Okay, here's the scoop... Everyone is hearing about great deals on rental real estate. The thing to do right now is buy and hold. Cash flows are UNBELIEVABLE! And an investor can get into a property will little or no money out of pocket. Here's how:
Find a property that you can buy at a discount. Short sale, foreclosure or just a great deal. Doesn't matter. If you have all cash, GREAT! There are some limitations on the refinance I can do, but we can talk about those. What you want to do is buy with a hard money loan. (I can give you some quality referrals, but there are a number of hard money lenders out there) The hard money lenders will finance your property up to 70% of After Repaired Value. That 70% can include the fix up costs. Once everything is done, I can refinance the property up to 75%, loan to value.
Here's a scenario:
Purchase price $80,000Repairs needed $20,000Closing costs $Hard money costs $
Total in the property $107,000
After repaired value $150,000
The hard money lender will finance 70% of the $150,000 which, in this case is $105,000. That means that a buyer would need $ of his own money at closing. NOT 20% down. NOT the full amount of repairs. Just $!
Once the rehab is done, I can do a refinance of the investment property at 75% or $112,500. (or less) That should more than enough to cover any closing costs required on this deal.
After all is said and done, the investor has a property with:
25% equity 30 year fixed conventional loan NO mortgage insurance
GREAT cash flows - The total mortgage on this property would be between $750 and $800 depending on taxes and insurance. 3 bedroom homes in Aurora, Denver and most any place you look around the metro area are renting in the $+ range. Most everyone I know doing this has cash flows of $300+ per month!
And there you have it! You just bought a house, fixed it up and put it into a 30 year fixed loan with $ out of your pocket. (Actually, you can even get that back on the refinance. We'll go over that when we talk.) Imagine being able to do that on a 2nd rental property. Or a 3rd... If you find a deal with a little less value or a little more repair, there will be a bit more out of pocket. If you find a deal with less repair or more value, you just found a deal you can do with no money out of pocket!!!
So, what's the catch? Nothing! Anyone can invest this way. ***However, most lenders will NOT do this deal!*** Yep! That's right! Investors all over town are being told that they have to wait 6-12 months to refinance. IT'S NOT TRUE!
I can do this refinance all day long.
- No seasoning issue.
- No issue with the fact that it may have been held in an LLC when purchased.- I can used the new appraised value immediately after rehab.
If you're looking to get cash out on the refinance (defined as more than 2% of the loan amount), then there is a difference in both the LTV and the rate. Again, contact me for more info on this.
So, contact me now! Don't wait! Who knows when the rules will change again. For now, it's the perfect storm for investing. Low prices. Low rates. Low vacancy rates. High rents. I haven't seen a better time in...EVER!
Email me. Call me. Send smoke signals. Whatever! Just don't miss getting in on this great way to purchase!
Andy WilsonGuild Mortgage
License info: Colorado - LMB5 NMLS - 13
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