“I’ve been Reading Your Blogs on Activerain”
I have been reading some of your blogs on Activerain, I wonder if you can help me with the financing of a 10 unit apartment house. The asking price is $475,000, so the challenge is I don’t have a down payment. I make a good income and credit is very good as well. Is this something you can do?
Seriously? I’m very good at what I do and can be pretty creative, but a request like this is crazy. I’m sure there were times a transaction like this might have been able to be accomplished, but not by me. I want someone to have skin in the game when buying investment properties. Whenever there is a doubt for me, I will ask myself, “Would I loan my money?” Hell NO and I wouldn’t want anyone else to either.
I have seen transactions done when a seller took a second mortgage for the down payment, it’s pretty risky business but a desperate seller would do something risky. There were a lot of shenanigans that went on over the years, but it’s not my thing.
I’m sorry Nick, I can’t help you.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
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Manchester, Ct. 06042
Office: 860 647-7701 x116
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Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.