NEWBIE RENOVATOR / REALTOR
Question: I’m interested in purchasing investment properties for either rental income or resale. I have a credit score of 700+, real estate equity (primary residence), and securities valued @ $90K. The only liquidity I have is the commission I make on the purchase and sale of the real estate transaction. If it has any relevance, I’m doing this in Maine. Based on that criteria, can anyone answer the following: 1. Is there any type of creative financing available to mortgage the entire purchase price? 2. I need a credit line or some type of financing for renovation expenses if the investment property is one that will be placed back on the market rather than rented. Does this type of credit/financing exist? If so, where? Your help is greatly appreciated. Please email your response to ta…@airwebster.com. Thanks.
Answer: I’m also in Maine (hi!) and several area landlords have been telling me that getting property insurance has become really expensive! Units where the owner lives there have lower rates, but others have had to sell buildings because they couldn’t afford the insurance.
100% financing is done, but often as a 80% mortgage and 20% home equity loan. Countrywide will do this, and i’m sure there are other online lenders. As far as repairs, if you have enough capital to do some downpayment and closing costs, some banks will do a Purchase Plus Improvments Loan. Kennebec Savings in Augusta does them, but I don’t know where you are. I agree with the other poster….this type of loan is generally called a credit card!
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Filed under: Home Equity Loan
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