Who is lending on apartment buildings now?
Hi Ted,
Thank you in advance for taking the time to read this. My name is DJ and I have been trying to purchase an apartment building for some time now. I have three questions for you if you don’t mind:
I have been told that I don’t need any credit (the better the DCR, the less the bank will look at me) and this is wrong. Banks are looking at your credit now the way the economy is.
I have been told I can use hardmoney for the 20% down. This is true, but there is no bank that will lend me the 80% because the 20% is not my money. I don’t have any vested interest
Do you know of anyone who is lending private money right now..? I don’t know of any. Again, I believe this is true because people don’t want to let go of their liquid capital right now.
If I order your course, tell me how you plan to mitigate the above issues. I am willing to go down the owner finance route, but these people normally want top dollar for something that is in need of a lot of work. Please let me know.
Very Respectfully, DJ
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