With Regret
Posted on March 31, 2005 - Filed Under Housing |
I can’t find a lender who is willing to give me 100% financing without the place being owner occupied. I don’t want to live there, I want to rent it out! There are some programs available but they required 10% down. With condos starting at $300k, I don’t have $30k laying around. I have no idea how to even get that kind of money! But every book I’ve read, including the Rich Dad, Poor Dad books has told me the same thing: Money is the least of your worries when doing a deal. I’m thinking that maybe this means that I should worry about money at a later time. I see so many people grind to a halt when the question of "Where do we get the money for this deal?" Then any business ideas they might have had die.
Normally, I’d cancel my appointment with Carolina. I will go forward. If I must, I will live in the condo for 6 months then do a refi and get the heck out. Then a renter can be in there.
Rich Dad tells me that I should never assume debt unless someone is willing to pay me for it.
Someone will pay me for it.
If you liked that post, then try these...
Sterlized on November 9th, 2006
First my apologies for missing yesterday.
Lenders, Lenders and more Lenders on April 7th, 2005
I asked Carolina about lending options.
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