With Regret
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.
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