In this video we present 5 reasons to stop using banks to finance investment real estate.
Learn to eliminate banks from your investing model.
We remain in the perfect storm for investors with lots of great deals available. Want to buy houses with none of your own money, without credit and without underwriting you can learn to invest with OPM (Other peoples money).
5 Reasons to eliminate banks when investing in real estate include:
1. Big down payments – Typically 20 – 25% down is required.
2. Personal guarantee – Ever wonder what is that stack of 100 papers you sign at closing? A personal guarantee is basically a signed check without a date that gets cashed by the banks if you default. It allows them to extend their nets into all your other assets.
3. Underwriting – They want more information then the NSA! Personal information, business information, spouse information – nothing is off limits to the banks!
4. Speed – Underwriting, appraisals, etc, etc make it hard to close fast when working with a bank.
5. Full funding – Banks don’t typically provide funding for everything (i.e. utilities, taxes, insurance, repairs/rehab, etc)
Is there a better way to fund your investments without needing a bank?
Glad you asked, check out this next article.
Click here for article on buying houses without banks
Leave me your comments, questions and thoughts on eliminating banks!
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What is your blog URL?
Jim