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Dearborn Financing Secrets of a Millionaire Real Estate Investor 2003_7

Tham khảo tài liệu 'dearborn financing secrets of a millionaire real estate investor 2003_7', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 116 FINANCING SECRETS OF A MILLIONAIRE REAL ESTATE INVESTOR do own a number of properties you may not be able to qualify for the best loan programs that offer the lowest interest rates. Thus it makes sense to save your credit and only borrow from traditional sources when absolutely necessary. Cheaper Costs One of the biggest benefits for the buyer is not having to pay the costs associated with conventional loans. Points origination fees underwriting charges appraisal credit reports and the plethora of other junk fees charged by conventional lenders can amount to thousands of dollars at closing. An owner-financed transaction eliminates most of these costs allowing you to offer a seller more cash down and thus a higher chance of having your offer accepted . Faster Closing An owner-financed transaction can close in a matter of days. Because there is no lender approval survey appraisal and other delay factors you can close very quickly. Less Risk With the exception of large commercial loans an institutional lender will insist on your personal signature for the loan. Thus if you make late payments or default on the loan your credit rating is affected. In addition you may be held personally liable for any deficiency judgment after a foreclosure sale. In most cases you can get away with a nonrecourse loan with a seller-carry deal. This can be done in two ways. First you can use the following language in the note and security instrument Upon default of the note the lender s sole recourse is against the collateral secured hereby and there shall be no personal recourse against the borrower. Another way to limit your liability is to buy properties in the name of 9 Owner Financing 117 a corporate entity such as a limited liability company LLC . For more information about LLCs visit my Web site at www.legalwiz.com llc . Future Discounting An owner-financed deal may also be an opportunity to profit in the future. Most owner-financed deals are not the first choice for the seller