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Old 03-21-2010, 11:37 AM
7,109 posts, read 9,735,348 times
Reputation: 2564


I came across something this week that's a first for me.Bank owned house that has (3) apts with 2 bedrooms each. Bank knows that I'm an investor and not a user. They offered to have the paperwork changed to a single family residence so that they can get it out of "commercial" and would sell it to me with 3% down (even when they know I am an all cash buyer.)

Not a challenged nabe at all. Price is good with a good cash flow.
I mention this only to show to what extent lenders are willing to do to get houses off their books.

Let's see what they think when I make my lower than lowball offer tomorrow. Maybe they'll stop loving me.
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Old 03-21-2010, 12:43 PM
Location: State of Being
35,885 posts, read 67,165,475 times
Reputation: 22373
Dang, Pink . . . I would leverage my money and go for the loan - and take the rest of that cash and buy another multi-fam property.

And I would lowball 'em, too!

You have built up a fantastic reputation and they know you are good for the $$$. I don't know that everyone would be given those terms. But I do think banks are more interested than ever to deal with folks who are obviously flush w/ the cash.
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