Monday, April 24, 2006

“It Didn’t Matter that I Didn’t Have a Down Payment, Otto Got Me a Loan Anyway. He’s My Mortgage Lender for Life”

I want to include this post card from one of my preferred lenders. I think you will find this very informative.

Dear Friend,

Recently a client was referred to me who was thinking about buying a property but she was unsure if they could buy a home because they didn’t have much money for a down payment. They had found a newly converted condominium complex and could buy a two bedroom unit for only $395,000. The problem was that they had only enough money for the closing costs plus a little extra. The developer had an on site lender but that lender was unable to work with anything less than a 5% down payment. The down payment and the closing costs were more than this young couple had.
Because of the many different lenders I work with, I was able to find a lender who was willing to accept a 3% down payment. I showed them that they could access their 401k without a penalty in order to buy their first home. With three percent from their 401k they had enough to buy the condo.
Since real estate is such a great investment I helped them develop a plan for their wealth creation. It’s a simple plan that will lead them to a great deal of wealth. They will keep this property for the next 7-10 years. Rather than sell it at that point they will draw out some of the equity and buy their next home. Property in our part of California tends to double in value every 10 years. After 10 more years they will repeat the process by purchasing a third home and renting out the second one. They will then have two rentals and a primary home. Three assets appreciating instead of just one.

Otto,
Your Mortgage Lender for Life.

PS. If you know someone who thinks they need a giant down payment to buy a home, please refer them to me. I have solutions.

PSS. The secret to investing in real estate is “buy and wait” rather than “wait to buy”

36 Comments:

Blogger James Baker said...

Hi Friend! You have a great blog over here!
Please accept my compliments and wishes for your happiness and success!
If you have a moment, please take a look at my site:
credit center
It covers credit center related subjects.
Have a great day!

6:14 AM  
Blogger Paul Adams said...

Hey Blogger, you have a great blog here! I'm definitely going to bookmark you!
I have acredit center site. It pretty much covers credit center related subjects.
Come and check it out if you get time :-)
Best regards!

10:16 AM  
Blogger James Baker said...

Hello Friend! I just came across your blog and wanted to
drop you a note telling you how impressed I was with
the information you have posted here.
I also have a web site & blog about loans center so I know I'm talking
about when I say yours is top-notch! Keep up the
great work, you are providing a great resource on the Internet here!
If you have a moment, please visit my site loans center
Best success!

3:24 PM  
Blogger neru2 said...

We pride ourselves in selling Luxury Duplex Condo kauai condo. Unique OFFER of kauai condo that cannot be found in the web.

7:34 PM  
Blogger Credit Score Improvement said...

This blog, I like mostly. I also like http:\\www.customortgage.net for helping me out of my bad credit situation. California refinance offers free credit repair and advise for California homowners. Just when you thought you couldn't get a home mortgage refinance, http:\\www.customortgage.net comes to the rescue, see for yourself.

10:08 AM  
Blogger AnJaka said...

Hi Ron, This is a good article site.
i found many information here.
-----------------------------------------------
http://global-in-arm.com
Good luck, Ron

10:50 PM  
Blogger Kurt A. Tasche said...

I'd like to comment you on a great blog! The information on corona ca real estate is great!
I'd like to invite anyone reading this comment to visit my corona ca real estate blog and give my their opinion.

10:13 AM  
Blogger No Hassle Loans said...

Hey nice blog. Although it�s not what I was looking for. I am looking for info on Payday Loans or a Payday Advance Loan . I found your blog very interesting

6:47 AM  
Blogger Kely said...

Hello I want to congratulate to you. This site is fantastic, looks like entertained and very good to me it elaborated. I invite them to that they explore a little on my site of the Web
Our real estate listing includes great opportunities on Costa Rica Central Valley’s provinces such as San Jose, our Capital, with remarkable cities as Escazu at the west, or Curridabat at the east, experiencing a great development on both commercial and residential properties, making their real estate pricing highly attractive to investors; on other hand, Alajuela city gathers places with a very special warm weather such as Grecia, La Garita and Atenas, or beautiful farms for agricultural, cattle or nature preservation purposes as those located on San Carlos or Sarapiqui. We also offer land properties in Guanacaste, which is the province, along with Puntarenas, with the most beautiful tropical beaches on the Pacific Coast such as Tamarindo, Playa Grande, El Coco, Playa Hermosa, Nosara, Samara, Herradura, Jaco, Manuel Antonio, Dominical and Golfito, where the real estate business occupies the first place as the local economic activity.
Great investment opportunity at Costa Rica Pacific Coast, Preconstruction condos in costa rica
Condo sales in costa rica, Retirement property in costa rica. Visit us for more info at: http://www.costa-ricarealestate.com/

12:23 PM  
Blogger hipposkin said...

hey otto,
what about people who are in a condo right now? we didn't put any money down. now what do we do?

6:34 PM  
Blogger mark said...

Great article on the real estate happenings, I really enjoy reading your posts. Just for your information, Donald Trump is in big trouble right now with his real estate empire. I hope everyone can pull through this slump!!

Elmo

Real Estate Professional

7:38 PM  
Blogger lynn willding said...

Bad Credit History Personal Tenant Loans are monetary assistance provided to those tenants who have neither paid their loans in due time nor do they have any property to stand against the loans that they require. These loans can be used according to the whims and fancies of the borrower that is to say expenditure is entirely the personal domain of borrowers. Whether he wants to meet his educational expenses or wants to buy a new flat or maybe even throw a party to his friends the he can complement the cash shortage by attaining these loans. These loans are usually taken for debt consolidation. If you have any queries about bad credit secured loans, bad credit secured loans UK, bad credit personal secured loans visit http://www.badcredithistorysecuredloans.com

9:50 PM  
Blogger costa rica said...

I like this blog is fantastic, is really good written. Congratulation. Do you want to see something more? Read it...:Great investment opportunity in Costa Rica: condos, costa rica real estate, costa rica property. Visit us for more info at: http://www.jaco-bay.com/

11:16 AM  
Blogger donald said...

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Betty


http://www.my-foreclosures.info

9:27 PM  
Blogger realestate said...

SANTA ROSA, CALIFORNIA IS THE SEAT FOR SONOMA COUNTY WHICH IS IN THE HEART OF NORTHERN CALIFORNIA'S WINE COUNTRY this info is really gud and gud knowledge improving info.santa rosa real estateblog is gud.

10:11 AM  
Blogger panama said...

Hey,

Thanks for sharing it..!!

I really love the policy '“buy and wait” rather than “wait to buy”'... that is great...

Cheers,
Kathy
panama real estate

10:32 AM  
Blogger Costa Rica said...

congratulations! this blog is very interesting and has information most important we invite you to visit our blog www.Costa-ricarealestate.com and www.costarica4retirement.com and you will find both. Prices will amaze you Great investment opportunity at Costa Rica Pacific Coast, costarica real estate ,

retirement in costa rica, costa rica condominiums. Visit us for more info at: http://www.Costa-RicaRealEstate.com

1:15 PM  
Blogger adf said...

車燈來看看唷!
情趣用品用品對一般人來說充滿神秘動人的吸引力,許多人想一窺情趣用品用品究竟,卻又不敢太過接近,因為這個領域充斥著謠言與標籤、讓許多人深怕一碰及就會讓別人投射以異樣的眼光看待。

如果大家稍微留意一下,不難可以發現一些事,大多人在逛街時對每一間情趣用品用品店的櫥窗都會向內張望後姍姍離去,有一些人卻是假裝目不斜視的走過。畢竟台灣人的觀念並沒有像國外一樣的開放,所以還無法很公開與光明正大的踏進情趣用品用品去選購一些情趣用品用品
 
利用網路購物的方式去選購情趣用品用品是相當方便的一件事情,可以從網頁上獲得商品的詳細介紹而不必害羞的去詢問店員商品的使用方法,並且在商品的介紹上面也不亞於從店員那獲得的資訊,有些甚至還更詳細一些。
 
在台灣有許多情趣用品用品訂購網站,從以前只有少樣的情趣用品用品到今日數百種的情趣用品用品看來,這種促進閨房之樂的東西已經漸漸地為人們所接受與喜愛。

但以目前的市場來說,絕大部分的情趣用品用品網站皆以銷售台灣、大陸製造的情趣用品用品居多。原因很簡單:成本低廉,卻也因此犧牲了品質和安全性!情趣用品用品是直接與自己和最親密的另一半的身體接觸,為了節省一點點的金錢而選擇品質粗糙的廉價黑心情趣用品用品,實為相當不智的選擇。

a片是一種藝術
a片
SEO排名沒有一定的規則
seo是什麼
台北搬家的十種簡單方法
二胎房屋是什麼
清境民宿優閒自得的好地方
要找搬家公司要打哪隻電話
我想買一台二手車來開
需要室內設計快上吧
我家需要室內設計 
我想買一台led車燈很亮
我想買一台led自行車燈很亮
要找新竹搬家公司要打哪隻電話
要找室內設計做最好的是哪家
網路行銷是什麼

加油棒來看看唷! 
精準的室內設計資訊在這
昱承室內設計設計的很棒

很亮的照明請找阿囉哈

台北搬家公司服務最好

4:33 AM  
Blogger workhard said...

Hi.. this is a great post


Idaho Real Estate

1:19 PM  
Blogger Leann said...

You should contact the bizymoms santa-rosa community to get your blog featured to their large mom community. I am sure they would love to read your posts.

There is a form on their expert page, http://www.bizymoms.com/experts/index.html </a

9:53 PM  
Blogger Raz Bury said...

Great blog! Anyone interested in Santa Rosa Homes for Sale will love it.

3:29 PM  
Blogger arrielle p said...

I have read your article. It was so informative. Such a good article what you have written.Thanks for sharing your information with us.

real estate ph

6:08 PM  
Blogger Rider Wear said...

I want to comment on a good blog! Information Corona CA Real Estate is great!

I invite anyone reading this comment
flat rent jesmond

2:35 AM  
Blogger ganda ria said...

You need a good agent who will work hard for you. Our Red Deer Real Estate team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.

5:23 AM  
Blogger cheryl finley said...

Very good post. Nice to read.
candlewood lake real estate

4:47 AM  
Blogger milecar said...

You have provided information about real estate. Try your Home Search absolutely FREE at Sylvan Lake Homes For Sale ! Not only will you be notified by email of all our new listings that match your search criteria, but your homes search will find other featured homes for sale in Sylvan Lake by other local real estate agents.

9:49 PM  
Blogger milecar said...

Excellent topics you have discussed here. So that I am giving greate informaiton like - search each offered home purchasable in the Sylvan Lake Real Estate marketplace for free, together with all MLS information given multiple footage and property history on each home.

10:12 AM  
Blogger milecar said...

Red Deer Homes For Sale, Red Deer MLS listings. Search every available home for sale in the Red Deer Real Estate market for free, including all MLS data provided with multiple pictures and property history on every home.

6:29 AM  
Blogger Samion Eric said...

Wow, awesome blog, thanks for the article.
Lynelle

10:14 PM  
Blogger Florescaroly said...

Not only will you be notified by email of all new listings that match your search criteria within our website, but your home search will also be compared against other participating agents listings within your desired area

10:51 AM  
Blogger saranya zinavo said...

I have enjoyed reading. .Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.
Responsive Web Design Firms in india

3:48 AM  
Blogger Florescaroly said...

Browse these homes for sale in Red Deer, Alberta to find the perfect home!  View virtual tours, send my listings to family and friends, and use my exciting map search!

6:06 PM  
Blogger Adam Garcia said...

What a walk down memory lane to read about this financing arrangement in 2006. 395k for a condo, only can afford 3% down, and a withdrawal from their 401k to come up with the cash. Fast forward a few years to the housing market crash...

2:23 AM  
Blogger Azhar Nisar said...

For best and cheap manual Seo services, Web designings. Must check Web Design Companies Bangalore

8:47 AM  
Blogger Lokashree sam said...


It was a great information and Its really worth reading it. The author did an mind blowing work by describing each and every concept in detail. Thanks for such an informative post. Please keep up your good work.
Marine Colleges in Chennai, Nautical Science Colleges In Chennai

10:25 PM  
Blogger Lokashree sam said...

This comment has been removed by the author.

10:26 PM  

Post a Comment

<< Home