From: "John A. Weeks III" 
Newsgroups: misc.invest.real-estate
Subject: Re: Finding Your Own Investment Properties
Date: Sun, 30 Sep 2007 11:47:58 -0500
Bytes: 2268

In article <1191141829.540846.135500@o80g2000hse.googlegroups.com>,
 trav  wrote:

> Finding Your Own Investment Properties
> A remarkable statement, but absolutely true. Here is how it works. You
      ^^^^^^^^^
> find a property, old or new, house or flat, big or small, it really
> does not matter. What you are looking for is any property you can
> negotiate an 18% - 20% or more discount. 

Yeah, right.  Loans over the past 6 to 8 years were all given with zero
down, so nobody has any equity.  The sellers don't have cash to close
a discounted deal.  Their only choice is to let it go back to the bank.
Such discounts do not exist, at least not where I do business.

> You buy the property using a
> Bridging loan and then immediately remortgage.

I haven't seen bridge loans offered since the 1980's.  When I needed
bridge cash, I had to get H/E loans, which had to be secured, and I had
to qualify.

> Lets say you negotiate
> 18% off the asking price, which means you will get a Bridging loan at
> 82% loan to value. When you remortgage you will (continued at
> http://www.scam-of-the-day-web-site.html
> ies.html
> )

You are right about one thing...that would be remarkable if it happened.
Maybe back in the 1980's, but not in this decade.

-john-

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John A. Weeks III           952-432-2708            john@johnweeks.com
Newave Communications                         http://www.johnweeks.com
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