| | Tips for Quick Single-Family Home Financing
There are thousands of lenders ready to finance your single-family home income property. To get your financing, just take these easy eight steps:
1. Decide what type of financing you'll seek and useóbank, credit union, insurance company, mortgage broker, or other lender.
2. Choose a local lender who makes single-family home loans in the area in which you plan to buy.
3. Contact your chosen lender by phone, fax, e-mail, or postal mail and ask for full details on their single-family home loans. This info will be sent to you free.
4. Study the loan application you receive. Photocopy it to work on so you can submit the original in typewritten form when you decide to apply for your loan.
5. Look for a suitable single-family home to start your wealth-building project. Earlier tips in this chapter show you how to look for suitable properties.
6. "Work" the numbers once you find a suitable investment home.
Get from the seller the Price, the Down Payment, and Expenses
(real estate taxes, insurance, water, etc.) for the property. With these numbers in hand, you'll next estimate the Rental Income you believe you can get for the house. Then, figure your Profit. (As areader of this book, or as a subscriber to one of my newsletters, you can contact me and I'll be happy to work these numbers for you when you fax, e-mail, or postal mail them to me. I cannot take them down over the phone.)
7. Buy the single-family home that will generate the rental profit you seek. After three months, check into the chances of refinancing this home to pull cash out of it to buy your next single-family home. You may have to wait for 6 to 12 months for what lenders call "seasoning" to get your money. But don't give up! Refinance as soon as you can and get your second house. Do the same with it.
8. Go on to great riches in your single-family home business. Once you're successful with several single- family homes, you can go on to build your riches in multi-family homes if you wish!
Now that you know exactly which steps to take to get started in your single-family home wealth building!