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There are several ways to buy income property:
1) You can sell an existing property and exchange into a better property.
2) You may like to sell a house that has good equity and exchange it for better return.
3) You can refinance a present home or investment to get into more property.
4) Most investors get out of a poor return property and get into a better area as well as a better property.
In most cases its alway better to improve your investment. Some need more write off and some like to increase their portfolio. Your personal needs can be adjusted with your plans for the future. Call Paul and he can give you some great ideas.
The finaning for purchasing an property as of 11/15/05 are as follows.
On a 2 unit property with 20% down you would have a start rate of 2.95% and a fully index rate of 6.45%
On a 4 unit property you can have the same rate except it would be with 30% down
On multiple units of 10-50 we can the Cost of Funds Index (cofi) plus 3.75% (which is 6.375%) with a down payment of 20%
Also on on any multiple unit transactions we can go 7.5% fixed for 5 years with 20% down....
Your down payment can come from a refinace on a present property.
The rates have been provided by Sid Williams with Stone Crest Financal.
Call Paul and he will refer you to Sid. 408-691-7700
The bottom line is to increse your net worth and better your income for the future.
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