Adding Financials

Learn how to add details about how you will finance buying the property (cash, mortgage, etc.)

A key step in crafting your investment proposal is deciding how you will finance buying the property. Are you planning to get a mortgage and just raise enough money from co-owners for the down payment? Or are you going to pay for the entire thing in cash?

Whenever you are ready you can add these financial details by clicking the Add Financials button on your investment proposal’s page. There are a few pieces of information you can add, including:

• Bid Range - The bid range is the lowest and the highest price you are willing to pay for the property. For example, maybe you think a property is worth $135,000 but you are willing to pay anywhere between $120,000 and $140,000. When Foundation eventually goes out to try and buy the property for you, we will try and negotiate the lowest price within your range.

• Funding Type - You can either choose to buy the property in all cash or using a mortgage.

• Renovation Costs - Sometimes a property may require some renovations or maybe you are buying a bare piece of land and are developing a new building from scratch.

• Mortgage Type - There are many types of mortgages including interest only mortgages, fixed rate mortgages, etc. Here you can choose the type of mortgage you are proposing.

• Mortgage Term Length - The length of the mortgage in months.

• Highest Interest Rate - The highest interest rate you are willing to accept when getting a mortgage.

• Down Payment - The highest down payment (as percent of the sales price) you are willing to accept when getting a mortgage.