I Need Private Money!
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Is there anyone out there interested in lending private funds to assist with the purchase of an 8 unit multi-family building in Oklahoma City. Purchase price is about 65-70K and will need 100K in repairs. I would like to defer payments for a few months while I am doing the rehab. My goal is to manage it for about 3 yrs, get a solid rent roll, and then put it on the market. By then it should easliy sell for between $250 and $300K. If this is something you might be interested in please contact... continue reading >>
I never thought I'd see the day
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I never thought I'd see the day when those stupid junk emails about the rebels attacking a village and leaving me with no other alternative but to ask you for help to safeguard my money would make it to realestateinvesor.com, but it did. Look below.
View Mail - Dearest one,
From: slove4u Date: 04/17/2009
Dearest one,Please after going through your profile I decided to write you because I have no other alternative. Since after the death of my father in the hands of the rebels I have been in a... continue reading >>
Anybody know about HUD liens?
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Last question for the day, I promise. I have been working a short sale for MONTHS but I can't give up on it, too good a deal, assessed at 63K and I can get it for 24K. So I get the deal all worket out and I get a call today that HUD has a lien on the property for 2K and some change that must be paid at closing. My question is this. Is there a way to get them to take less for this or maybe to get it attached to the owners. ... continue reading >>
Help With Section 8 Tenants Needed
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Here's the deal. There is a small apartment complex, less than 15 units probably, next to my parents home. This is also the home I grew up in so they have been there for over 35 yrs probably. In the beginning, this was a really nice place that was home to a little old lady apt manager who didn't take no crap from nobody. It was pretty much housing for students from a local college. You know we only had to deal with the basic college kid stuff, loud music and the occasional parties, plus... continue reading >>
Great article on speeding up a short sale.
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How to help speed up a short sale tips by Cara Heiden, co-president of Wells Fargo Home MortgageShort Sales Tips
Short sales can be less frustrating if you start the approval process early.Although most U.S. families continue to benefit from homeownership, a small group of consumers in areas where home prices have declined is facing a difficult situation. These owners find themselves upside down, owning more on their mortgages than the present value.
When this loss in value is combined with accelerating loan payments or unexpected changes in a home owner’s financial situation such as... continue reading >>
I Need A Hard Money Letter
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I need a hard money lender letter.
I have spent most of my time doing short sales and then wholesaling them but now I want to expand what I am doing to the occasional rental and rehab. Something about all my eggs and a basket comes to mind. Anyhoo, rather than go to the bank I would like to use hard money. I have several potential investors in mind and I would like to mail them a letter asking for some moolah.
Do any of you have a letter that I could borrow for ideas so I... continue reading >>
Sometimes Having Your License Doesn't Matter I Guess
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This is another follow up/update from my latest short sale saga.
For those of you who have been following I made the new offer that will net the lender what they needed to net but it had to be listed. Which it is since I am a realtor. Well, a couple of days ago I spoke to the lender and apparently HUD is just changing rules like crazy. I thought all was good but the transaction now has to be an "arms-length transaction" which means I cannot list it and buy it. So now... continue reading >>
Update On My Latest Short Sale
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Okay so the last time I posted the lender said that the house had appraised too low for it to qualify for a short sale. But we could request a variance from HUD.
Well the variance was denied. So as I was talking to the mitigator she told me that HUD had put some new rules into place the first of the year and my homeowner would now qualify for the short sale program. But the property had to be listed with a Realtor, fortunately, it was, me. I told the mitigator that the proprty was... continue reading >>
I've Never Seen This Before
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Okay so last week I finally heard back from one of the lenders I am attempting to work a short sale through. I couldn't get to my phone in time so they kindly left a message. Once I got freed up and had time, I listened to the voicemail from the Loss Mit rep and I could have sworn that she told me the property had appraised for too little of an amount to qualify for a short sale. What The Heck? I had to listen to the message again, but that is exactly what she... continue reading >>
I Need A Proof of Funds Letter
I have been using Coastal Fundings POF generator but it is down and I need to present a short sale packet ASAP. Does anyone else know where I can find another Proof of Funds generator I can use in a hurry? All assistance is greatly appreciated.
John