Posted by Stephen Ford on December 15, 2003 at 06:22:44:
DOPE! Been going for about 6 months. Gotta get some of the stuff ‘the experts’ say out of my head and get down in the trenchs with the working folks. Been meaning to meet with some of the lenders now that my refi went through on my home.
Thanks.
Atlanta lead. Any takers? - Posted by Charity
Posted by Charity on December 10, 2003 at 13:07:36:
Actually, it is Alpharetta area. The payment is HIGH at $2500 a month, house worth around $295K and owes $260K with 10.99 rate. Any takers? She wants one of my Lease Purchase houses, but has to sell hers first.
Charity
Re: Atlanta lead. Any takers? - Posted by Scott (ATL)
Posted by Scott (ATL) on December 11, 2003 at 20:11:22:
Charity,
I’ve been getting a lot of these (slim margins and high payments). Am I just not being creative enough with some of these homes? I’ve got a property in Cumming (Polo Fields) worth $280K (appraisal) and I can’t get a taker to L/O it for $1,795/mo (Fully renovated in pristine condition) so when I see deals with high payments I can’t figure out how to make it work. I guess if I could sell a property like you mention retail maybe it would work but with closing cost and commissions there isn’t much left. A lot of home owners I’m hearing from are underwater and they aren’t motivated enough to make something happen. I guess I just have to wait until they miss some payments and try a short sale?
Anyway, I’d like to see how Dan can make something happen with this.
Scott
Re: Atlanta lead. Any takers? - Posted by dan
Posted by dan on December 10, 2003 at 23:03:33:
can you email me your # … I may be interested?
Re: Atlanta lead. Any takers? - Posted by Stephen Ford
Posted by Stephen Ford on December 12, 2003 at 11:04:38:
Dan,
Could you get me a way to contact you? I’ve gotten 2 calls this week with high interest (11.25% and 12%), behind 2 and 3 months and little ($20K) or no ($5K) equity. I’ll be happy to give them to you if can show me and my business partner how to work with these.
Thanks,
Stephen
Re: Atlanta lead. Any takers? - Posted by dan
Posted by dan on December 13, 2003 at 12:50:21:
Stephen … typically I am not real interested in higher priced homes … it was just that the one Charity mentioned in Alpharetta happened to catch my eye because I know someone who is looking in that area in that price range. I would just pass that one along to him and he would take it “subject to” and refinance at a much lower rate.
But on any deal for myself that has enough equity and a rate that is very high … I would take “subject to” and refinance with a lender that doesn’t require seasoning. Then I would lease option it or rent it.
Re: Atlanta lead. Any takers? - Posted by Stephen Ford
Posted by Stephen Ford on December 14, 2003 at 18:23:58:
??? Are saying I can do a “subject to” and refinance it?!? Can you get me in touch with a lender that would work with me on something like this? One of the deals is in a GREAT area.
Thanks. I have so much more to learn :-/
Re: Atlanta lead. Any takers? - Posted by Scott (ATL)
Posted by Scott (ATL) on December 14, 2003 at 20:46:56:
Stephen,
If you haven’t gone to a GaReia (Georgia Real Estate Investment Association) monthly meeting yet, go. There are a number of brokers/lenders that will do little or no seasoning financing. If you’re already a member you can see these associates on the web site www.gareia.org or go by the office and pick up their flyers.
It is true that you could pick up this property subject to and simply refi it but that puts a loan secured under your name. Nothing wrong with that as I have some secured personally. Everyone has their own strategy I personally am trying not to secure a loan under my name unless there is a lot of equity and it is the only way for me to make the deal fly.
Anyway, good luck.
Scott