In a pickle, need some pros for some advice. - Posted by MBL

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In a pickle, need some pros for some advice. - Posted by MBL

Posted by MBL on July 03, 2004 at 19:32:50:

Here is my situation as an investor currently.

I am in the process of applying for a loan to purchase a property that at the end of the deal will make me about $10,000.00, However, the house I currently occupy I rent from my brother. They are quite behind on their mortgage and the house is about to enter foreclosure proceedings. They are about $3,000 behind. I have about $7,000 in the bank that my broker advised me to keep in there so that the loan will go smoothly. So my hands are tied. My idea was to pay off my brother’s debt with the mortgage company, buy the property Subject To, and then place an add in the paper to sell it owner financed with 10% down. But I cannot seem to raise the funds to get the payments caught up, and my brother also cannot. (Beleive me I have begged and pleaded). I have placed an ad in the paper regarding this property before and it generated a lot of response, so I beleive I can sell the home easily if I can just get the payments under control.

My question to you guys as investors, where do I go from here? How do I get the payments caught up and get this property under my name Subject to so I can create a note and sell this puppy? My only idea would be to put the current deal on hold and shell out $3000-4000 dollars to save the property and then buy it subject to, but it’s a much bigger risk than the sure-fire deal I am working on now. The only reason I am so concerened, obiously, is this is where I currently live and am in no mood to try to prove to some apartment complex that I have a job. (I don’t, I am a full time investor).

Anyone have any ways make both deals work at the same time?

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Re: In a pickle, need some pros for some advice. - Posted by GL(ON)

Posted by GL(ON) on July 04, 2004 at 16:19:46:

How about this. Go to the bank, tell them you want to cure their problem with your brother’s mortgage by buying the house. To do this you need to increase the mortgage by $10,000 so you can pay off the arrears, pay off the back taxes and pay off any other debts you may have lying around.

If they ask where your down payment is, point to the $7000 you have in the bank.

I won’t insult your intelligence by pointing out how you write this up with your brother, so that you actually get the place for taking over the loan without having to touch your $7000.

So now you own the house and pay a payment to the bank instead of rent to your brother.

If you can’t qualify for a loan to buy the place, you could try talking to the bank and offering to make the payments directly to them, plus an extra $50 a month till the back payments are caught up. Leave it in your brother’s name and buy it subject to. Let the bank think you are helping your brother out of a jam, which isn’t far from the truth at that. This way you don’t have to qualify for a new loan and no new loan appears on your credit record.

There are lots of ways to handle this. First I would talk to the bank. Tell them the truth, that you are trying to help your brother out of a jam, and that he has authorised you to speak to them and get all the info necessary to make a deal. You may need to get your brother to sign an authorisation.

I would talk to the bank though, and see what they will take.

Let me get this straight… - Posted by gerald(tx)

Posted by gerald(tx) on July 03, 2004 at 20:53:02:

You are a full time investor (???) and you can only raise $7k?

How much could you borrow when you were a “part time investor”?

Re: In a pickle, need some pros for some advice. - Posted by B.L.Renfrow

Posted by B.L.Renfrow on July 03, 2004 at 20:28:51:

Could you take title to the property in which you are living subject to the existing financing, then immediately offer it on a land contract or lease option, using your T/Ber’s or buyer’s money to cure the arrears? Once the foreclosure monkey is off your back, you could just collect the payments (if there is enough room for it to cash flow) until your buyers refinance and pay you off. Or, once you have a few months of seasoning, you could try to sell a note, if you were so inclined.

That way, you could go ahead and purchase the property you want to buy. If you could then live in that property for the next two years, then you could sell without incurring tax on the gain. Could you do repairs/upgrades while living there to increase the value?

Yes, you would still have to move, but it might be a way to do both at once and save your brother from being foreclosed upon. Plus, you wouldn’t have to worry about proving anything to an apartment complex.

Brian (NY)

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Re: Let me get this straight… - Posted by MBL

Posted by MBL on July 03, 2004 at 22:03:02:

What’s your point sir? I don’t have any other sort of “job” right now, and I dont know of a lender who wants to lend me 3k. I can find plenty that will lend me 300k, on the other hand. Real estate being my source of income and my continual search for deals would qualify me as what I stated.

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Unlike the other posts, this is actual advice - Posted by MattFL

Posted by MattFL on July 03, 2004 at 23:10:18:

Good advice Brian. The only reply to this post worth reading. I’m so sick of seeing people following up with a reply only to attack the original poster or pick them apart. That doesn’t help anyone. One of the replies to the original post was
“You are a full time investor (???) and you can only raise $7k?”
Big deal. This is such a dynamic business and people are at different stages in this business. Let’s applaud the person for having the intestinal fortitude to go at it full time. If you’re not trying to help others, which is why this forum is here, than just keep your mouth shut and keep your cynical remarks to yourself.

Re: Let me get this straight… - Posted by Chuck Rosenberg

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Re: Let me get this straight… - Posted by gerald(tx)

Posted by gerald(tx) on July 04, 2004 at 24:57:15:

MLB, admittedly, I am being quite facietious here. I guess it just knocked me over when I read you were an unemployed newbie, so you thought you would be a “full time real estate investor.”

It’s truly amazing how many naive newbies go to a seminar, have sunshine blown up their behinds, and have no idea of the risk entailed or the necessity of quick funds to draw on. I’ve heard several pros say they wouldn’t think of doing deals part time unless they had immediate access to at least $25k. This is not bad advice.

I’ve been doing REI for over 20 yrs now, and believe me, the risk is real. Things can turn to crap very suddenly and it ain’t as easy or trouble free as the gurus would have you believe.

There’s a reason less than 5% are successful at this. Get yourself a JOB, gradually build up a livable cash flow, build up lines of credit where you can access big cash if necessary, then think about becoming “a full time investor.”

Just a dose of realism.


Re: Let me get this straight… - Posted by anon

Posted by anon on July 03, 2004 at 22:36:35:

Wouldn’t the obvious solution be to use one of the lenders that will give you 300k to fund your immediate needs?

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Re: A multiple repsonse - Posted by anon

Posted by anon on July 03, 2004 at 23:49:16:

From the information given, and as I understand the situation:

Brian suggested used TBer funds to cure arrears, and place the TB’er in the property. That’s all well and good, except that if TB funds are use to pay arrears, there is no contingency, or reserve fund. Minor glitch in payments, and we’re back to the same scenario, except with a TB in possession of the property.

IMHO, that’s wishful thinking, not investing.

To the party, assumably in TX, who felt I provided an ignorant response, I wasn’t the one who stated I could qualify for a 300k loan. I, personally, do have a fairly good grasp of lending guidelines and procedures.

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