Posted by Michael_NJ on November 10, 2002 at 07:31:36:
*Contact a hard money lender
*Estimated repairs needed (detailed)
*first get comps on the property
*you may have to get it appraised
Then, submit you info to a hardmoney lender. Most can fund you at the longest 1 1/2 to 2 weeks.
Oh!! how is your credit!! you can probably do an FHA 203K if you have 3% to 5% down. But you have to live in the property for 1 year.
Hope this helps…
Michael_NJ
My First Deal - Posted by winapc5199@aol.com
Posted by winapc5199@aol.com on November 10, 2002 at 24:15:25:
Guys, I think I’m about to do my first deal. I came across a guy who has a house that is in foreclosure. I talked with the guy and we struck a deal. I had him sign an authorization to release financial information, a power of attorney, and a land trust agreement. I then approached the bank to inquire if they will do a short sale.
After nearly a month of waiting, the rep handling the foreclosure called me and said the bank accepts my offer. The only problem is the bank wants to close before the end of the month. How can I accomplish this? I would love to make a couple of thousand dollars or more off of this deal. How can I make things happen in such a short period of time? The house is worth $100,000 plus after repairs. The bank wants to net $60,000. I told the owner I will give her $2,000.
EVERYONE’S HELP IS GREATLY APPRECIATED!
Re: My First Deal - Posted by TKP, Houston
Posted by TKP, Houston on November 10, 2002 at 21:12:49:
You don’t tell us where you are. If you are in my area contact me. I will provide financing for a share in the deal. That also goes for anybody else reading this, if you have a deal in West Houston. TKP, Houston
Re: My First Deal - Posted by Shawn J. Dostie
Posted by Shawn J. Dostie on November 10, 2002 at 07:01:30:
Do you have the 62k? Have you been making arrangements for the loan? How much is repair estimate? Where did you get the 100k after repair value?
This is information critical to giving an informed opinion.
Good Luck,
Shawn(OH)