All Forum Posts by: Anna Ayala

@Brian Burke is correct. There's a lot of fishiness with the online auctions. However, there can be some good deals there, still.

The only auctions I'll bid on thru auction.com are the ones with no buyer's premium. Many times, these are properties that didn't draw a bid greater than the reserve at the trustee auction on the courthouse steps. 

The nice thing about auction.com, though, is that they do a basic title search on their foreclosure properties.  My recollection is that most auction sites don't do that. For example, on this property:

http://www.auction.com/texas/residential-auction-a...

If you click the Foreclosure Information button and download the attached document, you'll see an IRS Lien for $71,000 (which, as I understand it, is no big deal, but does give the IRS 120 days after you purchase it to redeem the property for what you paid for it), and a lien by Texas Workforce Commission for $2100, which will survive foreclosure and keep you from getting clear title until you pay it off.

 Your qualification as an investor is not an issue unless you are joining a pool of other investors in a large offering. That doesn't apply if you are buying a piece of real estate and getting your own loan.

As far as the interest, it is paid monthly, and the points are paid at closing, ie: the initial funding of the loan.

I tend to agree with what you have heard before, that the money is not the issue as long as you bring in a solid deal.

well seeing that you want to rent & or flip a house, a FHA loan would not be a short term solution as these loans REQUIRE you to live in the property for a required duration. If you are looking for a property to live in and possibly flip or rent down the roan, a 203k loan would work well.

Im currently in the rehab phase of a 203k in which i plan to live in for a year, refi out of the FHA loan, then rent out. Then start the process all over again.

I have one but he's trying to build up a little more cash flow before he feels comfortable with investing. 

If credit is 620 then likely you have a high rate on the car loan. The no money down and 0% interest is for very high credit scores in the 700's usually.

If you get  6 months worth of payments and get credit score up in the 700's there are companies such as USAA that will do a refi as long as you are not underwater in value and interest rate could go from 20% to 5% for example.

If you have equity in your house some banks are offering 1 to 1.5 percent rate Heloc's for 12 to 18 months that can drop the car payment down to next to nothing. HELOC goes up to 75% value usually. The low payment helps drop DTI ratio.

No legal advice given.

1. Don't buy a new car or trade-up to a bigger lease
2. Don't quit your job to change industries or start a new company
3. Don't switch from a salaried job to a heavily-commissioned job
4. Don't transfer large sums of money between bank accounts
5. Don't forget to pay your bills -- even the ones in dispute
6. Don't open new credit cards -- even if you're getting 20% off
7. Don't accept a cash gift without filing the proper "gift" paperwork
8. Don't make random, undocumented deposits into your bank account"

Just made a list on what not to do! Thank you so much for the tips!