All Forum Posts by: Anton Watt

I am used to buying homes no DD and Flipping them or Wholesaling them when I can. I had a lender who trusted me on all numbers and would lend when I say. That relationship is now off because of personal, non business, reasons and my new lender is requiring that I get due diligence before. Sellers have so many options in Atlanta that it is hard to be competitive when offering on their homes with due diligence. I am looking for any advice on how to convince a seller to give me reasonable DD without going way over the right price for their home. Any advice BP? Please Help!

1 Vote

Atlanta, Georgia

An **** is the worst kind of tenant to deal with. I helped a friend of mine evict a man once from his home once and the tenant was an ****. He trashed the place before he left so just know; once an **** always a *****

0 Votes

Thank you so much for that advice. It looks like I'm likely going to sell this home off rather than take it down. WE will see how it plays out. I am working both angles right now.

Originally posted by @Karen Margrave:

ANY work you do on the house has to be approved in writing by the owner of the property. If you have a contractor do work on the house and you don't have the money to pay them, they can then lien the property, and the property owner is then liable for the debt. It's very unlikely contractors are going to do work on a house where they have no lien rights, unless it's paid for upfront. As to loans, it would be a personal loan, as you can't mortgage the property.

FHA has loans that include renovation I believe. You may also be able to qualify for first time homebuyers down payment assistance, etc.

1 Vote

Hey Guys,

Thank you for your help here. It looks like I will just have to sell this one rather than take it down myself. Everything is still up in the air but a few people have presented offers to me and more are still coming in as we speak. Thank you all for your great advice. I really appreciate it!

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Hey Guys,

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Athens, Georgia

Absolutely. I was exploring the option of lease purchase until I qualify to buy with a 203K. I feel I can get my income together on next years tax returns and qualify. What do you think about that?

Originally posted by @Nghi Le:

@Anton Watt

If you do a lease option, you don't own the house, so there's no way to get a loan secured by the house, unless it was another house that you own. Maybe a private lender, or a personal loan / line of credit? Try SoFi.

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Athens, Georgia

Great Yes I was talking to a mortgage broker who deals in this. As an agent my income is low so I need a coborrower to qualify on this investment. I am looking now but it would have to be with someone I trust and I am running out of time!

Originally posted by @Wayne Brooks:

$35k is the limit for a “streamline” 203k....no consultant needed, less paper work inspections. Over $35k is just a little more involved, but worth it. Most important find an Experienced 303k lender....you should already be talking to them.
Allow 60 days to close.

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Athens, Georgia

I have to get a coborrower to purchase the property because I write off too much of my income!

Originally posted by @Wayne Brooks:

Can you get a loan against the house....no.

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Ok so basically I can contract the home for 80K and put 5K or so down. Pay her mortgage and pay the property off over time. Per the contract I can also get my name on title?

Originally posted by @Jamaal Johnson:
@Anton Watt an example can he as such:

Purchase Price:80k on 15 year amortization @ 5% with downpayments of 5k. Seller would carry remaining 75k back on a note.

Rehab:20k After Repair Value: 125k

You can live in it for a few years and turn around and resell it and pocket all proceeds tax free or just hold the home and rent at that point. the choice is yours. Title is power, lease options are good too though if you have a different end game such as assigning options etc.

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All Forum Posts by: Anton Watt

Anton Watt has started 61 posts and replied 190 times.

Post: Sellers Do Not Want to Give Due Diligence. What Do I do?

Post: Sellers Do Not Want to Give Due Diligence. What Do I do?

Post: Is a bad attitude enough to decline an application?

Post: Can you renovate a home with just a lease purchase?

Post: Can you renovate a home with just a lease purchase?

Post: Should I 203K or BRRRR?

Post: Should I 203K or BRRRR?

Post: Should I 203K or BRRRR?

Post: Can you renovate a home with just a lease purchase?

Post: Can you renovate a home with just a lease purchase?