All Forum Posts by: Brian Smith

Could someone give a recommendation on using a MLS listing service?

For example, I stumbled upon flat fee listing. Is this a good co. or is there something better?

Doh! I guess that I should have realized that.

Feeling a little silly now.

Thank you for your thoughts.

First I have never heard of an ILC - what does the acronym stand for?

My rationale was I would move down 1/2% in interest in conjunction with the lower balance with a net result of at least a lower payment of $200 per month, thus creating at lease $3-400/month in cash over the loan. I probably would not even think about this in a "normal" market, but I need to move this house in this market. Thought I would be a little "extra" creative.

I agree an investment needs to pay me today. My house is not an investment. If it makes me $s someday -bonus. As far as the article is concerned - Phooy! Anyone who does have a good idea what's going on is holding their cards close to the vest. The rest of these morons should just go away.

The best cure for high prices is high prices.
Therefore the best cure for low prices is low prices. I think when we get to the bottom (probably a ways to go). Then you will see a quick return to pre-decline values. It's happened before tell me why it won't happen again?

You only lost money if you sold it.

Years ago I remember talking with someone who owned some rental property near a University. Their philosophy for renting to college students was as follows:

Sign a lease with a deposit
Inspect every month
All repairs (no matter what the reason) were the students/tenants fault/obligation (written in lease). Therefore they fixed everything first before they paid the rent.

I think something like a new roof, foundation repair, etc were excluded.

The point was to eliminate any debate on who was at fault for constant college student related damage. This really cut down on their damages with this method. Of course they couldn't get away with this in a less demand market. These were properties right across the street from the University.

Jason,

I fully agree. I watched this happen back in the late 80s early 90s with the Savings and Loan fiasco. You could by real estate for $.50 on the dollar or better. Within 5 years they were back to "normal" levels and then took off from from there. If you've got the cash start buying! If not find some.

I may be able to sell a house on land contract. Has anyone gone to the bank and refinanced the existing mortgage after the land contract is in place? If so how does the bank view the land contract? I would have to show the bank the existing payments to get the loan approved.

My thought is if I got 10% down I could refinance the loan at the lesser balance with the down payment and lower the payments. Thus create a larger spread between the land contract payment and my mortgage payment.

Has anyone ever bought a Fannie Mae owned property and lowered the deposit amount to $100.00 with their acceptance?

OK, here's the scenario.

Found a fantastic deal on a house (for my personal home) priced 55% less by bank than the original purchase price. Now I need to get rid of my current house and/or rent it out before I can get a mortgage (approved based on either scenario).

Here's the 20,000,000 question: What is the most affective way to get this advertised and sold with options of: 1. Seller financed (either wrap or land contract), 2. Lease to own, 3. Rent it out. Would a realtor be best for this and/or doing this myself? My goal is to make some money (just a little) off the existing and make a lateral move in personal home mortgage cost. I will be gaining a huge amount of instant equity for future investment purchases.

The adage comes true the first one is the hardest.

Sounds like I'm going to be kissing a lot of frogs.

I have tried emailing them ahead of time explaining my needs for creative financing and ugly properties. Of course they say - "no problem." Then the personal introduction and then...uhg! I find out real quick they have no idea what I am talking about, of course I may not, but they don't know the difference.
:crazed: