All Forum Posts by: Brenda Whittaker

@Jonathan J. Miller I sent you a note, I think...  let me know and thank you.

@Scott Schier I did 3 in Texas b/c of good prices and a lot of REO's there. I go there which is a one day drive, stay in hotels and hire contractors until they're done, then I rent them out, with good qualified tenants that dont need babysitting. They deposit rents right into my bank account from where they are, and if a house needs something fixed, I hire a contractor to fix it, and send them money when they're done. I've done 4 there, 3 worked out well. I have not done NC yet but would like to because of opportunity there for what I like to do, and because I have family there I can stay with while I work on the rehabs. I have done a lot in Arizona where I live.

Thanks everyone!  If anyone knows of anyone who can lend $15K against the free and clear property for say, 15 year amortization, 6 or 7%, balloon in 2, here I am.

@Scott Carder Ethics?  I was sued by a junk debt buyer who bought a credit card debt from 5 1/2 years earlier, BUT I ALREADY paid that debt off through a consolidation agency that has since gone out of business.  I went through a program of theirs to pay off debt and finished the program.  I had proof I was in the program and everything but the judge was nasty and refused to allow me to talk.  He was angry at me because it was an over the phone hearing and no one told me I had to use a land line, so he told me to shut up and awarded the law firm that sued me not only the $7000 balance I couldn't prove I already paid, but 5.5 years of interest, all the legal fees, plus interest until it's paid.  I got screwed royally by our lovely legal system.  So I hope it's not my ethics you are questioning.

This place is AWESOME! I am a rehabber working in AZ, TX, and NC. I have a deal I need to get funded, first one in NC, fix and flip, looking for short term, 50% LTV max. Its for a SFH brick 3/2 bread and butter. I would like to investigate some financing as I have used my own money previously, or conventional loans which won't work this time. I have 3 free and clear properties and a 650 credit score, but the rehab project's numbers work regardless so can we talk? Please message me if you are in RE funding.

So I'll make it as short as possible.  I was sued and lost a judgement for $25,000.  They know about 3 rentals, in my own name, free and clear.  I am very aware of the eminent danger.  I also have a 2nd loan on my own home that comes due in March, $89,000.  Or, payment on it will rise from $300 to almost $800, which I am not comfortable with.  I get my income from the 3 rentals.  Im considering selling one, so I could pay off one home mortgage (so I could afford the other), and offering the judgement holder a little less, with what's left from the house sale.  ($100K at most)  OR I could pay down the one that is coming due in March so the payment will be less, plus pay off the judgement (discounted), plus buy an inexpensive rental for say $40K and get $500 month out of it on top of it all.  Or borrow for part of a new rental, or just liquidate and maybe never have the cash again to get another rental, or ask for a short term private loan somewhere to pay off the judgement (discounted) until I can figure out a few flip deals.  I could offer a 1st position for $20K on a $120K manufactured rental home on an acre in a nice area of San Antonio.  An area I wanted to live in one day it's so nice.  But I have to take care of my home in Arizona.  I have rehab experience, just lack creative financing.  Welcome to any mentor, I can offer good interest rate, good security, free assistance in anything I can help with while learning.  I have no choice, I have to make this work.  

THANK YOU everybody!!  Doing it myself is one of those things I will put off forever because web things and technology make me crazy.  I'll certainly check it out, and report back here.  btw I did get sued, it was a disastrous court hearing, I wasn't even allowed to speak.  A really evil junk debt buyer bought a debt I already paid through a debt consolidation firm that has since gone out of business.  They said I failed to pay a $7000 debt 5 1/2 years ago and they won $26,000.  I spent a year on appeals and educating myself about the FDCPA, case history, etc., to no avail.  They found my houses and now I just want to pay them off before they steal anything from me.  Say, anyone know a lender who might lend me $15,000 on a free and clear rental that's worth $135,000 so I can make them an offer and save my equity?  

Dabbler in rehab and other stuff, I need to get my investing back on track. BP, this is a wonderful place by the way! With cash being tight I must wonder, is it beneficial to pay now to set up an LLC, as if maybe lender I will be looking to work with might require doing business to business only or some other good reason, should I do a few deals and later set up an LLC or should setting up an LLC come first before any investing is done and acquisitions gained. ?Thanks! Its at least $600 to incorporate. Again cash is tight.

Thank you Kori.  Also, are there lenders for multi-family that base lending on the deals instead of the borrower like they would on a fix and flip?

I went through some classes on analyzing multi-family units but of course I cant find my notes.  Is there a course here somewhere that can refresh me on how to analyze a 4 unit apartment complex?