All Forum Posts by: Cory LaChance

Way cool!! Although, I'm a little skeptical about a product that breaks the laws of physics.

Just after I read your post she had called me after she had spoke with her finance guy. She really wants to help me with this deal so she mentioned to me a HELOC to finance me. She has about 125,000 in equity.

It's funny that right after I read your post she called me to tell me that. B.P. is full of infinite wisdom. Thank u so much!!

I am not using a hard money loan. By private money I mean I am borrowing from my moms IRA account to purchase and fix, then refinancing with the bank (hopefully my credit union, but probably not) to pay back my mom plus interest... Family discount at 5%!!

I thought that going around the realtor and straight to the bank was a no-no.

Sorry for the confusion... It made sense when I wrote it, but not after I read it. LOL

I have a contact who works in the mortgage department who I am going to speak to and find out the details.

Wouldn't a loan for the property weed out the realtor who has it listed? I thought that was against the rules.

I appreciate your insight.

I found an REO that fits my budget and I am wanting it to be my first home. The property is owned by my local credit union with whom I have all of my accounts with, my truck note, checking and savings account as well as a credit card. I have some private money lined up to place an offer but I was really hoping to use this credit union to refi the house when I am finished rehabbing the property. Does this situation have a conflict of interest, has anyone come across this before?

The C.U. taking less than what is owed on the property and then refinancing the same property for more money. That just sound funny when I say it out lound. LOL!!

Thanks for the input. I didn't really know what the numbers were, but at 30% value how could anyone make any money?
I was just thinking out loud.

I have a suggestion, but I don't know all the details about this process. Could you owner finance the property with a good down payment and sell the note to another investor to get your money out.

It will be extremely difficult too mask the smell. I work for my dad who owns a carpet cleaning company and I run into this very problem all the time. For some reason the steam "activates" the urine causing it to smell worse. The only way to fix it, short of replacing it, is to call your carpet cleaner and ask if he can remove pet urine smells... any half decent operation should. We use a black light to locate the stain and treat the stain individually and then clean the whole area. Make sure the carpet cleaner has a black light, you can't truly find all the spots without it. If you want you can even purchase a black light to find out just how many spots there are.

No, I am not completely hell bent on this one property, I was just giving an example. There are dozens more that are just like this one in my area. I know the property is REO and its a good chance that it is going to get listed, I was seeing if there is a way to find a decision maker before it gets put on the market.

Jake
You gave the best advice by getting in with the prominent REO brokers. There are two, one that I have dealt with before but haven't been in contact in a while. I will be taking him to lunch on Monday to see what he can do for me.

HAHA! Just having Jose Conseco's name on that house must have added a few 100K's to the property. Thats pretty cool though