All Forum Posts by: Brad Wiley

Please do not get an ARM loan because I don't want you to join the masses that are getting foreclosed on. I think ARM loans are of the devil and is a big reason why the market is doing so bad. Besides investing I work for large mortgage company and have to deal with this ARM loan issue day in and day out

Originally posted by "TeCKis300":

My first post but I've been lurking for awhile. I would like to thank all the members that have created this great resource.
I am looking for some input and critique about my planned strategy going forward.

I currently own my home in the San Diego area. My plan is to take advantage of this real estate opportunity to both buy a larger property and hold onto my current home on as a rental.

I have a fixed 30 yr @ 5.85 on my property that is worth about 555k. My mortgage is now about 390k and I am 6yrs into the loan.

I would like to buy a larger home that's about 750k. I would like to refi the current home to 1) cash out some equity towards the new home 2) Bring down the monthly to minimize neg cash flow 3) Keep my new mortgage under the tentatively proposed 630k conforming limit.

Under the current market conditions...would it be advisable to change me current 30yr fixed to an ARM to help in bring down the payments?

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I have used zillow in the past and it is a great way to see what house are listed for and sold for in the area. The infomation on the houses in not always correct, but good enough to get the job done. The zillow estimate is not accurate and I would suggest running your own comp's

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If you are a true investor then now is the best time to buy property. It is a great market for rentals (due to so many people are getting foreclosed on), and you can still make money flipping if you know what you are doing.

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I invest in the Dallas area and people are still buying homes. There are a lot of foreclosures in the area, but that is great for me. I can buy these houses for pennies on the dollar, and flip them for a profit. Most buyer in my market are 1st time home buyers that can not afford to fix up a house.

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Something you need to understand about foreclosure if he does not sell his house and he loses his home to foreclosure he gets NOTHING. Use I think that you should have offer 350 or less if his house is going to foreclosure soon. I would advise him that he needs to take the deal to void lossing out on any equity, and getting a foreclosure mark on his credit for the 7 years.

Originally posted by "seattlegogetter":

Seller is in pre foreclosure.

He owes 285k, the house is worth 415k.

I have a buyer for 365k

I want to give the seller 25k and make a spread for my self.

I'm also a realtor that wants to be as an investor

I want to use this with a land trust

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Is it worst to try and lost, or never tried at all. I remember my 1st flip I did not know what I was getting myself into, but I would not change it. You learn something know with every investment. I did not want to get old and wish I had invested.

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Me and my twin brother started our business and flip our 1st house for under 50K, and used a unsecure line of credit.

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I am from Dallas, TX and have been flipping houses for 3 years. I also work for a large mortgage company as an REO market rep.

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All Forum Posts by: Brad Wiley

Brad Wiley has started 2 posts and replied 8 times.

Post: Real Estate Investment Advice

Post: using zillow for market values?

Post: Is this the right time to buy property in the States?

Post: Texas market is still a good market

Post: Preforeclosure w/ equity

Post: Fear of Starting Out

Post: How did you start?

Post: My name is Brad