All Forum Posts by: Cenddie Alaban

Is it advisable to use commercial loan to buy a SFR property because it's going to close in two weeks and my bank cannot close less than 30 days. And then refi it to residential to be able for us to live there? This conversion is with the same company. This must have two fees.

@Todd Dexheimer Any idea how much will the attorney's cost? How much everything will cost?

 Any idea how much will the attorney's cost? How much everything will cost?

@Todd Dexheimer How do you do a partnership? Do you know any site at BP that talk about this?

@Ray Lai How do you exactly form a partnership? Any site at BP that talks about this? 

@Rai Lai She's really resistant to loan or credit. Borrowing is not in her paradigm. It's like pushing a person who does not know how to swim into an olympic size swimming pool. Even with seller financing, she still have to pay for the difference every month for a certain period of time. I guess your advice will be the best solution.

@Michael Biggs Good point. A widowed elderly woman who wants to sell her house when she's approved for senior housing will definitely jump on 150K. She's our pastors (deceased) wife from a former church, and I don't see any religious reason why she won't accept it. 

Now, about my friend,  I hope she will agree to pay a small monthly mortgage.

@Joe Splitrock That's a good information you've posted about choosing a tenant or a borrower. It explains why cash or asset is not enough to qualify. Thank you.

@Brent Coombs @Todd Dexheimer Maybe if I  give a little more info, you'll see that her offer complicates the situation. I made an offer of 210K for a 250K duplex. The seller accepted it that day of July 15, 2017. Since it's a short sale, we have to wait for the seller's bank to also accept the offer. I posted this transaction on BP on July 18. Most told me to get out of the deal. Of course I only agreed with those who thinks that this is a fine deal. The property was inspected July 21st. My agent told me that we still have to wait for the banks response before we can close or not. While waiting, on Aug 13, my friend wants to join me by offering a $100,000 in cash towards the purchase of the house. Here's why this becomes complicated. One, my lawyer told me that we can't put her name in the contract because the Seller's attorney and lender won't allow it. Second, she's not buying it for investment while I do - different goals. Third, I'm new to real estate investing,  I don't really know if I make money on the duplex. Fourth, we have to make a written, legal agreement on how to pay for the house, when we're selling it or we have to form an llc or leave it to our kids. Fifth, what if I lost my job,  what if we lost our friendship and all what if scenarios. 

I decided that it would be better if she buy her own and I buy my own. No complications. That's why I ask how could she get a loan or can get a house without credit score.

@Steve Vaughan you remind me of what she said before, she don't use credit or loan because it's the lender who made the money, she added that it's cheaper if you pay cash.