All Forum Posts by: Cheyne Mahelona

You definitely don't want to lose a close friend over money. Just keep him in the loop, and tell him everything about what you are doing...I learned the hard way, but just make sure you have plans A, B, and C...then if that fails, pull out plan D.

If NYC or surrounding areas are like CA, then what I would do is look into foreclosures. Deal with the bank for the purchases, then rent them out. Just make sure it would produce a + cash flow if you rent it out.

Certain areas here in CA are becoming more vacant (due to foreclosures, and driving the home price down, and surrounding homes), and the homes are almost brand new (2-5 years old). But people lost out because their rates were adjusted, and they couldn't afford their payments. Unfortunate for them, but good for REI'S.

I'm in the process of creating a pool of local investors to do that. So if you have the means from your friend to do...I would look into it.

I'm about to give up on this one. When I purchased my home, I started the cash out refi process about a month after closing. Mind you it took 4 months for my loan officer to finally close and sign docs (Jan of '07 - April '07). I obviously didn't get the cash back I wanted, so I used what I had for carrying costs, because it wasn't even close to my fix up estimates.

So now, I have only one month in reserves for carrying cost, and still no progress on my home. Any suggestions on what to do would be very appreciative. My credit has gone down to the mid 6's, so I don't think a lender would even consider an application from me.

Anyone?? Help!

To answer you Jon,
This is my first project, so YES I am learning as I go.
No this is not my primary resident, and I got into this for a flip. I was trying not to go into details how I got screwed over by a contractor, and loan officer, and realtor...all in the span of 6 months.
What I got from the cash out refi, was about 1/4 of the estimated fix up costs, and then my contractor bailed, after paying him some upfront. My "carrying cost" from the cash out refi is almost depleted. As far as the fixing of the home, there has been no progress on it because of people who are slick with what the have to offer (more like take).

So any creative ideas from investors on what I can do in this situation. I don't want to lose this property.

If you know anyone that would be willing to assist, and then getting a portion of the profit when its flipped.