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Here's the story as it pertains to a friend of mine.

He moved into a home, with a lease to own option.

He put a significant amount of money down on the home.

The current mortage holder, who does not live in the home, leases the home to my friend.

The current mortgage holder does not pay the mortgage on time.

The home is in foreclosure now, 30 days from the final "date" pf foreclosure, when the occupants are given 20-60 days to vacate the premise.

Some investors want to buy the home from my friend for 165K and sell it back for 220K.

Am I being naive in thinking that there might be a creative way to save my friends home and have all parties profit at the same time? (please go easy on a newb).

As A Man Thinketh, by James Allen is an entire book dedicated to the Law Of Autosuggestion. Very good supplemental reading to Hill's book.

Thanks for the great post!

Since I've learned to use collection agency/furnisher of information violations of FDCPA/FCRA law as leverage to get my credit report cleaned up, I've learned to feel comfortable using the law in general to my advantage.

Your post clears up why I want to learn more about wholesaling properties.

Thanks.

Hello all.

It turns out good things have finally come my way.

I am in contract for a property that is no longer being shown to other people. Its a condo.

In the very same building, another unit exactly like mine that has minimal renovations done...its selling for 75K more than the purchase price of my condo. In a couple of years, it wouldn't be unrealistic for me to be sitting on 75K-100K in appreciation.

My question is now that I will finally have 75K-100K to invest, what do I invest it in?

I know about the "economy of scale" MDU thing....but MDU in NYC is really big thinking....like a three family house in Brooklyn/Queens easily goes for 800K minimum, let alone a 20 unit MDU (Multiple Dwelling Unit).

So my question is this. I would like to keep the condo to live in. Is it possible to use this money to invest in something else that will eventually lead to MDU property ownership? Any recommendations?

Oddly enough, it looks like I can lower my monthly payment more on a fixed 30 year than through the 40 year loan. I discovered this after doing some research with another broker.

These responses are outstanding and I want to thank each and every one of you for your input. I do believe that eventually I might cash out on this property after I've done some work on it and it appreciates. Whether I decide to stay there forever...highly unlikely.

And I have started getting GFE from other brokers that are competitive with the first, aggressively pursuing MY interests.

Thanks again for the help

I realize my question is about home buying, but I view it as an investment vehicle as well.

I found a condo. Four story building on the fourth floor in Queens, 5 minute walk from Subway, 20 minutes from Manhattan on subway, 10 minutes on high speed express LIRR.

175K price.

8.5K down from me. I have 15K still available for additional closing costs in the bank.

mortgage broker wants me to do a 40 year mortgage on a loan for 185K.

He thinks the interest rate would be 6.75%, claiming that my down payment of just 5% and median fico of 720 and income (800+wk after tax) combined generate 6.75% for a 40 year. All that will Full Financial disclosure (pay stub review, w2 review).

This guy is local and I need to close fast, as a property in this area of queens at this price is rare and will sell fast (financials of the condo assoc have passed the test).

Why is this guy so gung ho on selling me a 40 year mortgage? Are the commissions better for him on a "subprime loan"? I feel like this guy is looking out for his commission rather than looking out for me.

Id rather take a loan on the remaining difference after 5% down at around 168K on a 30 year fixed.

What are your thoughts?

Thanks for the welcome. :D

Looking forward to reading, learning, and asking questions.

Wow, I just found this site tonight and am greatly inspired.

I came to NYC in 2001. I had no friends, no family, no job, no college degree, a FICO of 540, 13 collections on my credit report, a box of clothes, and just 5K in the bank.

Now 5 years later, I have a 4 year degree, a mid fico of 720, nearly 100K in unsecured credit, no collections on my credit reports, many loyal friends, a wardrobe for any occassion, and a steady job with great benefits...still working on the family part :D

But that isn't where I want to be in five years. I want to be poised for Real Estate greatness, as measured by my own standards for success.

And this board has seemed to open the floodgates of potential.

The way I see it, I've just been born. Now its time to make some decisions that make growing up as profitable and pleasurable as possible.