All Forum Posts by: Elvira Longoria

@Joe Cassandra how did you over rehab?

Colleen, thank you for that bit of info. I actually didn't consider that about not being able to get a loan out without the house being livable. I will further look into that to see how far we can go with it on just dyi in order to get a certificate of occupancy. Selling is our very last option, we have already had offers from various "house hunters" but we are not seriously looking into that yet. I estimate we would need about a $100K loan of some sort to get it move-in ready. I've been thinking of getting out a mortgage by co-signing on it or adding myself to the title. But I wanted to see what others have done on here to get some ideas.

Thanks again!

I am looking for a way to refinance repairs to my parent's old home that suffered fire damage some 8 years ago. It's been in a state of disrepair for so long due to funds being unavailable. My parents both no longer work (they are in their 60s) and have very little streams of incoming (much less savings) to do major repairs. And there was no insurance on the house at the time of the accident.

Back when it happened, I was still in school and knew much less about how to help financially. Now that I am older and a little more informed,  I am beginning to explore options like refinancing/ mortgage, or other loan options to get the house back in a livable state. The house is completely paid off.

My goal is to rent the house out once repairs are done to bring in some revenue for my parents instead of it just sitting there dilapidated for another 8 years. I intend to pay off the mortgage/or whatever loan we owe with the rental income, thereafter I hope it will provide some additional income to my parents if we manage to pay it off within their lifetime or just sell it. I just think it would be more proactive for the property to generate some income vs just sitting there.

So I would really like to know what kind of loan-types I should go for in order to take a loan out against the house for repairs? Should I get on the title/deed with my parents to help get a mortgage out? Should I co-sign on a mortgage instead? What are my options? My brother & I are dyi and don't mind getting in there to make some repairs ourselves so that would save us a little in labor but not all. Plus the biggest hurdle is $$ of materials --new electrical, new sheetrock, floors, basically everything minus the roof, studs & foundation.

I do hope I can get some earnest advice from whoever is willing to offer it!

@Barry Pekin

Thanks for that info Barry. I have also found Double Close method unessessary and a little shady to be honest. I think the neccessity of it has alot to deal with kind of person you are dealing with but I wasn't too sure if there was some other underlying reason for it. Thanks again for you input!

@Carl Fischer

Thank you for you input. I do trust this person even though I have known him for a short while, I can never be too careful. And it's always good to get things in writing afterall. Yes, writing in proof of assignment fee into the contract is what I was thinking as well I just needed a verified second opinion since I have never drawn up a contract myself! Thank you for the encouragment, you are right about testing out of the first one at least.

I have noticed that some wholesalers have used the method of double closing to facilitate some of their deals. As I understand a double-close means literally buying the property as the buyer then turning around and selling it (immediately) to another buyer the. At the same time, this hides from the original seller your intentions to resale the contract to a higher paying bidder buyer. So my question is this: In what instance would I want to utilize this double close method instead of doing the standard wholesale method?

I have recently agreed to be a property finder for a wholesaler to get 20% of his assignment fee on any successful property I help him wholesale. Seeing as how this would be my first time partnering up with someone, i would like to draw up some kind of agreement contract assuring the percentage i would be owed if he manages to successfully wholesale to one of his buyers. I only have one question: is there any way to verify or write into the contract a way to see how much his assigned fee was? Otherwise, I would only be relying off of good faith to get the cut i am owed. Does anyone have any thoughts or similar experiences to add from?