All Forum Posts by: Nathan Cao

I have been rehabbing properties but has not done a burnt out. I'm at the point where i'm comfortable to take on a burnt out project.
Now my challenge is finding the right burnt out deal. It seems like supply is limited and there is a great demand for it.
I have looked at a few burnt-out, made offers but did not get it. I would guess my offers were too low.

The question i want to ask here is how do you consistently find these burnt out deals? Do i need to work with a wholesaler specializing in burnt out deals?

I have been receiving deals through email from an Atlanta wholesaler. It blows my mind how cheap houses are in the ATL suburbs.

Here is an example of a current deal:
I copy as paste from the email.

How bout a 3 bedroom with 3 full bathrooms?

1374 Muirfield Dr
Stone Mountain, GA 30088
3br/3ba, 1452 sqft
Built 1977

Price: $21,500!!
Est. Repairs: $12-$15k(possibly less)
Last Sold for $96,900

This deal is too good to pass up! Located in the Muirfield subdivision of Stone Mountain, this split level boasts a 2-car garage, with breakfast area and bonus room. Daylight basement with a full bathroom. Definitely will give you awesome cashflow or retail for a decent profit. Don't hesitate to make a move on this one..

See video here>>> http://www.youtube.com/watch?v=P_tgg3uRQ9I

For a rental, the cash flow is phenomenal.
Why are these houses so cheap? What's the catch?

i have not had problems with lower appraisals. one thing i that always do is send the appraiser the list of updates/repairs i've done to the home. this should give the appraiser a good idea on what you have done to the home.

i think it's a good strategy to supplement your rehab income. we have made 10k,1k,5k, on different deals and hopefully 15k on our current deal.

Has anyone here have experience with an out of state mortgage broker? I'm actually talking to one in Florida. She seems to be very knowledgeable and is investors friendly. I'm just not very comfortable giving my personal information to someone that i never met.

Nathan

I have a relative who wants to invest in the US's RE market. Has anyone here used private money from a foreigner or even partner with an foreigner? I'd like to hear some perspectives on this. Thanks

Wells Fargo also does cash out w/o seasoning up to 90%. they offer either LOC or HELOC.

The copper lines were cut off (stolen). The AC unit looks new and in good shape. I'm curious to know if we can just get new copper lines installed for the unit OR do we have to replace the whole AC unit. If we can replace the copper lines, how much does it cost? Thanks

-Nathan

I think what you said makes a lot of sense.

Just to be sure I called in twice and spoke to 2 more Mortgage Reps from Dallas and Philly. One told me she can do 65% LTV appraised value with no seasoning and the one in Philly repeatedly told that he doesn't have any "no seasoning" refinance programs available. When i brought up the other 2 Mortgage reps, he told me that those two gave me wrong information. He said he's a senior/manager in his department. He said often times Mortgage reps don't keep up to changes in policies and they also give you false information just to get you to fill out applications.

I'm really don't know what to believe right now.

I guess i'm gonna go down my list and call all the local banks :(

-Nathan

I just talked to a mortgage rep in Illinois about their refi program and he told me he can do 80% LTV appraised value with no seasonings. I got in touch with him through yahoo 1 800 number.
I called my local Countrywide banks and they have nothing like this. I'm kind of confused. The mortgage officer in Illinois sounded legit and he sent me all his infos via email.

I have 790 FICO Full Doc.

I bought the house with cash and will close in a couple of weeks. I plan to rent it out and refi.

Has anyone dealt with Countrywide lately or know about their refi policy? It it typicall that different locations of the same bank have different refi policies?

Thanks

-Nathan