All Forum Posts by: Gino Cook

that makes sense to me ...thanks 

I kinda thought it was iffy , because if I put put 20% down on $85,000 that's $17,000 and I would get that back plus some from my friend .  The whole purpose of brrrr is to get your money all out .. Well I didn't rehab a thing , the house was giving to me for 7 years then I will get a mortgage and put $17,000 down , then I will get all my money back plus prob extra $10,000 and on top of that I will make at least $250 a month off rent ….I could be way way off but this deal looks like a slam to me and the more I think about it I really think its legal .

yes that is how it would be my buddy would give me the proceeds check after the deal ..ok so your saying nothing shady with that and that's what I wanted to hear thanks 

I just said $900 payment to put a number out I know my monthly payment wont be that high.Why would it be a problem for my friend to give me the difference in money ?

i thought this would be a easy question but I see I can't write it out right so let me try again 

I bought a house on a land contract with lawyers .

my friend who I got it from owes $51,000

if he sells it to me for $85,000 and pays off his own mortgage he has $34,000 left from the sale 

He has agreed to give me the $34,000 since he did make a contract with me and I got him outta a jam.

now the $34,000 I get from him would pay back the 20% I used for a down payment (on a mortgage) plus give me $17200 extra towards odds and ends I didn't add in .

I have made payments of $638 that's everything  a month to the mortgage company for 7 years I can talk to them anytime I want since he has giving them permission to.

I have tested the waters on CL to rent my home for $1150-$1250 a month with a huge response , lets say my new loan payment goes up to $900 everything included I would still make at least $250 minimum profit a month .

So I make all my money back (20% down ) plus say $10,000 plus  in my pocket and I would cash flow at least $250 a month 

I hope this makes sense , im just not sure if this is a shady deal since I set the home price to benefit me and if its legal 

ok so I thought if my buddy owed say $50,000 and I bought it for X amount what he owes on loan gets paid and all the extra he got goes to him as a profit and he would give me that .. my monthy payment is $638 for everything I can have it rented for sure at $1150 -$1250 a month . its been 6 years I wanna get it outta his name and in mine 

I bought a house for $63000 7 years ago I owe $51000 now and value of home went up $10,000 since I bought ..its a owner finance my friend owns house will appraise for $84000 -$90,000 should I try to get a mortgage for the $90,000 ?  and then get the left over money my friend has after paying off his loan ? my friend is 100% for this since I got him outta a jam and took house over let me know what u think  

will you be doing the rehabbing yourself ? if not pm me .Me and wife do that line of work everyday 

So I see  homes for $25,000 to $40,000  and they are accessed at anywhere from $89,000- $129,000 . When u go to refi where does that price come from that u get money on ? if its appraised value where do they get that value from te accessed value ? I have 3 bank accounts from 3 different banks I talked to loan officers each one said chances are pretty good for the appraisal to just do a drive by... Now I was looking for this answer but didn't just wanna ask if they gotta come in house all three banks said they would prob just do a drive by , so do they go off the accessed value ? drive by and if it looks decent just write a number ?

talked to a hard lender today this is what I was told , hows it look ? ''So on a $25,000 loan, you would be looking at approximately 3 points / 10.5% interest You'd pay one point (1%) when you sign the loan closing information sheet ($250), and at closing, you would pay the remainder of the 2 points, 2% of $25,000 = $500.
The 10.5% interest is for the year, so you'd have monthly interest-only payments of $218.75. At the end of the loan, it just gets paid off when you either refinance or sell.