All Forum Posts by: Damaris Conrad

Thanks so much Tom.. for your comments here.. I will do some more looking at the blog you suggested. :)

Damaris

Hi Tom,

Thanks for your response.. I have sent you a private email--
Damaris

Wendell & Wayne:

The loan mod was in place for the past 2 years and yes, they got behind, and but now have a current loan standing.

Re funding-- I was told last week by the loan officer that we were approved, but it was the initial approval with FHA. He felt that there wouldn't be any issues, but until I get that full funding, I couch it in "possible" funding.

I did get an approval from a private lender out of Canada, but his references have been hard to connect with, and I am not sure how else to check him out. He is on Linkedin and Connected Investors, but hasn't done alot of loans in the US.. apparently. His rates are reasonable but, I want to do my due diligence. If you have any suggestions on how to check the company out, I am all ears. We have always had our own personal funds to do deals, but some of this is tied up, so I am embarking on this new journey of investor funding. :)

Thanks for the suggestions & assistance here.

Damaris

Jaren-

Thanks for the bump... I am new to the Biggerpockets, and still learning my way around! To answer a couple of questions here- I have been told by a direct lender that we qualify, but it could take a few weeks before we have the funds. Typical.. so I looked into private lending a couple of times, so we could just pay off the loan, and take title.

One guy responded and approved us, but he is out of Canada, and the references I have tried to call on, seem be difficult to connect with. Not real sure how else to do my due diligence with him at this point. We have always bought outright with our own funds, but these are tied up at the moment.

Admittedly, I don't have alot of experience with subject-2's-- I need to learn more on this type of deals.

Thanks for the response here.. everyone.

Hi Everyone:

I have an interesting dilemma and not quite sure which direction to go here despite some experience with rentals, fix, flip, etc. A friend of mine is willing to give me her home if I will pay her outstanding bills on the house. (No liens, all contractors have been contacted).

She is divorced, and both just want out of the house, as she is getting remarried and relocating. It is a an excellent house in a great neighborhood with the usual repairs/fixes. The problem: It is with OCWEN and on a loan mod. Don't get me started with OCWEN- we will be here for days!

Ocwen told us we could assume the loan- but now they are saying we can't due to it being a loan mod. She is allowed to sell the house, but we are waiting on funding on my end. She needs to move out of state right away, while we are waiting on funding decisions.

Should I offer to "rent" the house from a distance, pay mortg, pay the utilities while we are waiting on funding? The loan is current, and neither of us wants to see her get behind. What type of agreement should we have in place? She doesn't have the funds to continue doing the payments, if I don't do this, as she has just resigned from her current job in preparation to move out of state. It could be a few weeks before funding comes through.

What should I do to protect her and ourselves here?

2) If renting is a legal viable option, even though we wouldn't move in, as we are out of state, then what about doing the fixes while we wait on the funding? She would rather that I take the house instead of listing it-- due to finances, but what if the funding goes bust?

Is there a legal and creative way to do this process?

Thanks for the thoughts, counsel.

Damaris

Hi to Kristie!

My name is Damaris-- and I am new to Bigger Pockets as well, but not new to purchasing properties, and finding deals. Have you considered Idaho along with TN? I am formerly of Ca and TN.. and understand how difficult it is in CA, esp Southern CA. Idaho- Treaure Valley area-- Boise, Nampa, Meridian, Eagle, Caldwell, are growing well. Just recently, it was profiled in a popular mag as being the 2 best state to bring businesses too, make a living, and purchase real estate. It is definitely growing.

There are many CA investors coming in. My own brothers and some of their friends from Ca, have been buying up properties here for rentals every few months-- Feel free to send me a Pm and/or email me directly. We run across properties all the time, b/c I also own a small Property Preservation company.

Most folks don't know this.. but Preservation companies are used by the banks, regionals, nationals, realtors to clean, maintain, foreclosed, pre foreclosed and REO properties. Our team goes in and changes the locks, debris/trashouts, sales cleans, mows the lawns, winterizations, etc. Companies like us are usually the first to know what properties are out there or coming up.

Damaris

Property ER Specialists, LLC