All Forum Posts by: Jason T.

Can anyone help me understand some exit strategies with land? I was thinking of selling them to development company or investors that specialize in land development, but what else is there and where to start finding contacts typically?

Hi all, I have some questions regarding applying for conventional financing for an investment property.

Is it common to be asked for all bank account statements, other investment accounts, and retirement accounts? Are they necessary? What about all the account numbers? 

I understand being ask for primary bank statement and tax returns/w2 and pay stubs, but aren't these pretty much enough?

Also what about being ask for primary residence rental contract? Is this common and can you choose not to provide some of the documents?

Some of the statements being ask for seems too invasive, and doesn't seem to have any bearing to getting the approve, ex. you can't really draw money out of retirement account easily, am I right?

I didn't realize the deposit is not refundable. 

Thanks all.

I see. So if there's about 30 days til the balance is due, is that not enough time to get conventional financing if you don't have sufficient cash? To the seller, it shouldn't make a difference how they get paid, as long as it's the agreed amount and on time right? 

@John D.

So is the process different county by county? Also is it possible to by-pass the auction by contacting the owner directly? Or is at this point, the owner has no say and it's the lender that has control of the process?

Thanks for your response.

When you bid at the auction, or buying foreclosures, can you use conventional loans? Or is it cash only? Or how does that work? I heard that for auctions, sometimes you have to pay at the end of the day, so does that mean there has to be a loan ready to go, or it's cash only?

Hi all,

I'm doing some research on lending and what it takes to become one, and I have some questions, if anyone is willing to give me some answers, that would be great. I hope they aren't too personal or inappropriate.

When lending, do private/hard money lenders usually do simple interests or more like continuous interest like a bank?

How many loans do they typically give out? Do they need a lot to be sustainable/profitable?

How do they keep track of all these loans?

I assume they would draw up a contract? How are these enforced and what to do when the payments are late?

I think that's all for now. Thanks in advance.

Also what about REOs that are selling as is and stated no contingency on inspection?

@Nathan Emmert I thought 'as is' means without inspection contingency.

Thanks, I will definitely remember to get inspection in there.

Also, if you are out of state, how would you handle inspection and with tenants? Is it a good idea to ask the realtor for referrals or should you look for other sources?

When buying a rental with a preexisting tenant in place, and the seller wants to sell as-is, is it worth the risk? Or should you definitely have some inspection?