All Forum Posts by: Joseph Newton

I am wanting to find additional local banks, credit unions, etc that are ok with a wrap-around. I am doing owner financing deals in which an investor qualifies for a commercial loan to purchase the property with around 20% down. Then sells and owner finances the property to a buyer with a wraparound. I am trying to find additional institutions that understand and are ok with this type of transaction. Any suggestions? I am located in Texas. 

Thanks so much!

I am looking for options to borrow from 10k to 30k... paid back over 3 to 5 years possibly sooner. It is for a deal that I would pass on the full monthly payments. I would be happy with an interest rate of 10% to 15% possibly a little higher, depending on numbers.

The roadblocks I am running into are I am self-employed so little w2 income. So can't do a cashout refi on personal home. I am purchasing the property using a bank statement loan through my LLC. I am wanting to borrow the cash that has to stay in the deal. I have the funds in the bank, but I don't want to not be able to access all my savings.

Thanks for ideas! 

Joe

Is there still a site out there that will pull records showing what permits have been pulled, what insurance claims have been made, ect? There was a site called like hometrackr.com that would do this for free.  I can't get this site to work any more.

Any others like it??? 

Thanks! 

Joe

I am a new agent in the DFW area. I have a customer who is looking to buy a Duplex or Triplex in North Dallas/Carrollton/Grapevine/Lewisville... .ect area. I am not seeing a ton on the MLS. Does anyone have any outside the box ways of finding these properties? I know a lot of what I see are only half duplexes.

Facebook groups, websites, door knocking,what is the best way of finding these properties? 

Thanks! Love the BP community! 

Joe 

Thanks for the feed back y'all! I really appreciate it! 

I am wondering what the process looks like to find properties that have back taxes owed. Specifically around the DFW area Texas.  So Dallas, Collin, Denton, Tarrant Counties ect. 

I am guessing it is done either at the Appraisal District or the county tax office. Do I have to look up specific properties or is there a way to search properties that are behind on their taxes by X amount or time? Can this be done online or do you have to do it in person (I'm sure this probably depends on the area/county/city)? 

Are there any blog post about this on BP? 

Also, what other questions should I be asking in regards to this?

Thanks!

Joe 

p.s. would there have been a better forum to place this in? 

Hi,

For an investor who has about $10,000 cash on hand what would be the best way to start investing? If the eventual goal is to get to flipping a house a month, but aware that in order to learn and build capital it will be a journey to this point. 

Also, if you have good credit, what are the best finance options? Specifically if the investor did not want to move into the properties them self.  

Thanks for you advise and opinions!

Joe

p.s. If anyone has a lender who they have worked with in the DFW area (Texas) I would love to know. Some one who has experience working with investors. 

@Brett Snodgrass I would love to hear more on how you found deals that low.  What did that process of starting look like for you? I'm sure you got a lot of great experience (even if you were not making a lot of money) starting off. But $5,000 to $10,000 is a some what of an easier amount  to save up to. 

Thanks! 

Joe 

Here are some idea's that have not been mentioned yet. Outside the box, but worth considering. $500, that is at least enough to pay for an inspection of a property.... 

If you are willing to live in the property for a bit you could consider the SETHFC program. SOUTHEAST TEXAS HOUSING FINANCE CORPORATION. It is a Grant ( you don't have to pay it back) for up to 6% of the down payment or closing cost. It can be used with an FHA loan. It also has higher income requirements than most first time home owner programs. You can make up to $80,960 as a single person. Maybe you can find a duplex or something and live in one side while you collect rent and learn what it is to be an awesome landlord. www.sethfc.com

If you have a really (really really) low income look into a first time buyer program. A lot of cities around DFW have them. They give you free money for buying a home in those cities. You will have to live there a set number of years, but could be a good start with free money. Also, if you are a teacher, fire fighter, police office, there are programs with HUD and others that will help you purchase a property. Some at a 50% discount. Again, you would need to live there. But this could be a start. Buy, live/save, and in a few years sell, make money, and invest in something better.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot

www.tsahc.org/homebuyers-renters/eligibility-quiz

Depending on your situation, if you are able to move outside of the East Dallas area a USDA loan could be done with no money down. If you qualify for a VA loan these can be done with no money down as well.

I would highly encourage you to find investors you can help with "grunt" work. Building relationships, while you learn, and maybe even a little cash on the side. 

Good luck! & please post any updates. Would love to hear how things are working out for you. What has worked, what hasn't. @Sawyer Nyquist

 Wondering how things turned out? Did you find something this fall or did you learn something that changed your criteria? I live in the area and would be interested in what your search turned up. Thanks!  

@Account Closed