All Forum Posts by: Gary Fischer

@Louisa Cash

Seems to me from reading other experiences if they just email that they submitted the offer without calling and asking for your highest offer, it may be that the offer seems like a reasonable offer and they expect it will be accepted. Yes, the week wait makes me feel kind of stalled. I don't want to waste time not making other offers if it won't be accepted. 

Hope you got a great deal. I am happy with mine. I don't know what state yours was in or what kind of deal you're getting but..... Mine being in FL I was able to see what Nationstar took the property back for at the foreclosure auction. They had taken the property back at $158,100 and it was on a $241k balance due on the mortgage. A pretty fair ARV on the property is I believe $279k. My bid was $152,500 plus their 5% making it $160,125. With closing, I would have to keep rehab at $30k to be at 70% of ARV for purchase price plus rehab cost. I most likely will be in the $30k-$50k range. If @ $50k I will have 77% of ARV in the property. I will still be happy with the return if it all works out that way.

@Louisa Cash

Hello Louisa....The day after my bid closed as high bidder, reserve not met. I received an email acknowledging being the high bidder. I was able to communicate fairly easily with the person at Homesearch that sent that email. They said Nationstar was considering the offer. I heard back one week after their initial personal contact and was told the offer was accepted. I have a completed signed contract from the seller with closing scheduled, and earnest money in escrow with the title company. So far so good. I haven't run into any real problems. I have actually been out of town checking the property out so I just saw your post here. I saw you now have heard from them on yours. Good luck on having them accept. I'm very pleased so far with what appears to be an excellent deal we got on our property. 

Right now I have one who thinks he can do a large LOC low interest based mainly on credit and net worth but I'm not holding my breath. This would be enough to just write checks for homes and rehab in the range I'm thinking about but in today's market I can't see it happening. Gosh, in today's loan market I have one at 6% I can't refi because it's about 90 ltv because of the market crash in that area. Hard to imagine getting an LOC to be able to do this

yeah that must be it which would qualify with apparently cash funds from any source....

unless on a cash out refi I could lower interest rates on all or a serious average of all...of course you can see why I'd prefer LOC if I have good rates on my loans....use money when I need it..no closing on 6 current mortgages

An LOC is what I'd prefer...secured or unsecured. Good scores good assets.... But, my real question is about once I buy a property with LOC funds, what is available to turn around and refi? I'd heard of something based on appraisal that could include rehab and done right away but can't find it...

Are you talking about a blanket LOC?

oh cashout refi....no, I don't think so. I have good interest rates on all but 2...Like 4.5-5% on all but 2 at 6%.... One 6% is a big one though. I'd love to refi that one but LTV on that one brings down the rest...

This isn't the one I'm referring to. I understand the seasoning period but I read somewhere on here about refi on a loan for investment property that HAD to be done in first 6 months....and could be done immediately. 

What's the deal to refinance within 6 months referring to? Is that if you want to do cash out on investment property and you fall in that 5-10 mortgage range? Currently have 6 mortgages and it looks to me like a line of credit would be best starting to get into fix n flips. Enables you to close fast just like cash. But, what are the options financing that property immediately?

Basically what I'm saying is agents will tend to shy away from working with you before property holders will in my experience. You never know what will work for the owner or how much they need to sell without asking and agents figure you are wasting their time with low offers