All Forum Posts by: Jide Akinyode

Thanks Chris

I should have stated that I want to "finance" the place, instead of refinance. Since I don't have a lien in my name.

Any thoughts? 

Yes I believe so. An Assumption Warranty Deed with Vendor's Lien and Deed of Trust to Secure Assumption were both sent to the county. I had a lawyer help draft all the paperwork. 

Hello Everyone,

I recently acquired a property using an Assumption agreement (without lender consent). Here's my scenario:

I bring $18k cash to the table. This money went towards reinstatement fees from a foreclosure on the former owner. My agent values the home at 100-110K and the current mortgage balance is $47K + 18K (foreclosure fees), so its got roughly 35-45K of equity. In return, I've agreed to let the former owner continue to stay in the house at a reduced market rate rent for 3 years. 

My goal is to refinance this place to pull my initial $18K back out through a refinance. Can anyone give advice on how to do this? Are non-recourse loans in play here? 

Thanks in advance.

Hi Valerie,

Thanks for the warm welcome. I've lived all over the state, but Lima and Cincinnati is where I spent the majority of my time. 

Hi Everyone,

My name is Jide, originally from Ohio but living in and loving Texas. I'm an robotics engineer by trade, having worked at NASA and no a spinoff startup. My wife and I have jumped in head first, our first deal was a complete interior rehab project. We've learned a TON. We're hoping to do 3-4 deals a year in and around H-town. We love the grind and simplicity that real estate investing offers. Looking forward to connecting.