All Forum Posts by: John Currey

I recently talked with a mortgage broker and me and my wife didn't qualify for a loan on  an investment property. I'm honestly surprised, right now our only debt payment is a 857 mortgage, no car payment no student loans no credit card debt, and good credit 740's. she doesn't make just a lot (41k a year) but with the 857 mortage payment, her debt to income shouldn't be much over 25%. Would we not qualify for a 55k loan? 

I've been listening to several of the BP podcasts mentioning seller financing. It's sounds like a great tool at times. What I don't understand is how you get the money to people. 

let's say you buy a 100k house on seller financing with 0 down and 1k a month payments. Am I mailing a check to the seller every month? 

pace Morby tells a story about buying a truck on seller financing, how would he make payments on the truck? 

I'm about to start calling contractors to see if I can get them to do a walk through of a potential deal I'm looking at doing. 

is there anything I should have for the contract? Do I need to provide them with a scope of work or will they look through and give me a general cost for different aspects of the house? 

when I was house hunting I was looking at some pretty run down places because that was what we could, they were all vetoed by my mortgage broker because he didn't work with anything that required rehab and they wouldn't offer the 203k loan. I haven't seen any podcast episodes mentioning this loan. Does anyone use it? 

In an on the market podcast I listened to recently they talked about underrated cities and mentioned population growth as one of the metrics used gage whether it was a good investment. 

Where Would you even find this data? My county (Taney) doesn't have a town over 10k, is there data for towns that small?  

refinance would be the exit strategy. 

my wife and I just bought a house and it appraised for 43k over what we're buying it for at closing. 

we are in the process of renovating that house so hopefully we can increase that value even further. 

I've been looking at some distressed properties in the same area and trying to figure out how to fund them. The lender on my current house doesn't do anything requiring a remodel I get the impression that's most lenders aditudes. 

would I be able to fund a hard money deal on a distressed property with a heloc or home equity loan? Is there a better way to fund a deal that would involve a large remodel?

I am in the process of closing on a house and a friend said the coming shut down might affect my loan? How true is that? 

Thanks Jason! Yes I mentioned appraisal, got my terms mixed.