All Forum Posts by: James Harkness

It amazes me how people don't read the original post and then comment in a way that has nothing to do with answering the original poster's question. Stacy is not looking to learn, he is trying to get in with a Guru to market his properties to the investors who pay for the Guru's course.

Recently went from a 2 to a 1 (just barely)

A short sale is going to be based on the current market value of the property. Original LTV is irrelevant. A lender will usually only approve a short sale if there is no equity in the property. Otherwise they would foreclose on the property and sell it themselves to cover their debt.

Rich,

Thank you for taking the time to share with this 5 part series. Although I am not near retirement at this point, I think the info here is very valuable to the planning process. Thank you again.

With a 740 credit score, you have nothing to worry about. You don't need to improve your credit any further. You are pretty much in the top tier of credit worthiness already.

Wainscoating in a bathroom is not a great idea. It will expand and shrink with moisture (as all wood does). Eventually there will be very noticable gaps and it just doesn't look good.

A lot of people think they are cash cows, and in many situations they may be if they are properly managed. However, as a commercial asset manager, I see these things going to foreclosure all too often. So that being said, make sure you know all of the details involved in owning and managing a MHP before you buy. I think that there is more to it than meets the eye.

If the lender chooses, they can foreclose on you if you do not refinance per the terms of your mortgage.

Two other considerations: 1. Fine art... A Picasso piece just sold yesterday for 106 million.

2. Vintage guitars. There are really few investments that showcase such a rapid, steady increase in value. But you have to know your stuff.

I'm not saying that this is necessarily what I would do with the extra money, just thinking a little outside the box to offer some different suggestions.

2nd liens usually get up to 10% of their outstanding balance in a short sale situation. So yes, you are shorting the first and the second. The 2nd has some leverage because if they do not agree to release their lien, the transaction will not work.