All Forum Posts by: Jeff Warner

Far too much risk and not enough reward. With all due respect, your 10 months of free rent will turn into a year or more and is as good as lighting your money on fire. Why take a risk like that and then delay your ROI for so long? Take your 14k and go do some Lonnie Deals (see Mobile home investing). Just my opinion.

What's the interest rate on the note? With taxes and insurance at 5% the payment would be $1387, based on the info you gave. Why would you give them cash on this deal, then loose money every month? Maybe I'm missing something but this looks like a bad deal unless your flipping it quickly.

I've recently looked into this on a house I'm trying to buy...as far as I have found, VA loans and for sure some FHA loans ARE assumable. Most regular bank loans are not, but there are other ways to acquire the property such as doing a Subject to deal, which has risks. Post some more details about the deal and I'm sure someone will chime in to help.

In the mean time, do a search on Subject to here on BP, you'll find some great info and then you'll at least know if it fits for your situation.

Anyone else have ideas on this?

I hear you Cody, it's totally lame. I had one bank tell me plainly "The income is there, I see it....but". We'll see what happens here, I may be able to just qualify for conventional financing on the $84k, just hoping for something better / easier.

Hi Jay,
Just to make sure I'm following you...your saying I would record the deed, so it would show me as the new owner, and I would start paying on his note?

He owes $84k, which I planned to pay through an escrow company to make sure the first loan is being paid on time, rather then hand him $650 / mo.

Anyone....Bueller?

Hey guys, 

Here's a deal that I'm looking at and need some advice on how best to proceed...

SFH $149K, comps show $170k

Seller is willing to take $65k (his equity) and have me assume the mortgage (84k, $650 / mo). He called the bank and they said it's not assumable (I haven't looked at his paperwork so just going off what they said). I have a very good friend that is willing to loan me the $65k for 12 months, the goal is to then refi and pay off both loans in that 12 months.

This is a home I'm going to live in, not flip, so it would be an owner occupy refi. I made the mistake of too many write offs with my business and can't currently qualify for the $149k.

Here's my main question: Is there a way to do a "seller finance" on this home legally, seeing as he is not in first position or would this be considered a wrap or subject to? As far as I know, most title companies won't close on this without approval of the bank that's in first position, at least Ticor won't. How would you proceed on this deal?

Eric,

I gotta ask, did you read that article? Don't celebrate too soon, if you read the article it's not all warm and fuzzy saying the Dollar is back, in fact it points to the Fed being irresponsible and closes the article by saying:

"As the year grinds to a halt, it sounds like Captain America could really use some Super Friends."

The dollar is looking better then the Euro because of countries like Ireland and Greece. It's not a bad thing to be optimistic but at the same time be aware of what could happen. Other then the catchy title, that article is certainly nothing to celebrate over.

Jeff

I love the Biblical reference Steve.

Jeff