All Forum Posts by: Account Closed

@Nimit A. In answer to your question: "1. I was wondering if anyone has heard of or has any experiences with someone with not that much credit history getting a loan." 

I never use a loan in my own name. I explain how and why in my Profile. Don't let lack of credit stop you. There are Plenty of people with money who will help you along the way.

Seattle will continue to go up. Chinese money has moved from being invested in Vancouver Canada to Seattle. Watch for property taxes to sky rocket further. As long as high tech does well in Seattle, there won't be much correction. Oh, except when "the big one" hits. That changes the landscape (literally) a lot. I'd look at Everett and Tacoma, maybe Puyallup. Out of state is: Phoenix for sure. Low property rates, fastest growing county in the country, friendly investor laws and great opportunities.

Hi Gene, it is very hard to get financing on a doublewide. Does it have elimination of title? I'm sure it must. What year is it? Is it on city water or a well? Is the HELOC against the property, the property and the doublewide or is it cross-collateralized? Subject To might work but I'm just not sure $1000 a month is going to appeal to very many people in the area. I'd try finding someone in Ellensburg or if it is on the river maybe I'd promote it as a hunting "lodge". ;-) Anyway, the Credit Union lent against it so it can't be too old. It's best to call a Mortgage Broker in Redmond or call BECU or WSECU or BofA and see what year the cutoff is for financing on doublewides. That will help.

Hi Dom, thanks for your service. I don't use loans so I may be a bit rusty on this one. Years ago I was a loan officer and I realize the rules change over time. That being said, it used to be and may still be that you can have multiple VA loans so long as the one you aren't living in is sold on a Wrap covering the payment (you hold the note). The numbers offset each other for factoring purposes. This should free up you VA limits while giving you "cash flow" on the previous property. Which is a pretty cool combination. Check with a Mortgage Broker to see if this is still true and if it works for your scenario.

HI Mike, you are a smart guy. These are the only type of deals I've been doing for years and it has paid off nicely. One sure fire way is to select a neighborhood you want to work in, make sure it is medium income and safe, and take some fliers with you and knock on doors. Evenings and weekends are best. Tell people you are looking to buy into the neighborhood and ask if they or someone they know is considering selling without the expense of a real estate agent. Another way is to track tax liens. If they can't pay their taxes, they may be interested in selling to "move on with life". At last count I had 74 ways to find motivated sellers. It takes work, persistence and you have to get to love the word "no".

@Varinder Kumar  A couple of quick questions, why would a buyer's agent even contact you? You are making their job harder and less likely to close. What will you do if the appraisal comes in low? Do you know how to avoid being sued for misrepresentation or omissions? What happens if they find an error of a lien on the Title? Did you even know there is a Title? What will you do if everyone tells you your price is too high? How do you do your comps? What if it hasn't sold in 90 days? Will you take it personally when they say you painted the living room the wrong color? What will be your response if the potential buyer is with a wacky real estate agent who hasn't qualified the buyer for financing and you find out after you've accepted the offer? How will you show the house at 3:30pm on 10 minutes notice if you are at work? If a real estate agent calls to set up an appointment and you don't pick up the phone, will you call them back? What about all the investors and real estate agents that want to list your house? Are you willing to take those calls?

No, I'm not a real estate agent.  I buy and sell houses full time for a living and I haven't used an agent for the last twenty years. But, I do see the need for one if it is your first sale or if you are busy doing other things. Or, on the other side, perhaps you just like the drama and jumping into the unknown. Either way, you are a very bold man. 

@Kenneth Farrell Hi Ken this is Ken. Even though we're not kin we mighta been. So, you say "Actually any advise on anything would be greatly appreciated." You did say "anything" So, here we go. The word is "advice" not "advise". It makes it easier to do deals with people's money and property when you pay attention to the little things. It adds confidence that you are going to do it right. Next, marry the poor girl. Living together is so yesterday. Research shows that marriage makes guys more successful than living together. Look it up. Next, set your goals in writing. Where do you want to be professionally when you are thirty? If in real estate, do you want to do "flips", "cash flow", rentals, notes, commercial, tax liens, "buy and hold"? How many properties do you want to own? Why? Are you doing real estate for the money or for the thrill of the chase? Buy Tom Hopkins book, "How to Master the Art of Selling Anything" and learn it thoroughly. Plan out your year by Quarter and then by month and then by week. Don't spend $40,000 on some guru to tell you how to do real estate. Read, Listen, Read, Listen, and Read Listen some more. There is so much material here that your only excuse for not being successful is inaction. And, by the way, invite me to your wedding. ;-)

@Shiloh Lundahl

@Rich Thomas

@Rich ThomasI agree entirely with Shiloh. Brothers, sisters, cousins, aunts and uncles will pop up from nowhere wanting Uncle to do the same for them and unless you can show that it is a professional transaction and not a "family loan" it puts him in an awkward position. It make for interesting family gatherings and Thanksgiving will be an especially tense time if you don't do this right.

A good appraiser will find "3 similar properties that sold within that last 3 to 6 months within a mile of a subject property" as a rule of thumb. So, do the homework first on what has sold, the year it was built, sq footage, condition, location, amenities etc. There are plenty of resources. One that I use is Redfin.com if they are in your area or Trulia.com  On Redfin put in the zip code and on the right side click on "More Filters" then Left Lower click on "Sale Records". 

( Cosmetic repairs shouldn't affect a good appraisal. A bad roof will affect value or something else major like a cracked foundation but not paint colors or window coverings etc.)

However, it is my experience that Hard Money Lenders always appraise a property far lower than what it would sell for. Must be a "trick of the trade" but don't expect them to come close to the same numbers you do.

It wold be an attorney in the state the property is in. A recommendation is just that, a recommendation for convenience or cost effectiveness. You still have the option of finding your own attorney to represent you if you feel you want to.