All Forum Posts by: Lance Wakefield

Take out a mortgage on your paid off house, most banks will do an 80% LTV.

or if you have a commercial lender you can cross colltorlize your paid off house with the house you're purchasing. 

If neither of these are options I have a few others just let me know. 

You could also just transfer deed into your name then simply make the payments for them. There is a due on sale clause in the loan docs but banks rarely exercise them. 

The house is put on MLS in a effort to sell it before the auction. The bank wants it off their books asap. Cash offer is a sure thing meaning regardless of condition, financing etc. Their offer is stronger even if yours is higher but a loan through a bank etc. I would advise using hard money or partnering with someone with cash if you plan to play in the foreclosure arena.

What if you bundle the loans using your company credit then seller finance them back out to your buyers. Does that make sense?

So you get bank financing for 10 homes and lets say its a total of 200k. Your cost is 150k and you are selling them for a total of 300k plus interest (which is higher than the interest that bank is charging you obviously). I don't know real numbers but this is just a thought of how you could make the financing work.

Its only if meth was cooked in the house, not if meth was used in the house. He is fine to carry on as normal. 

I spend hours and hours finding the right lenders to work with. Usually you wont walk into bank of america and they'll have everything you need. Spend lots of time on the phones finding the banks and people at those banks who can meet your needs in as many ways as is possible. 

No  you are just putting your earnest money at risk in any states i have worked in. 

@Matthew Fleming there is an assignment contract in the tools section on bigger pockets under forms. Pick one of the 5 different assignment contracts there and fill it out and send it to the buyer. 

Why would you give you owner $1000? If you have it under contract at 33k keep it there. Then I would resend the first page of the contract to the owner and simply add and or assigns next to your name. Then there are like 5 different whole sale contracts in the docs area on bigger pockets download one and use it. Make 2k no need to give away 1000, or I would be happy to take if you want me to get the owner to do it for you. ;) jk... but seriously 

no the app is rather limited. You can always login on a tablet and do it on your browser. On a phone it would be too small.