All Forum Posts by: Lee G.

1st Mortgage
Name of Lender/Servicer: Aurora Loan Services
Is Buyer on A to B an Investor?: No
How long did the approvall take:? 30 Days
Any per diem? No.
Any Restrictions:? Arms length
Any Commission Reduction?: No
An extension request made, if so was it granted? Yes - 30 days.

2nd Mortgage
Name of Lender/Servicer: Aurora Loan Services
Is Buyer on A to B an Investor?: No
How long did the approvall take:? 30 days
Any per diem? No
Any Restrictions:? Same - arms length.
Any Commission Reduction?: No
Any extension requests made, if so was it granted? yes, 1 for 30 days.

1. If this was an A to B, B to C, was it successful?:
A. What is FMV?: 240K
B. What was the BPO value (if known) or lender's counteroffer?: Unknown
C. What was the Approved Price?: 125K
D. Were commissions paid on the A to B?: N/A
2. If it was an A to C or retail buyer, did it close successfully?: N/A
A. What was the main reason it went A to C?:
B. Did you get a negotiation fee?: No. Didn't ask. Should have!

You need to find a portfolio lender. These are typically regional or local banks. The one I've talked to about this is Washington Federal. I don't know where you are but they might take a shot at it.

Great help! I have 8 units now. One of the buildings is in transition from a sub-prime tenant to a more moderate income tenant. I wish I could have booted most of them when I took over the building but that's not the way it works. So far they've been decent and I've not had late calls but it's something that keeps me awake

How do you guys deal with after hour phone calls? While I want to be reachable if the building is burning down, flooding or other major problem, I want to avoid the calls that can wait a bit or wait until the "office" opens.

Minimum 12% cash on cash returns is what I'm looking for for my long term holdings. I came up with that as I was looking for numbers that were higher than the S&P 500 and still compensated me for the effort I put into the building.

Your question is a bit unclear. I think you are asking about the benefits of seller financing. More or less you hit the nail on the head... "if the terms are right". Seller financing enables you to do anything (or just about anything) to control a property.

Benefits to the buyer:

- negotiable/competitive down payment
- competitive interest rate
- negotiable terms (interest only or principle only for X years/months)
- Loan doesn't necessarily count on your credit history or toward FHA limit

Benefits to seller:

- larger pool of people to work with. I know I won't qualify for traditional financing as an investor.

-- Make a little bit of extra money. Wrapping your existing mortgage can help you earn 1-2% without trying.

-- Can possibly get the property back in event of default.

I maybe missing something. Anyone else want to chime in? The reality is the benefits are infinite. I've found the best part of real estate investing is how creative I can be when doing a deal. Will someone ever trade you a boat or car for 40 shares of Google? Nope. In real estate it's what ever you can work out between the parties.

LOL! I've done that... That said, family labor tends to be expensive. I pay in beer and dinners out... the last time I did that, it would have been cheaper to have a pro do it. That said, what is better than bonding over a tile floor or with a paint brush?

This is how I did my first deal... I found a 4 plex and got an FHA loan. This seems to be the best situation for the buyer especially if they are going to live in one unit. You'll need to pay PMI and upfront MI if you put less than 20% down but run your numbers. In many cases, it makes sense to pay the MI.

You can call my broker - Andy Iheanacho and he'll set you up. his number is 801-424-5200 ext 1

Unfortunately no to the seller financing. The seller owes $240 on it. I'm getting it for $125.

I had someone say they were getting an error when replying to this...