All Forum Posts by: Calixto Urdiales

Joe,
A purchase money loan is almost always going to be based on the purchase price, not the "value". Arguably, the purchase price IS the value. If you're buying for $45K with conventional financing, the lender will want to see 10-20% of the $45K as a down payment.

You could try to do a cash-out refi, and may be able to find a lender who can do that pretty quickly. That may be limited to 70% of the appraised value. So, if the value is $70K, you wouldn't be able to get much.

This will be easier if its for repairs, like Wally says. But not if you're pocketing the money.

I would have to agree with Jon this is really hard to get by so stick to the cash-out refi.

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Dwayne just find a local company online that runs peoples credit and set up an account with them. When you have a renter who is interested tell them that there is a $11.81 fee (this wll cover the cost to run credit) to do a background check on them. Of course you will need them to sign off giving you approval to run their credit at the time and they pay the fee.

Just Google or Yahoo and you will find one that does it with resonable rates and remember you can tell a person by their credit (most of the time anyways).

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Originally posted by "nycbull212":

Im asking about websites not newspapers... I can easily open up my local paper and find FSBOs but I want to find properties in areas where I cant get the local paper hence the need for a website...

I know what you are looking for my friend but I was only trying to give you good advice as to finding good deals. Why do you want to pay the middle man when you can do it yourself and save couple of thousand dollars while your add it. But in this case you can e-mail me and tell what your looking for and I just might be able to help you out.

P.S. Yes I can find you stuff even if you are in New York!

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Thank you for your time Joe-

And I will wait for I know it is Tax season and you are very busy as it is, but I am sure I would like to know a bit more about this DEFECTIVE Grantor Annuity Trust.

Thanks again!

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Originally posted by "Wheatie":

They're may be talking about different finish levels.

You may also be talking about the difference between prices to buy and prices to build. On the place I'm trying to get closed, the apprasial came in at $125/sq.ft. while the insurance agents used $100/sq.ft. as cost to rebuild. One difference is the price of the land, which would not have to be rebuilt.

Hello Jon-

Thanks for your reply but both gentlemen had informed me that this was the cost to build and I as a bit astonished for a moment. So now that I told you that what do you think about the situation that stands before me my friend?

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Originally posted by "reorecovery":

If interested, please contact me at 916-541-2386 cell. or at the office which is 916-348-7091 We are licensed and bonded.

reorecovery-

You can not have your contact info inside of the posting itself you need to have it on your signature. You can do this by going to your profile and editing your signature where you can input contact info. Also if you would like any real good feed back on this matter you should direct your thread to the bulk REO forum.

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Originally posted by "TC":

All of my homes have lead paint.. All you do is paint over it and you are fine. If you are renting it, make sure you give your renters the lead paint disclosures and have them sign off that they got it. Don't stress over it. Repaint and you are fine.

TC I am not too sure I would suggest anyone to do this and if you need to do anything you should do it right when consering a hazard such as this. I am mean if HUD is going to offer you a grant to take care of the proble why not do it when no money is coming out of your pocket?

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My friend HUD offers a lead base paint program that will pay for the cost of repairs no cost out of your pcoket. And there are many more loan programs that are offered through FHA loans, along with many grants (that do not have to be paid back, yes free $$$$$) that can help you rehab homes. Just check out the link below and you will know what I am talking about and when you get the chance check out my sticky on the HUD, VA, & Tax sales forum to get more info as well.

Link to HUD: http://www.hud.gov/offices/lead/

Good Luck my friend.

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All Forum Posts by: Calixto Urdiales

Calixto Urdiales has started 35 posts and replied 1184 times.

Post: Official April Goals Thread

Post: What is an Accredited Investor

Post: Pull Cash out on Purchase????

Post: Background checks

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Post: living irrevocable trust

Post: Question?

Post: Creative rehab fund source for REO investors

Post: Lead paint in a rehab. DIY?

Post: Lead paint in a rehab. DIY?