All Forum Posts by: Logan Hicks

@Upen Patel

Upen, it is extremely rare to find any HML that will do 100% of balance while taking a 1st without some substantial point requirements, and very high interest. I would highly caution anyone who is offered this to stay away, as they will almost surely require an "application fee" of some sort, only to deny you, and keep your money.

@Matt Powell

Upen is a highly regarded lender in the forums. I would recommend talking to him, charles fitzgerald (Did I spell that right?), Bill bloom, Charles Rattley, or Don Stone.

Based on the numbers I saw, its an excessively negative performing property

after all the taxes, insurance, fuel, and annual repair costs, you have roughly 9100 left, before debt servicing. With Debt servicing, you have roughly 8112 in total debt per annum.

This considered, your overall profit per year would be a meager 1000, or even less. And thats assuming you NEVER have a surprise cost. 

All in all, id say its a ****** buy. Pass.

Bypass them all together, and just buy direct from the county, state, and feds. you will do yourself a favor. Do your homework, select your areas of choice, and pick and choose your properties yourself after doing site seen.

@Matt Powell

I do HML for Small balance (Less than 25K). When are you free to talk?

I get 10-12% depending on the funds Im in on average, and I hit the 14-16% on my international investments.

If you arent getting over 10% cash on cash on the market, change your investment broker, cause they suck. 

Hell, even my russian t notes are doing at least 14%. 

@Melissa Klocksiem

@8% per 2 months, thats not bad. Id be willing to do a B2B lending at those rates, whens a good time to talk?
@Melissa Klocksiem

Im interested. Tell me more about it. When are you available to talk?

quite a few substantial flaws with this.

First of all. They are using rent charges twice. once at 775, and then again at 1000, to calculate different numbers, used within a formal based on a previous one mind you.

Secondly, this is assuming a standard individual renter can afford a 1500/m mortgage, BEFORE INSURANCE. Mind you this is on a house worth less than 100k. (Rule of thumb is generally 700 per 100k.)

Next, its assuming FHA will allow an individual to do 110% market value (they wont). Another assumed flaw is FHA wont loan to people below a 620, also not true.

Source:

http://www.bankrate.com/finance/mortgages/7-crucia...

Additional problems with this is assuming someone who will live in a 60-70k value house can afford rent to any extent, especially those with bad credit. There are reasons why they are willing to live in a very cheap place, while also having bad credit, and its not because of ***** and giggles. 

All in all, I think this is worth about as much as the toilet paper I just flushed.

The general concept of COC is good, and a great idea with seller financing, but adding on all the other ridiculous charges is assuming youre going to hook someone with a FANTASTIC INCOME but HORRIBLE credit. They arent going to want a crappy place. The biggest flaw with this is, once you start to expand on it, it has substantial diminishing returns as you increase the property value as compared to the market competitive rates.

Once you start to reach the 2k plus boundary, you start to hit severe competition to were its literally just cheaper to rent for now, and just buy later with FHA in a year or two.

Curt the easiest way to explain it is with car notes. When you refinance your car note, you are refinancing it, thus generating a new note, but with a NPN, you arent "refinancing" you are "adjusting it on the fly" so to speak.

Are these returns monthly, or annual? 

Because at 8% annual, I can simply throw my money at the S&P and get higher returns annual with less risk, and no hassle. will cost me 7 dollars to sell.

Secured credit card, Secured Credit Loans, Go buy a car, pay it off rapidly (1 year), buy another, pay it off too. 

Pay all your currently existing loans to down to at least 50% of origination balance, pay all credit cards down to 30% or less, preferrably 10% or less. 

Dont bother being added as an authorized user to a card unless you find out whether they share credit or not. Some banks like M&T dont.

Get secured cards through providers that allow you to increase your balance above the 5k mark, the 12k mark, and the 25k mark.

Those are the three major point jumps you will experience. ANything less isnt worth your time.

In my personal experience, Navy Federal is the best to go through for all three of these.

They also do loans for houses, as low as 10k from last I asked, which was less than 2 months ago.