All Forum Posts by: Lynn Por

Hi 

After absorbing the knowledge and mindset of investor for awhile ,  I started to aware that primary residency is not considered  a good asset . My husband and I decided to downsize  our home to smaller single family home in the same  neighborhood . 

I encountered a rent to own house in my neighborhood which I tnink is a perfect size for us. 

I wanna to approach the owner but I am not sure what is the best strategy for me. This is the situation , it is still a buyer market over here in Naperville IL . 

The house is a 3 bed room house at the market value of 300K to 350 K. 

We can sell the current house and  pay cash up to 250 K and have no mortgage . Or should I convince the seller finance straggly ?i am not familiar with the seller finance . From the bigger pocket , I read that the bank won't allow loan assumption if the loan is the recent one ?

Since the owner has the sign of rent to own , I would like to hear what is the best strategy for me . the primary resident house will be funded by my spouse and it does not affect my reserve for other properties investment . But if the loan assumption strategy allows me to loose up more cash , we would be happy to do that if the purchase price  still make sense . 

I look forward to your advice 

Lynn 

Hi , I try to check the public record and notice some properties have lis pendens . On the other hand , most of the outstanding mortgage are way beyond the price the bidder will pay . If the house is sold , can I say the secondary liens will be wiped off since the money will go to pay the first mortgage and any other outstanding tax ? If that is the case, Should I feel more safe to bid the bank owned properties ?

I know we should pay for the title search . But it does not make sense to pay 250 for every title search before bidding for the houses we can't guarantee to get  in the bidding war..

Thanks for the input . If I buy the house in cash in  the contract with least option for 2 years, can I use this house as 100% equity to get a loan let's say 70% of the market value ? In this way, I can use the loan to buy another property . After 2 years, I will pay off the loan of my first property when the tenant buyer choose to buy . 

Hi 

If I purchase the property and put the tenant buyer with 2 years rent to own contract ,

Can I refinance the property once I have tenant buyer put in the property , let's say after 6 month ?

I will pay off the loan if the buyer exercise his purchase agreement after 2 years .

Look forward to your advice 

Lynn 

may I know which area ? 

thanks for the info Edward , I have to drop this deal as the fix up cost is too high for a house praise at market value around 50 to 70 K

Thanks for the prompt reply . I would like to know is it safe to invest there ? Would it be easy to rent out with a single house of 3 rooms for 1100? The deal is 23K and I need 15 to 20 K to rehab 

Hi there 

Does anyone have any investment experience in markham or familiar with that area ?

My wholesaler showed me a deal in Makham 60428 zip code and wanna me to take a look tomorrow . I wanna to buy and hold . 

Thank you 

Lynn 

thanks for your valuable advices , Rodney and Bob !