All Forum Posts by: Jerry Collins

I wanted to know if anyone could shed some light on the investment opportunities now and in the future of the Collegeville PA area very close to Ursinus College. I have a co-worker who wants to move away from the area and is willing to sell his home to me. I was interested in possibly renting out to students or just a single family.  The college is within walking distance of the house, so I know that is a plus, but also did some research and see that there were a couple new construction homes and townhomes that are for sale on the same street. I would appreciate any info given.

Hello BP,

I have an elderly mother that my wife and I are caring for, so last year we moved into her home and started to renovate it. We planned to buy a new home at first but decided to fix my mothers home up, purchase a new home where we all would live and rent out the newly renovated home.

My mother wants to add us to the deed so, I wanted to know if my wife and I formed an LLC would we be able to add it to the

Deed or would it have to be added in our names only? The home currently has a mortgage so I know that may pose an issue with the

mortgage company.

Hello BP, 

I have an elderly mother that my wife and I are caring for, so last year we moved into her home and started to renovate it. We planned to buy a new home at first but decided to fix my mothers home up, purchase a new home where we all would live and rent out the newly renovated home.

Deed or would it have to be added in our names only? The home currently has a mortgage so I know that may pose an issue with the

mortgage company.

Thanks for all the love, tough and all. I totally agree with everyone, that making a loan to someone with really poor credit is just crazy, but let me clear up something for @mike Dymski. The home is one he grew up in,  and was turned over to him by his mother after she fell ill, so it is at that value because of the development in the area. I also agree totally with @Omar Kahn because I was one of the many that lost money during the 2008 crisis. I didn't expect an easy solution when he came to me and asked for assistance, followed by that copy of his credit report, that's why I presented it here on the forum to get some feedback and any creative ideas. I appreciate you all for taking the time to respond.

He tried to go to one Hard Money Lender in the area, and they didn't want to lend him the money, and he was using his fiance as a co-signer. The thing is she makes over $100,000 a year salary, but her credit is just as bad as his. I just received a copy of his report today, and he just needs to pay off delinquent accounts. I did not think with so much equity in his home he should have to go to a hard money lender, but I think after your comments, that  it might be the only answer in this situation, so I think I will seek out some Hard lenders through BP in our area and see if he can get the money and pay off his debt. Thank you guys for responding to my post.

Hello BP,

I have a cousin who owns a home in Downtown DC in a very trendy and expensive Neighborhood called the U Street corridor, and he is trying to get a home equity loan for $80000, but his High credit score is only 536. the home has a current mortgage of $550,000 but the property value is estimated at $1.400,000. I was wondering if the community had any suggestions on what type loans he could get with a score so low. I had someone suggest an Alt-A loan, but want to hear from the BP community. The ultimate goal is to pull the money out, and clean up his credit to raise his scores over the next 6 to 12 months, and then refinance again, and get enough out to totally renovate the property into a duplex, so he can live in one unit and rent out the other.