All Forum Posts by: Matt SF

@ Andrew,

Could you relay your mortgage broker's contact info? I might be interested in calling/emailing some additional questions.

Thanks man!

Hey Ann,

Thanks for the reply, but a hard money loan is pretty much out of the question b/c of the cost of capital.

I could pay cash for it, but would rather lock in financing at 3-4% rather than burn through the cash reserves.

Greetings all.

It would appear that getting a < $50,000 loan in the days after the credit bubble is near impossible.

Can anyone here refer me to a lender who is willing to do an investor loan for a distressed property sale that's below the 50k threshold?

(Would prefer a 15 year loan if possible.)

The property needs a little work, so if they know a bit about the 203k/rehab/reno loan process, that would kill two birds w/ one stone.

Thanks in advance.

I'm seeing this as well... you have to literally check the REO websites 2-3x per day b/c the really nice ones are going that fast and pay asking price.

Thanks. Tampa mainly, also Orlando.

I'm interested in buying a few REO condos/townhouses in Florida using 100% cash.

But I'm curious... how aggressive of a discount (if any) should I include in the cash offer for these REO properties?

The banks probably see laughable low ball offers 1000s of times a day, so I want to be in the ballpark, but not have them write me off completely.

Any help would be appreciated, especially from an investor/owner occupant who has successfully purchased 1 or more Florida REO properties.

Thanks in advance!

I don't see a problem other than the tenant mysteriously vanishing with your TV, receiver and modem equipment in the middle of the night.

Such a deal could attract tenants if you're in a high vacancy area but probably isn't necessary if you're in a low vacancy area.

All comes down to what kind of landlord you want to be. (Seems like you're a thoughtful one.)

Hey everyone, first time poster here.

I'm interested in putting some money to work in one or two modest properties just to get my feet wet. I plan on starting a new LLC to do this.

However, I've read about a 2 dozen articles on owner financing, and found the process so intriguing that I may pursue owner financing over conventional financing. Only problem is, I have a questions that need some clearing up.

1) Are there clear benefits to conventional financing over owner financing if you have 720+ credit?

2) How does owner financing affect your individual credit report? Does it even show up, or it is entirely dependent on the seller's whims?

3) If I pursue the owner financing route, what questions & qualifiers should I expect from the seller? (What do you require?)

4) If selling to an inexperienced investor with a new LLC, what type of financial metrics are you looking for? (Cash flow, cash reserves, DTI, etc.)

As you can see, I'm just trying to get my head wrapped around the entire process and hoping to avoid stepping on any landmines. Thanks again.

- Matt