All Forum Posts by: Mason V.

 Good, to know. Thank you very muck.

This may be a little confusing but I'll try to make it clear.

Say a home owner is $4000 behind on their mortgage payments and are just days away from auction. 

Could I pay off the $4000 to stop foreclosure, have them put my name on the title, give them $5000+ to move out, continue making payments on the current mortgage and then refinance under my name asap?

 I am just brain storming an idea right now. Not sure exactly how this would work.

 Thank you.

When pursuing an FHA 203k loan, how dilapidated can a home be?

There is a home that is around $90k that I am interested in. Problem is that it needs to have its remodeling finished. Apparently the previous owners ran out of money and let the property go into foreclosure.

 Thank you for the clarification.

Ive looked into Memphis invest and bulldog capitol. They seem decent but I am not sure you are really getting a deal. Bulldog claims they aim for you to make at least 20% profit on your initial investment, barring any unforeseen issues. In my mind that just seems way too high to be realistic. If you like in LA or NYC I think turnkey would be a great idea. the only reason i mention these two is due to their size. their both large enough that they cant really afford to screw people over. their big names give them more incentive to play nice.

A friend of mine is interested in assuming a VA loan. The remaining loan amount is $104k and the SFH was originally purchased at around $125k. my question is, if the mortgage gets put into his name, does he pay the owner the ~$20k for the equity or does the home owner get nothing?

Also, sense he is not the original debater, would he be required to move into the property or could be immediately start renting it out?

I have been looking at pre foreclosures on forclosure.com and have a question about the listing prices. Are the pre-foreclosure prices the amount still owed to the bank or are they market prices?

I will be honest with you, the only reason I am seeking a partnership is because I am running out of funding options. I had a slight hiccup in my employment last year and most likely can't do FHA/USDA for another 18 months.

Me:

I am a 28 year old local truck driver living in The Dalles, Oregon. With how my job is set up I have a six hour layover in Portland, OR and a 12 hour layover, 4am-4pm at home. Thus, I have a lot of free time to view properties, contact people and do research.

My property focus right now is on acquiring small multifamily properties to rent and single family homes for either rehabbing or renting. So pretty much the same as most other Biggerpockets members. My hope is to have the first property by the end of July at the latest. For the time being I would prefer to stay in my general area. This would primarily consist of the cities of Hood River, The Dalles and Goldendale. I live in a pretty rural area with The Dalles being the largest city.

My personal experience is in dealing with other people’s money and landscaping. In college I was in control of my student group’s bank account. Handling other people money is nothing new to me.

Additionally, my father used to own a landscaping business. When it was in operation I would often aid with estimates, interact with customers, and fill out paperwork and anything else my father could have me do.

Personality wise I am very independent and don’t talk a whole lot. Remember, this will be a partnership and I am not looking for a new boss. So, if you are a control freak don’t bother contacting me.

You:

I would prefer you have some experience. Not necessary, but it would be nice to have experienced eyes reviewing the deals I find. 

I would also prefer you live in the North West so that we can meet in person. I am off work 10pm Saturday night to 1am Monday morning. So, if need be, I could potentially meet you in Weed, CA, Boise, ID, Seattle, WA or Spokane, WA.

Remember, investing is risky and it will be your money we will be investing. I do have some reserves for small costs like home inspections. However, down payments and the like will be coming out of your pocket until I’ve built up the funds for such things.For that reason, make sure you can take a loss of money.

We can work the details out.

Email: [email protected]

Cell: 541-993-4566

I would greatly prefer you contact me through email or Biggerpockets messaging. This will automatically create a written record and my hearing is not exactly as good as it should be.

 Yeah, I am well aware a partnership may be the best bet. However, experience has taught me that 100% of no deal may be the best course of action. I will think about it though.