All Forum Posts by: Melissa Marques
Melissa Marques has started 3 posts and replied 12 times.
Post: Plz help- need creative funding to buyback my grandmothers reverse mortgage.
- Posts 16
- Votes 6
Quote from @Chris Seveney:
@Melissa Marques
First off, is the house is still In her name or has it been in probate or ownership transferred?
If so, you could sell the home to someone and either sell it at a discount and have the discount credit rent back to you to allow you to live in it and also include a lease option where you rent it for a period of time and have say 5 years to buy it from them.
We have done things like long term leases (10 years) with options etc to create win wins for both sides
The house is in a trust and will not go to probate
Post: Plz help- need creative funding to buyback my grandmothers reverse mortgage.
- Posts 16
- Votes 6
Quote from @Chris Seveney:
@Melissa Marques
First off, is the house is still In her name or has it been in probate or ownership transferred?
If so, you could sell the home to someone and either sell it at a discount and have the discount credit rent back to you to allow you to live in it and also include a lease option where you rent it for a period of time and have say 5 years to buy it from them.
We have done things like long term leases (10 years) with options etc to create win wins for both sides
How do i find buyers who are willing to buy and lease to purchase?
Post: Plz help- need creative funding to buyback my grandmothers reverse mortgage.
- Posts 16
- Votes 6
Quote from @Chris Seveney:
@Melissa Marques
My condolences.
Have you considered seeing if someone would do a lease option with you? If it’s owner occupied it will be extemely difficult to get a loan because of government regulations
Unfortunately if you cannot afford it your best bet may be to try and sell it before it goes to auction.
Thank you so much for your reply. Could you explain to me what a lease option is and how to go about it that way?
Post: Plz help- need creative funding to buyback my grandmothers reverse mortgage.
- Posts 16
- Votes 6
Quote from @Sasha Mohammed:
Sorry to hear about your GMa's passing! :(
There are options, even for self employed. i have a lender, for example, which will use 100% of your 1099 income to qualify you, as opposed to your tax returns (fannie and freddie) with all of your write-offs.
You could also look into bank statement loans, which use your deposits to qualify you instead of your tax returns.
If you don't intend to live there, you could also try to finance using some type of DSCR loan, which would be based off the tenants paying rent as opposed to you as a borrower.
i suggest you reach out to a mortgage broker (broker specifically, as they should have lending OPTIONS for you) to take a look at your entire financial picture and tell you what would be your best solution.
Best of luck!
Thank you so much
Post: Plz help- need creative funding to buyback my grandmothers reverse mortgage.
- Posts 16
- Votes 6
It will not go through probate. There are 3 heirs and yes they agree to let me buy it.
We probably have around 6 months
Post: Plz help- need creative funding to buyback my grandmothers reverse mortgage.
- Posts 16
- Votes 6
As the title implies, my grandmother recently passed away and had a reverse mortgage on the home with a debt of $400,000 house is worth at least $800,000.
Main issue is I am self-employed, and my income is really low, but my credit score good (700-770).
A large room with its own entrance and bathroom was added onto the house like the 70's which can probably be turned into an ADU. I know there are some programs encouraging this by giving grants for this due to the housing crisis. But above all, my income is the problem. Since I can rent out the ADU I know some lenders would count that 75% of potential income onto my income, but they are hard to come by.
Anyone with info, or anyone interested in investing with me on this great deal. If your experienced in creative funding, lets talk!
Thanks!!
Melissa, 33
Hayward, CA
Post: CPA recommendations in Bay Area
- Posts 16
- Votes 6
Hey everyone! I have the same question.
Anyone find a good one and willing to share?
Also, how much do they charge upfront??
Post: Please lead me in the direction I need for a loan
- Posts 16
- Votes 6
Hmm Well first, I do not make 18k a year. And if I find a good deal on a 2-4 unit and house hack then I’d def be able to make the payment work. Don’t you guys listen to bigger pockets podcasts?? Or any of the books? There are ways guys! Thanks anyways!
Post: Bay Area / NorCal multi-family investing
- Posts 16
- Votes 6
Originally posted by @Elamin Awadalla:
@Melissa Marques I'd take a look at Hayward, you can run into some pretty good deals within FHA limit and tenants tend to be a little better than some other neighboring cities.
I agree with Hayward. Do you know any real estate agents in the area who are well experienced in house hacking, real estate investing and multi-family propertys?
Post: Please lead me in the direction I need for a loan
- Posts 16
- Votes 6
Hey guys,
Im looking for buy a 2-4 unit property and house hack for my first time home purchase. I need a low down payment. I will be gifted the down payment up to 10%. Looking for a property between 900,000- 1.2m. Im in the bay area.
My income has been between $25,000-$30,000 between 2015-2019. In 2020, I earned about $18,000 and received unemployment due to the pandemic and getting hours reduced. Will Lenders count that awful pandemic year against me? Additionally, I have made about $18,000 this year so far and will be starting a new job in 2 weeks with a much higher payer.
Heres my questions..
1. Will they look at 2020 income or do they have leniency for once in a lifetime pandemics?
2. Will lenders take into account that I have a much higher paying job now? (And have been in the same field for over 10 years + Recently graduated with a higher degree)
I may add more questions, but those are mymain ones right now.