All Forum Posts by: Mike Lane

@Wayne Brooks Thank you!

@Lynnette E. Thank you so much for your reply. I will forward the info about the timing of the auction, I see that as a great strategy.

@Mark Bookhagen Ok thank you. I appreciate you chiming in, that's what I figured.

@Mark Bookhagen The owner is the other guy I grew up with. My friend's mom is the bank. She bought the house cash for the other friend since he could not qualify and was in a rough situation. Then he decided to stop paying the bank (my buddies mom). Hope that makes sense..

@Mark Bookhagen Also no taxes have been paid on it by the owner and neither have any HOA dues. She has been carrying those as well in fear of losing the home.

@Mark Bookhagen I will get a little more in depth. My "friend" is a close friend of mines mom (my friend passed away a few years ago and I became close with the family throughout that). The owner of the property is another one of our childhood friends who is a derelict drug addict that has taken advantage of her. He could not qualify for a loan so she bought a house cash and acted as the bank on it so he and his family could get out of their current living situation. After 6 months of no payments and a faulty insurance claim where he used the money to buy a new vehicle and not fix the damaged roof, she had enough. So upon venting to me she asked if I would want the house. 

Hello all, I have a bit of an interesting situation. I have a close friend of the family that acted as the bank on a property for an individual ( I know horrible idea). Long story short it has been a nightmare for my close friend. They just want to be done with it and do not want the individual in the house to make a penny on it. The property is worth about 100k more than is owed. They want me to buy it and only want what is owed. Problem is they have started the foreclosure process and her attorney is saying it HAS to go to auction and the highest bidder will win. I am looking for creative ideas on how I can purchase this property cash from my close friend. Also, the individual that is in the house will not sign anything or come to any sort of agreement so that is not an option. The property is located in Florida

Thank you!

Thanks @Jonathan Taylor Smith ! @Jerry Padilla I sent you a message.

Hello all,

I am looking to start picking up some rental properties in the surrounding areas to Fort Bragg. I Live in Utah and I have a lender here who services NC. My issue is they will not give me a loan on under 100k for an investment property. I have been looking but with my down payment I seem to always fall below that 100k threshold. Does anybody have a local lender they can recommend to me? Thank you in advance!!

@Jaysen Medhurst Thank you for the reply. Yes, I was exploring the idea of an on-line lender. I actually just found a property that meets the criteria for my local lender here, so things may have worked out. I want to hold the property under an LLC but I need to qualify for the loan under me or my brothers name. Was just curious how it goes from me to the LLC, and at what stage I do so. I appreciate the feedback!!

@andrew 

@Andrew Postell Thank you, I didn't think about the fannie/freddie aspect of it. Luckily it looks like we found a property that meets the criteria for us to us my local lender here who also holds a license for NC. He is also a real estate investor so I feel much more comfortable about it now.