All Forum Posts by: Naskat Williams

rent for three bedrooms in nyc is about $1500 to $2000 in low areas. the payments p&i will be $1200 month including that i don't have to walk out my house and see crackheads, meanwhile there are $600k condos down he block. so renting is a no no.

thanks for replying. yes, i mean housing code violations. i will check the city website to see exactly what violations are on the property. this house needs major work, there is plumbing and minor structural issues ( foundation is good). I think they are motivated to move this property becaues they dropped there listing price by $40,000 in less than one month, and they have had numerous offers, which all fell through bcause of the code violations. I still trying to learn the ropes and I see reos are not as easy as the gurus say, you have to know about how the banks handle reos and sell it to a buyer.

I have a buyer lined up, but I think hell balk if the house has major violations.

anyone? i can not find the answer by searching the site, can anyone answer this question?
thanks

I noticed a house the I was interested in submitting an offer dropped form $234,000 to $199,000 in one month. Comparable fixed up homes in the area go for $430k. So I thought I could flip this to another investor by asking the bank for $150k, and double closing for $180k. But, the home has major repairs, and I just found out that the home has violations on it, whick the bank expects the seller to pay. I thought the bank had to pay sine they now "own" the property? No wonder all the deals on this house fell through. I think I should pass since I don't know how to fix this or even have the money to pay for these violations.

My realtor told me that in rder to buy a reo property the bank wants 1oK in earnest money. The arv is $400k, and i will be offering 15ok. I told him the most I would offer is 2k. He said that the banks ask for 10k because they figure if you are buying with cash is shouldn't be a problem, or else they will think your a flake. Is this true?

i have found a gret reo for 50% arv that i want to offer all cash on, but the hml do not offer loans to owner occupants. i am preapproved for a fha 203k, but i don't have $10k to close. does it really matter if i live in it or not since i am going to refinance to home with another bank? what i use it to rehab the home (2ok in repairs) and than i had chaged my mind or couldn't sell it and decided to live in it? would it be penalities? is it not the same thing if i did a refi and rented it out?

i thought you could not buy a home with a hml if you intend to own it? does it really matter if you but a owner occupant hom with a hml, if you intend to refi with someone else? i am in the same situation i have a great reo that i can get all cash for but i want to live in it, so how can i obtain a hml then?

I want to put an offer on a REO that has been sitting on he market for 1 1/2 yrs that is listed for $184,000. It has had two price drops since I found it. So if I offer them $150,000 all cash and close. Then I can close with an investor for $170,000 after, and pocket the difference. The home is worth $300k and needs only 15k in repairs.

have read your posts and it has been a godsend! I am learning something new everyday! I never even heard of transactional funding before today, because I have been focusing mostly on flipping.

Well, you have inspired me to become creative in finding money for my down payment and closing for my first home. I have a bank reo right now that is worth $300k and I can get it for $150k. It has minor repairs, but I was trying to come with the closing costs.

Now, that I've read your posts I can see that I can do a double closing on this house instead and then I would have money for closings costs to buy another house for myself.

How did you find your end buyers?I have joined several real estate groups online.

Also, do you use the same title company/attorney as the bank? At costal-funding.com I see that they want someone to use the same title company to close each deal.

Thank You Girl!

I was stressing so much trying to figure out a way to buy my first home before I jump into student rentals.

BTW I live in BK and and I think this is a great way to finally be able to stay at home with my son!

Where did you learn this from? The REO forum? I never even looked there, I guess I learned I have to be a master at one thing instead of a jack of all trades!

I have found a great REO property at 50% of the ARV with minor repairs, such as refacing the kitchen cabinets, and sanding the floors. The home is worth $300 to $320k, and I can get it for $150k. The only problem is I don't have money for the closing costs,down payment, and transfer fees, which is about $17,000. NY has some of the higest closing costs in the country, and I don't want this to stop me from purchasing my first home. I am already preapproved with Chase bank. Since, this home is going to be my primary residence I can not get a hml to fund the deal. Where else can I get the money?

I am willing to sign a partnership agreement for the $17,000 with 15% interest, where I will pay monthly interest payments, and cash out the investor in six months when I refinance the home to finish the basement.

Also, I want to get this deal done because my lease on my apartment is up, and I have a cashflow property that I want to invest in, but I want to take advantage of this deal first.