All Forum Posts by: Robin Wilk

Would a FNMA HomeStyle loan require owner occupancy for at least one year like the FHA loan does?

According to Zillow I am underwater technically they say the Estimate is about $51,000 and we owe $53,000. Although I haven't had the property appraised any other way so I'm not sure if that $51,000 is entirely accurate. How much would an appraisal cost me anyway?

I'm not familiar with a FNMA HomeStyle can you explain the differences between the two? I was considering a short sale but I'm not behind on payments or anything. I'm just basically looking to get out from under the loan by repaying the balance owed on the mortgage currently and being able to then move to a more desirable area for me and my family.

13 years as of August 1st of this year.

Is it possible to refinance an existing mortgage into a FHA 203k loan on an owner occupied property and if it's possible does the property need to be occupied for the 1 year minimum like a traditional FHA loan? I'm looking to fix up my single family home and then sell it to move to another area. Any help or advice would be great thanks.

Banks won't allow you to wholesale the property and I believe they require a seasoning period before you resell the property. I believe most REOs are bought by flippers although not always. I have heard that you can "assign" the property through the use of a land trust and using trustees etc. but I'm not sure of the specifics of wholesaling REOs that way. Will Barnard mentioned something along these lines at the 2012 BP Summit but I'm not sure if that information is still relevant to Wholesaling REOs today. Hopefully this answers your question somewhat and hopefully other members can chime in and correct me if I'm wrong about any of the information I've presented here.

@Elisha Mcginley Great tool for REI and knowing the closing costs in your area.

My suggestions are to read Brandon Turner's book on No/Low money down strategies for investing. Read the How to start Wholesaling Guide under the education tab look under guides for that one. Attend local REI Meetings in your area, you can use Meetup, Google, and BP Events to find them. Study everything you can on here about Wholesaling and most of all Take Action on what you're learning. Hope this helps you out.

If you want to learn about lease options I would read any and all posts by @Brian Gibbons he's been doing lease options for a long time. Good Luck!

A Subject to deal can be used if the person is motivated to get rid of the hassle of dealing with the property. @Brian Gibbons and @Bill Gulley should be able to help you understand subject to deals better than I can. An example of this would be let's say I want to get rid of the hassle of my current single family home and you come along and say "Hey Robin, I can take XYZ property off your hands but I can only do it if the financing you have in place stays. I can pay your current mortgage payment of XYZ." I say "Okay, that sounds great to me." My monthly mortgage is paid and I can then walk away from the property. Keep in mind that with a subject to deal you run the risk of triggering the due on sale clause in the mortgage. This is when the lender can ask for the payment in full of the loan balance. Once you have the property you can rent it out or do a lease option on it. Hopefully this helps you out, and someone else can correct me if I made a mistake with anything.