All Forum Posts by: Roman M.

I must agree with Derek. 

I, as a private money lender, will do 65% LTV longer term on your investment propeties in Michigan.

Auction property plus owner occupied in TX is dead for hard money not matter what term or interest rate.

$10k DOWN isn't much for $120k purchase  plus Michigan equity so you still short about $62,000 for $120,00 purchase loan .

That is the rule with conventional. If you do private or hard money refi then rules are different.

Bottom line is: who has the gold makes the rules. 

This could be a good option but you will need someone to pay it to, like a service co or a vendor. 

https://www.plastiq.com/how-it...

you can probably use PayPal too but then again you will need someone to pay it to. 

If you have at least 30% down you should not have any issues. Most of private money or hard money want to make sure you have skin in the deal 

Bad idea. Stay away. You will regret. Comes with an experience of managing 3 mobile home park with over 50 pads in each. Never again ...

It depends on if:

1.financial sense

2. If your friend would not mind you profiting from his distress. 

If it was my friend then I would clear it with him/her first.

if they are friendly with this idea you making money off their problems then you better off try to see if you can get the deed from them before the foreclosure, continue making mortgage payments then sell for a profit and their mortgage gets paid off. 

It's called contract for deed. You should have a lawyer draw up the paperwork

Why do you want to do this? 

its better to just borrow from the bank against the property as it will be cheaper. 

note buyers are looking for 12% return and at that rate even private money loan looks better. 

also borrowing money from yourself makes no sense and I am not even sure if the mortgage and note will be valid. Better check with your lawyer on this first.

It seems that you are referring to contract for deed and not an actual note purchase. 

You will need to ask the lender.  There might be language in the loan agreement that a contract for deed is considered a sale because it is a sale. If the property is sold then due on sale clause kicks in. 

Also I don't see how you can legally pledge the property that you don't own. Yes you have a deed but you already sold it to someone else. 

I doubt its doable. 

Please do yourself a favor and use a lawyer to protect your interest and make the buyer pay for loan doc prep fee. It's that easy. 

You don't want to try to save a few hundred bucks and then have a mortgage that is either non compliant or not enforceable.