All Forum Posts by: Scott Schultz

Financing will be a challenge, if you have good credit, and you DTI low, with a decent income, a banker may work with you, maybe on a construction loan, I do Commercial as its less hoops, A HUD home is a property that was forclosed that the loan was insured by FHA and they took it back from the servicer, its a foreclosure, like any other, just the process is a little different. DONT PAY for listing sites!!!! most are outdated, and pull from MLS anyway, get your money in order, and find the Brokerage with the biggest number of REO listings, and see if one of there agents will work with you, there are lots of ways to buy, but REO is the beast at first, I do Auctions, both Sheriff and online, but that is risky if you are not experienced. Good Luck!!!

Del, Flipping takes a lot of money, no way around it, Hard Money should be a last resort, banks lend on commercial notes, that's what I do when I need to borrow for a flip, generally 80% of purchase and I find the fix up, the 20% can be floated on an equity line on other properties, or against vehicles if need be, best is cash,  if you use hard money, figure all the costs in your flip, and re-uping the note if need be, Good Luck.

Unless the short is pre approved its way to time intensive to pursue these, as a broker that has worked many SS deals, i look for other outlets, and only look at shorts if ive got no other leads, and everything else is done, ,y books are buttoned up, my garage is clean,  and the windows in my house are washed, and still no prospects, then i may start looking at them,

I'm assuming you listen to Ramsey, Great Plan!!! be hard on yourself an follow through, it will pay off big in the end, have an exit strategy in place, and don't get caught up in it, your success is eminent.

Great start, now get a flip sold or 2 not owner financed and start paying those off, and get lines open so you can be a cash buyer and keep all the rent -TI CASH IS KING, and Paid off rentals MAKE BANK!!!!

From what I understand an originating mortgage co. records a mortgage for 150% of value and the FHA records a similar instrument stated as a Secondary Mortgage in the same amount, insuring the first, does anyone have experience with buying theses at Sheriff Sale? the one i am currently watching, the "First" in this case Nationstar, is foreclosing, with a judgment of what im guessing is the loan balance, does the "FHA Second" go away? what Rights Does FHA have? I have spoke to a title company and thy didnt want to stick there neck out.