All Forum Posts by: Nate Carmin

Id love to know, Im looking at buying a Hud woth a FHA for $130 and was hoping to have a ball park. Hopefully someone answers you.

I had chase change payoff amount from 2% to 5% on $17000. I had AMEX slash my available in half and BOA Slashed by 40%. I took a loan out from my mom to get all things off my credit and even paid off my car the previous month. I then got a letter from Capital One slashing my line in hal because of too much debt on my name. They sent this to me a month after I paid everything off. They slash it after I pay off $30,000 and a car. Banks are run my crooks. My wife has never had a card is now getting offers with $300 initial line. But after the first statement she will only have $31 available because the rest are fees to open they want $269 to open a credit card with a300 available line. What the hell is going on. This is insane.

What is the difference between cash and pre approved loans? Turns to cash quickly correct?

I know they are generally low, thats why I like the possible deal. I had comps run and they came in around 120,000. The deal if I have a loan of 88 lets me make 200 dollars positive cash flow after taxes insurance and the mortgage. I just wanted to try and do my first investment with no partners and no out of pocket if I could and this house seems to be one that would get me to my goal.

appreciate the replies guys.. Basically the house was appraised for property taxes at 106,000. I think I can pick it up for around 65K. So I thought that it would be possible to get a 100% loan on about 85-88,000 for the rehab and have it rented out in about 2 months. This would give me enough to cover the mortgage for a month, taxes and the rehab. The property doesnt seem to need all that much work but I ownt know until its fully inspected.

Ive never had a loan before so Im not up to par with the loan aspects. Ive been reading a lot of books I have a degree in real estate and finance so I understand a lot of the aspects but loans confuse me a little..
I have a 750 credit score and basically ant to go no document because i get paid under the table on a job and just started another. Every loan officer I talk to gives me an opposite of the one before.

there is a house that previously sold for 115 about 4 years ago, its now for sale for 74K, Im going to try and pick it up for 65K but I want the loan for about 85K.I intend to rehab and land contract it for a year or 2 until they have credit for their own loan.

1. Is this generally possible on a loan on a after repairs basis?
2. Would this generally be a 80-20 loan
3. Could I refinance down to a single loan after repairs since ill have more than 20% equity?
4. Do I have to hold a loan a certain period of time to refinance?
5. Do most all lenders charge a fee for paying off a loan early?

Thanks for all advice in advance

I found a house here for sale, then kept looking and found it was section 8. On mls I found they bought it for 10,000. Rehabbed it. Its for sale for 59000. Government I guess is paying the 773 in rent. I dont know why they would sell a 400+ cash flowing proprty. Can I boot a section 8 resident on a month to month lease for someone who is not section 8? Do I have to do anything special to be able to own a sectgion 8 house? Thanks ahead of time. I am trying to find section 8 resources as well.

Any one know of any good audio books off hand that will give you an approach to the basics of picking and analyzing good buys? I am a much better lsitener than I am at reading.

do they have commercial managment companies or someone that you would use to help fill vacancies and maintain the property? Excuse the ignorance I know noting about commercial.

What is everyones thought on buying existing property or preconstruction/new construction in New Orleans or Loisianna for that matter??