All Forum Posts by: Shannon X.

Do you normally look for specific towns with a low DOM? how long is too long?

Is their a way too lookup and see if someone is behing on their house payments?

Thanks

I know this may be a silly question, but if not paid on terms; can this hurt your personal credit score?

Thank you Dion DePaoli for the information, very informative. Also thank you J Scott, this is exactly what I was trying to ask and the answers I was looking for, sorry for any confusion.

This is in reference to flipping and I know it sounds confusing, sorry about that. In this case though, the bank has not taken the house yet and he still owns it.

So what happens if you want to buy the house from the owner and the owner owes 200K to the bank; are you now reliable for the mortgage of 200K if you buy the house from him? and in order to make a profit do you just do a complete low ball offer?

A friend told me of someone that will be entering foreclosure soon and had a question in regards to this. Let's say he owes about 200K on the house; now how do you go about on trying to purchase the house? do you buy for much less then what is owed? or do you figure out the ARV and then subtract what is owed?

Let's say someone brought it for 150K, now that mortgage he originally owed is now your problem, correct? so now you pretty much have a 350K mortgage right? now do you fix it up and try to sell it for much higher then 350K?

The house has Tyvek all around the house and has been for about a year it also needs some updating..

Also these numbers don't reflect the actual house/market, I was just trying to understand the idea and how it all works out.

Now hypothetically speaking, if I wanted to make the guy an offer what should I do before making an offer? what kind of research should I do on the house first? and what would be the best way on asking him if he would like to sell? yellow letter?

Thanks

I have no intentions on doing anything, I'm only asking to learn and know for the future.

A fully fresh rehabbed property just came up on the MLS, new stainless energy efficient appliances, carpet, paint, floors, heating system, ect..

Now, my questions are as followed.

1) Seeming how all the work is pretty much done, is their any leverage in brining the price down or is it even worth to look at it in order to FLIP it?

2) If houses like this come on the market and are not worth buying a bit cheaper from the bank in order for your self to resell it for a profit, would it be a good rental investment?

3) How do investors go into buying a property and fixes it all up and all sudden, they are the ones losing the house? Unless it was sold once the rehabbed was done and the buyers couldn't afford it?

Thanks

Ben Leybovich, What exactly did you study for seven years?

1) What happens if you borrow a loan but your projected time to sell is not on time and do not have the money to pay back?

2) How do they give you the money? Obviously before looking for houses you need the funds, do they transfer the monies to your personal checking account or a special account created with the lender?

3) Do you begin paying the lender back as the project is going underway, or do you pay back completely in whole after you sell?

I'm only asking to begin learning about lending options.

Thanks

P.S.

Are their any spreadsheets available to use to pretty much shows projected profit after inputting all the information in regards to the deal?

Thanks again

I wanted to ask this question as their seems to be mixed answers when I do search the Internet. Is it completely possible to buy, fix, and flip with out any of your own money? Would any private lender be willing too fund your entire deal?