All Forum Posts by: Stephen Phillips

no, I never heard of peer to peer before.  I will definitely check out prosper.com tomorrow.  (its after midnight now and I need my beauty rest)

Thank you for the suggestions! 

Are there any web sites used to buy and sell small real estate notes, or possibly auto notes?  This note is more the size of an auto note.  Twenty years ago, before the internet is what it is today, I used to sell auto notes.  I have no idea how to tap into those type of investors today.  Am I posting this inquiry in the correct category of this web site?  Any other web sites that might be more appropriate for a note?  Has anyone ever tried selling a note on eBay?

Thanks.

Any other suggestions, anyone?

Only two banks in the city of Alturas.  The one I bank at won't do real estate loans less than $50k and the other needs a credit score of 580 or something close to that. My credit score of zero is a no go at both banks.

Thanks for the encouragement.  I need it.

Steve

hi, thank you for the reply.  I did try that but the realtor says the owner will not do any type of "lending" on the property.  She inherited that property and she wants nothing to do with real estate, renting, loaning on or owning real estate.

Hi,

I am new at real estate and new to this forum and computers in general, so please excuse my many mistakes I'm sure to make initially. If this is not the correct place for this discussion, moderator, please post a link to the correct location and I will move this discussion to there.

My name is Steve and after a lifetime of renting, I finally have an opportunity to buy my first home.  I am not a real estate investor.  This will be my first, and probably last home I will ever buy.

I'm looking for a long-term, easy payment finance (no balloon payment). The problem is I have a zero credit with all three credit reporting agencies. I have always paid cash for everything my entire life, so I have never borrowed or ever been late with any payment. Unfortunately that makes my credit score zero, which means no conventional lender is willing to touch me. Your help with this transaction and financing source suggestions will be greatly appreciated. This will be my home, not an investment rental property. And it is located in a subdivision within the city limits of Alturas, California.  Below I included all the information I believe needed but let me know what else you need to know.  I'm not a real estate investor, so I don't really know, but is there anyone who can do this type of financing.  The local realtors here can't help me.

If I can somehow tie up this property in escrow before March, I can buy this house for a total of $35k. After March, I was told it will be put on the market at $49k. I only have $20k cash I can put toward this house, and actually I'd prefer to put only $10k as it will need some repairs and upgrades. So where can I find lenders who might want a secured by first position mortgage note for $25k on my new owner-occupied house? The 25k plus my 10k will purchase the house in total.

Thank you for your help, everyone.

Steve