All Forum Posts by: Steven Goldman

In case you want to know we lend in most of the continental United States except the well known no go states. 

We have a refinance program with only 90 days seasoning. We can lend you your purchase/rehab. money and than convert it to a 30 year fixed loan! Call us today before rates get higher! 267-205-6101   @Steven Goldman  G2Loans

@Kay Olsen  Seller financing deals can be very attractive. In my opinion the key to a successful seller financed deal is to conduct thorough due diligence. People have  a tendency to be lured in by the seller financing and over pay for the property. At a minimum I would get a broker price opinion as well as an appraisal. If it will not appraise such that a bank would lend on the purchase price, you should not buy it. Also, the seller financing should be at or slightly higher than, market financing. If the seller financing is significantly greater than market financing, I would not buy it. Finally, run all of the numbers just as you would for a deal that is not owner financed. It has to make sense standing on its own and not be influenced by the owner financing. This is a commercial deal so be careful about the wording of the mortgage and note as owners tend to attempt to reduce your rights and defenses in the case of a claimed default.   Good luck and keep moving forward. 

@ Chamarr Auber In addition to understanding the difference between the BRRRR and rental calculator I strongly suggest you find a good rehab. construction estimator. As lenders we find that many newbies and even less experienced rehabbers do not understand the cost of the rehab. They have a very unrealistic view of the scope of work,. While book's like Bigger pockets Scott on rehabbing can help give you a basic understanding. You can not rely on your contractor's estimate. You must do your own due diligence to understand the cost of construction. Good luck and keep moving forward. 

As mortgage brokers many of our rehab. lending buyer's come from sharp wholesalers. Some people just have the gift to find and sign deals. Hook up with one and then go for the ride. Good luck and  keep moving forward.

If you use a FHA program you will have to reside in the property. If you plan on a FHA rehab 203 k loan you can not move out and stack them up or the loan will get called. You can purchase a S.F.H. as a hack fix it up and move out as a first time home buyer. If you have limited down money that would be the best place to start. You will still need reasonable credit and income. Good luck and keep moving forward.

If you are entering in to an assignment contract than you are not practicing real estate without a real estate license.  I really question whether the free state of Florida is going to prosecute anyone for selling a legitimate real estate contract that they have made legally assignable. Now, a civil suit from the owner for fraud that is always a possibility. So you better be careful what you say to the owner. 

see below:

Purchasers, Executors, Heirs and Assigns

For many years, it has been generally accepted in Florida law that a land sale contract can be assigned. Sometimes, this is easily determined because either the section for assignment is checked or the language of the contract identifies the buyer as the “purchaser and/or assigns” when describing the person who is buying the property. Either one of these options places a seller on notice that he or she may be seeing a different face at the closing table.

Other language that may be used in the sales contract: “heirs, executors, or assigns.” This language is also notice to the seller that the buyer may opt to assign the deal before it closes. (See – 123 So. 2d 267 – These words, heirs, executors, or assigns, do not require the seller to approve the assignment in order to make the assignment effective.)

I thought Florida men were against government regulations. Unless  it effects their wallet! Give me a break. You wholesalers, Good luck and keep moving forward. With all of the appreciation in Florida it should be fertile ground!

Good morning: You can not sell something you do not own. @Tom Gimer is spot on. Unless she was a joint tenant with right of survivorship or, their is a will leaving the property to her, there is no deal. Do not waste your money on paying an attorney to tell you that. Show me the will! Do not give her any money. Good luck and keep moving forward.

If you are an investor looking for rehab. money, purchase money, bridge loans or commercial loans we have conduits to banks, funding companies, HMLS and private lenders. We work in 26 states with a concentration in Ohio, Pennsylvania, Georgia and elsewhere. Call us for a free quote and a pre- qualification letter to allow you to make an offer. We answer calls quickly. Goldman Mortgage Lending LLC. See Steven Goldman or Eric Goldman's profile page. We look forward to talking to you.

Put a post in the classifieds here in Bigger Pockets! It is area specific. Good luck and keep moving forward.