All Forum Posts by: Matthew Giegerich

Does your friend have the reserves and credit? my investors earn high 6 figures and have that or more in reserve.Harlem is Manhatten, prices for a 4 bed are still in the high 700's and up. only have had a couple that were total wrecks go for less. soo when you speak please be more specific.

I understand you can get 100% financing for this but please tell me HOW MANY BUYERS THAT ARE ABLE TO PAY 8-9k a month are banging down your door?? This is a prior foreclosure. I don't see where the profit motivation is?

Not sure if this a residential or commercial property. recently I structured a note buyers purchase of an own occ residence.
Here's how it could work

2 mil sale price
200k down payment
400k seller held second note
1.4 mil First note created
80% of 1.4 is 1.12 mil note cashed out
seller would receive 1.12 mil +200k + 400k 2nd note = $1.72 mil

I can only speak from experience,like Scott. I have single and multiple family residences. I have bought and sold over 150 units,had as many as 25 at a time. I find that it is easier to buy, sell, and access cash for these quicker than my associates who own commercial.My appraisal fees are $300 and can close in 2 weeks to 30 days compared to $4-$5,000 for a small commercial property and 90 days to close.One of the 4 units is worth 500k however my cash flow is superior to my friends 500k commercial unit. Again I think its all what you are comfortable with and how much time and $$ you want to spend investing.

Daryl-
What he is talking about is an FHA 203(k) rehab loan . they are very intensive and based on credit and income. they also take about 45 days to close due to all the necessary rehab reviews. better to find a local hard money guy and work with them or your partners credit and income.

If you find they don't want to sell and you are not comfortable doing a lease back because of the legal repercussions and headaches. There are MANY. I would suggest making inroads with lease back investors and / or broker that can get this man a hard money loan to keep his home. At the end of the conversation have a simple statement that if you provide a source to solve his current situation he will pay you 1%-2% of the value of the home or a set price. this is only to make your time pay for itself. you may have gottem an solid prospect on your first try but you need 10 or more prospects to get to sit in front of one. This is not a salary position!

i would defer your situation to MIKE from OHIO. he is an porperty owner and give the best info.

I would research the name and any info that can be gathered off the main search engines. Many of these shows were scheduled and done months ago, when the market was in different shape.

As ben said but I will go one further and say maintain acurrate cash flows in and out of personal bank accounts. this is an altenate way some lenders will calculate your income. Don't expect the lowest rates,but much better than a no doc. Just priced a no doc at 13% for a 665 borrower!~! no kidding.

John-
your absolutely right and was only trying to be helpful.