All Forum Posts by: Tracey Williams

Hi everyone,
I approached a bank few months ago and they insist on 20% down payment for the purchase of a rehab that I was planing to buy & hold. At the time I only had 10%.

The house is back on the market at a lower price. I just talked to a family friend living out of the country and he his wiling to give me 5% as a gift and another 5% as a loan to be paid back when I get the property refinanced. The total 10% will be wire transfer to me from Europe.

During the last loan process with the bank, I had to explain almost every deposit and am wondering how to present this deposit to them.
Please share your experience or advice.
Should I have him write a letter stating the money is from him? Will this be enough?
Thanks
Tracey

Good job!

Thanks J for willing to volunteer your time to help others. This is a great idea and I am sure a lot of us will benefit from it.
Am interested in learning from a mentor in Columbus Ohio.
Tracey.

Congrats on your first rental !
Tracey

I believe using an agent that specializes in HUD is key and using the listing agent is great!

Rob, thanks for the information of adding extra to the 82% to cover the commission.
Tracey

Hi Justin,
Look up J Scott I believe he as a sample here on BP that you can download and use.
Good luck
Tracey

Jason,
Great job!
How often did you and your partner had to travel to the property?
Good luck
Tracey.

Will,

What does this guy do for a living? That is if he works at all !

Is the seller aware of what you are going through? What were you told during the transaction about this guy?
Have you ever been inside this house?
Why did you think you got this house at a -steal ? Maybe the seller knew something like this was going to come up (maybe they had a very nasty relationship & he just wanted to pay her back)
Is your private lender aware of what is going on? Have you tried to talk to him, maybe he can renegotiate with you or you halt the payment temporarily until you process the property ( there is no harm in asking if you have built a relationship with him).

You are a good guy and I have read a lot of your post. I pray you get this issue resolved soon.
Good luck.
Tracey

The last time I check with section8, they said you will need to evict the tenant and & the rennet will automatically loose their voucher if they are evicted for not paying their portion of the rent.
Good luck.
Tracey

I use craiglist for my rentals & it works really great !
Tracey