All Forum Posts by: Brian Nalley

I am interested in this for a house for myself (short selling my current place, so need something creative to get into something else). Thanks for the great tips. 

So, if they say yes (keep in mind I am a complete newbie here), what is next? How do you get it written up and everything so they know its not a scam, and that you are for real, etc etc?

Thanks!

Thanks for the feedback guys. 

Thanks for reading! My current Townhouse is going up for Short Sale in a few days. I have already set a goal for myself to have my first investment property by the end of the year, but now I also need a residence :)

I really do not want to rent (though I realize it may come to that), and I really don't want to have to move again (I have a lot of large things--I collect pinball machines for one). I have been looking in Baltimore City, as there seems to be more options (some rent to own, and even better owner financing). I don't have much to put down (at the moment anyway), but I have a decent job with steady income. I also plan to have a roommate or two to help with whatever I end up doing.

Many of the owner financing ads/offers and companies I have seen are pretty shady. 

Any thoughts or advice would be AWESOME. 

--Brian

So, I really want to take the plunge on this. Too late for this year? 

I am actually looking for a new place to live for myself since I am selling my place in a short sale and have been looking at these guys as well. Talked with a few agents and looked at a few properties with them, but would also love any feedback anyone has on them.

So, will try to make this short. A while ago, between a divorce and then a jobless, I fell way behind on my HSBC mortgage. When I did get a new job, I tried many times to work out something with Beneficial/HSBC, but never got anywhere. I sent them a lot of "good faith" payments to be elilgable for loan mod reviews, but never got one, and all the money  I sent seemed to go to things other than the actual mortgage payment. Recently, I gave up, and decided to just try and give it back, or let them take it (my credit is pretty wrecked anyway from being late for 2 years). Then, at the last minute, they sold my mortgage! Caliber Home Loans now owns it (well, services it, some weird investment group owns it). Anyway, I started all over, trying to get a loan mod. After months of waiting, they finally approved one. Per their new appraisal, townhouse is worth $190k in good condition. My loan is $220k, plus $76,000 in unpaid interest and lots of other crap. They will defer that, and give me about $225 off a month for 5 years. Then, at some point, I have to pay that deferred amount. Basically, that puts the house at about $100k more than it is worth. I do not see how I would ever be able to pay this off, or refi, or sell in this situation. 

Any thoughts, ideas, or suggestions would be VERY welcome. I am just south of Baltimore, in Elkridge, MD.

Thanks!

Hey @Dave Visaya, are you in the Philippines? I was just there a few weeks ago on vacation!

Thanks for the nice welcomes everyone! 

Paul, my thought is to find something in the 50-60k range, preferably with owner financing to start out with. I have been saying I wanted to start for years, trying save enough money (which never seems to stick around). I figure this way I can stop talking, and actually do. Dive in and get started!

My first thread on here I read start to finish :)

Thanks for all the insight everyone!