All Forum Posts by: Jocelyn Evans

We are currently looking at a 5 acre property with 2 houses on it. One is currently rented out and will be for another 2 years. Our plan is to build an additional 7-9 homes on the property which we know is allowed. We will have to split the land up before doing this. We plan to move into the first house we build.

How does financing work for building a home on land you already have a Note on?

Thanks!!

@John Thedford Thank you - 

Do you have any advice for someone new who wants to be successful with not a lot of cash? It feels like I am chasing my tail a bit. 

I have spoken to a couple of HML that want you to have money in the bank. Are there any out there that lend solely on the property's ARV? A HML that is good for newbies? If so please pass on the info. If you are one please send me a message with your info. and requirements. 

Jocelyn

@Michael Lee Thank you for your response. From what I understand Hard Money Lenders want to see $30K in your account in order to lend to you. If there are some out there that don't I would love to know who they are. 

Opinionated is good - it typically means theres passion there. :) I would much rather an opinionated person who will give me something to think about than silent or too reserved. 

Thank you for offering up advice and if you have any more please share. 

Jocleyn

I am trying to get into Investment Properties. I would like to buy and hold and also flip when I have some capital built up. 

I have no major capital at the moment to invest with - my question is -

Is it a good idea for someone with little or no capital to buy owner financed properties on Craig's list for rentals to start building inventory?

Thanks!!! 

Jocelyn

I am trying to get into the Real Estate Investing business. I do not have 30K in cash so hard money loans are not an option at the moment. I have several business contacts for home repairs that I could work some good deals with. I am looking for ways where I can learn and gain experience and potentially make enough money to start purchasing my own investment properties. I currently have one investment property. I would like to get my Real Estate License and learn a little more about property management or work for a property management firm so when I do have my own properties I have some experience, now it's just about getting over that hump!

I currently work full time but could make myself available on some evenings and weekends.

I have worked in the mortgage business for years on the lending side, so I am very familiar with real estate terms etc.

I am motivated and have the ability to work from home. I would be willing to work full time but I would have to be compensated for it or at least make a draw comparative to what I am making now. which would be in the 60-70K range.

Again - I am extremely motivated, I like action and fast paced, I have an entrepreneurial spirit and I am ready now.

Any advice would be greatly appreciated!

Hope everyone is having a great day and thank you for taking the time to read my post.

Jocelyn

@Mark S. I'm in. 

Yay! I missed the last one. When it got bumped up a week I was in California. :)

See you all on the 20th?

Background: Texas Home with 6.5 acres originally purchased in 2005 for $450k by my father in-law. In 2011 he had hardship and bank went after the house. We were able to stop foreclosure and secure a loan mod with HAMP in 2013. All payments since the mod have been paid by my husband and I. My father in-law no longer lives in the home. The mortgage remained in his name, we have POA over the property. In Sept 2015, we sold 4.5 acres of the 6.5 for $515k. The mortgage company(wells fargo) required that we pay the mortgage down to 210k in order to release the 4.5 acres. This generated approx $300k cap gains potential. We asked a CPA for advice and they told us that if we can satisfy a transfer/sale of the property from my father in-laws name into ours, we would get a $250k tax exemption.

With the tax year coming to an end, what other options do we have that will demonstrate a transfer of ownership to satisfy the IRS, but not trigger the Due On Sale clause with the mortgage? The current mortgage is at 2%, so keeping the existing mortgage would be ideal. 

The loan to value as the house sits today is around 60%. Every payment made has come out of our account and there have not been any late's since the mod.