You can outline a plan to show how intend to grow quickly by bringing in investors, partners, JV’s and through savvy acquisitions or something.A real breath of honesty and a demonstration of your market savvy would to be to add a SWOT analysis.

Hi, Scott -- can you clarify, as saying "portfolio lending" and "FNMA" in the same breath seems a bit confusing.

Some people like their privacy and do not want others casually searching to see what they paid for the house they are buying from you so you are allowed to put in $1.You are not getting screwed :) They just don't want the neighbors to know their biz.The amount can still be found out (in most cases) but harder to find.And no - it doesn't make any difference that there isn't a mortgage (makes it even harder for someone to find out).As Eddie said - no lawyer here but breathe easy over the weekend.

So he giveth and then taketh away in almost one breath.

The response will include a worksheet with a series of questions that that will help Fannie Mae better understand their investment focus.I sent them an email... although I am not holding my breath.

In my experience, less than 2% of houses outside of war zones have a negative value, so you won't run into often but it does happen.Other than that exception, always remember . . .Price overcomes all objections.That's what wholesaling lives and breathes on, and as a wholesaler you need to understand this truth intimately or you won't stay in business long.

Thanks for breathing some life back into this thread and thanks for your comments Joe, Mark and Steve.I don't know much about using an IRA for investing with.

It's such a breath of fresh air to find a property forum with integrity.

Right now they are staging a collective breath holding and foot stomping tirade that I would expect of people who are either:1.

April your friend is buying time.They will have no motivation to sell to anyone after the BK filing.Until the filing their back was against the wall.Now they can breathe a sigh of collective relief for a few months at least.When you file typically most do a chapter 13.You have go through a meeting of the creditors along with a conformation hearing down the road where the plan is approved.Lower payments do not really happen in a 13.A chapter 13 usually lasts 3 to 5 years on the repayment plan.The trustee payments and attorney payments are front loaded before the creditors so they get paid first as they know most cases will get dismissed.With reduced payments on the mortgage you are talking about a forbearance plan with the banks loss mitigation department or a permanent loan mod.If someone has crap credit already they might could care less and file BK.They can get many,many months of free mortgage this way.If you don't make the regular payment the lender will file for a "relief of automatic stay" and if you don't make the BK payment the trustee will file a motion to dismiss.Since you are creating an additional payment for the back payments owed on the mortgage plus any other creditors included you are not doing anything.If your friend owes a ton of other debt as well a chapter 7 might be best.In a chapter 13 your credit is frozen in the crapper for the term of the plan 3 to 5 years.In a chapter 7 you are immediately liquidated and can build credit back much faster.Attorneys want that money.Many in my area will file chapter 13 to get started for 75 bucks!