@Carl TrubeWell have you confirmed the bank will let you assume the loan?

If you do not know how to control money well, adding more to your bank account will only create new problems.

Hi was was wondering if anyone here in Chicago or surrounding areas have purchased from the cook county land bank and if so what kind of loan did u get if any to buy and fix it up or develop a property any info would be very helpful thanks

These self employed 2nd mtg's are typically based on alternative method of caluclation like profit and loss statements if you're self employed or the last 12 months of bank statement deposits using a formula to derive an income from these deposits (like 50% of all annual rolling 12 calendar month deposits X 50% /12 months = monthly income).

(it is confusing from reading it)I haven't heard of it, but I don't think you can get a loan to become a TIC from a bank.

He already has his mortgage - so, a blemish on his credit really won't negatively impact him.All you could go after is his bank account and state tax refund:(

You can then GC the project yourself and let them help be eyes and ears and offer you the speed to get the projects done on time.As for financing, I had great success using a commercial loan product with a small community bank.

My first attempts to get a loan ended in some pretty humbling experiences (getting laughed out of a couple of banks due to zero credit history).Fast forward to today, and after building up some credit, a stronger W-2, and a solid professional background, I’m finally back in West Palm Beach, Florida, looking to make my first deal happen.

You could be a private investor for a house flipper, but then you would be the bank and I am not sure how that would sit with your faith.I would park the money in index funds if you can't do syndications just because you are restricting the possible use of your money in real estate.

Right now, DSCR loans are very competitive with what the banks are offering without all the paperwork that comes with conventional financing.