To get a seller to show you they are 'on board' by missing mortgage payments, wrecking their credit in the hopes the bank will accept a short sale while you emphasize to the bank all the repairs needed?    

It's as quickly as one trip to any bank, or email to any lander, sometimes they do it on the spot, especially if that is the bank where your checking or savings accounts are.That will not make you committed to get mortgage grom them. 

Closed in October 2013 at $152,000Over the next few years, I made some additions and repairs (new bedroom, bathroom, and extra kitchen in the basement), and now got two housemates - completely covered my mortgage payments.2015 rolls around and I start studying real estate a little bit more.

They have a mortgage on the property and it cash flows $8990 per month.

Knowing what I know now, I would not have put such a large downpayment on a low 2.75% interest (15 year fixed) mortgage loan as it tied up good capital that could have been used elsewhere.  

I bought it with 25% down with a 30 year mortgage at 4.7%.

Banks in Philadelphia are looking at the followingIf this is an investment - 75% LTVif it is a Owner Occupied - 95-96.5% LTV30 Year Mortgages with no Pre Pay if you go FNMALet me know if you have any questions.Regards,Joe Scorese

Looking for a mortgage broker with experience working with tenant buyers who could assist with vetting my TB's and putting them into credit repair then helping them obtain a mortgage at the end of the term.  

This rent covered all expenses on the 15 year mortgage, insurance, and HOA fees with small profit that got eaten up on paper by LLC expenses, depreciation, PM and accounting fees, etc.  

The mortgage I took out was a hard money loan, that at the time I would have not had a problem obtaining financing but needed the money fast.