John Perry
Bid On House Subject to 1st mortgage... Advice Needed (Ohio)
I bid on what turned out to be a a 2nd mortgage in Ohio. The house is worth around $300k. I paid 258K at auction. Looking through the court records I can see that the 2nd mortgage was awarded ~100k. There are around ~...
Jim Goebel
Using a HELOC; impact on Credit Score ? Bummer
We use MINT.com, which is nice.According to MINT, what is largely dragging our credit score down (it's a 758) is credit utilization.That's a few credit cards here and there but predominantly our HELOC is 60% utilized ...
Esther Page
Applicant has good credit, but terrible payment history - deny?
Had our very first tenant apply--good credit, 7x the income, nice guy, but I want to deny him -- can I?
He has a very poor history of on-time payments after seeing his credit report (like 60%) -- but his score itse...
Alex Olmer
Hard/Private Money + Seller Financing for Apartment Complexes
Hey everyone!Brand new to BP and REI in general. Excited to be here :)Looking into creative financing for apartment complexes (30+ units).Forgive my "noob-ish" curiosity, just trying to explore possible options!Exampl...
Parker Cox
What's the worst that could happen right?
So what happens if I have invested in a crowd funding platform and then the worst nightmare happens, they go under and its time to liquidate assets (or do they even liquidate the assets): how do I get paid back and to...
Rich Hupper
How much do I pay my lender in interest
HelloI am buying a $300,000.00 home with 55k down. I plan on selling in 2 years. My sister has agreed to give me money for some rehab needed in the home. She has agreed to let me borrow $50,000.00 for 2 years @15% int...
Tony F.
Buying out note to have more to exchange..
This is a bit complicated. Selling a property, large gain, I am 50% owner, planning to separate my proceeds and exchange into another investment property. We are having to carry a small note for the buyer, 1st positio...
Justin Farrar
I'm considering lending money on a flip, need input on rate
I'm considering lending money for a house flipper to do her thing. I would like input on interest rate I should charge.Here are the details:THIS WILL BE A SECOND POSITION LOAN behind an 80% loan from private money.Pur...
Michele Jefferson
KEEPING EXISTING LOAN
Hi, I need some clarification on a unique situation. I have a deal whereby the Buyer wants the Seller to carry back 50% of the loan in the second position. The first position is a Private Money (50%) to the Seller ...
George P.
When 2nd is wiped out at foreclosure sale
When 2nd lien position mortgages are wiped out at the first mortgage foreclosure, do the banks (note holders) have a right to file a deficiency judgment agaisnt borrower in order to try and recover their loss (at leas...