Don't want to use family or relative money.

3 Replies

My house got forclosed on and was bought for $151,000 in Oregon. Its worth easy $380,000. And fixed up $480,000. I have 6 months right of redemption to buy back. I have 2 family members that can easily. Worst case will. But really don't want to, because it ends up being not a business deal but there power tripping deal. No matter how hard I try to explain or make perfectly clear before deal. My credit is shot. Lost 5 houses and didn't do bankruptcy because this house. I need hard money and looking for interested party and or advise on how one would structure this deal with investor. I want to buy, fix and flip. So total investment needed is $200,000. Time frame may a max year. But 6 months with fix, market, and closing time. 

Man, I hate to be the grammar police, but that post made my head hurt reading it.

What you are looking for is hard to do.  First off, I'm assuming your debt was considerably more than the $180k if you didnt sell it instead of let it foreclose.  If so, can you redeem it and clear the other debt?  That doesn't make much sense to me.

There may be a lender out there that'd do the deal if your numbers held to a 40% LTV, but never with you in the house. I take it you arent(?) Even the guys that do collateral lending get spooked by foreclosures, especially funding a redemption period retake knowing they could be next if you dont pay them...get the numbers attractive enough you might find some private lenders to pull the trigger, but I'd even cringe at that one and I'm a risk taker. There's no good way to protect yourself as a lender, it has to be in your name to redeem it, and there's a clear willingness of the borrower (you) to stretch out the foreclosure process and make it as painful as possible for the lender if the deal goes south.

You can shop it and see, but I think if you've got the chance to get the money from family that's the best bet.  None of the institutional guys will play ball.  Maybe a local hard money or private lender, but its not going to be a laydown.

All debts cleared. Because bank forclosed. $480 was the end balance. Thank you for the input. Or if can help. I wanted to make it into duel living. And short term 10 year loan. Rent would be $2400-3000. Idk. Looking at my options. Would that make a deal for someone?

Originally posted by @Bill Gostevskyh:

All debts cleared. Because bank forclosed. $480 was the end balance. Thank you for the input. Or if can help. I wanted to make it into duel living. And short term 10 year loan. Rent would be $2400-3000. Idk. Looking at my options. Would that make a deal for someone?

 And sorry. About the grammer. Started construction @14 years old. Owned 5 houses at once. Was very successful. In my eyes. Bad relationships ruin alot in peoples lives. That's why starting from ground up again. And the basic story. Of why I'm a good bet.

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