Updated over 13 years ago on . Most recent reply
Creative Financing - Brainstorming
I bought a house 6 months ago in california with PITI is about $1500 per month. I live in one of the rooms and I am renting the rest out for $2500 a month so making about $1000 extra. I want to buy a second house asap,
Situation is
A. my 2009 tax income is 30k, 2010 tax income is 50k and 2011 is only 3k but my 2012 is a lot better.. I can't get a loan through the bank... becuase my last 2 years income tax is low.
B. I have been putting bandit signs up and trying to do subject to deals so that i can get control of houses cheaply but the problem is 1) subject to is a short term startegy becuase they may call loan due at any time 2) lots of subject to deal the house is under water I already wasted $1k in bandit signs and feeling discourage...
I know there are a lot of creative financing deals out there.. I only have 20k left but i am very good at renting out houses for very high dollar amounts ....
is there creative way anyone can figure out for me to get into a house cheaply ASAP?
Most Popular Reply
I suggest neither Johnathan. All I would do is send a letter stating that the title will be transfered, however, the payments will remain paid on time. This gives full disclosure to the bank and tehrefore, if they do not utilize the DOS clause, they can not later. Well, they can, but in a court of law, you would have a great argument that they were notified and chose not to. Again, keep in mind that the DOS clause is nothing to be afraid of these days.