I’m trying to do too much! 1st) I own a house that was deeded to me in 2014 (in New York) but a forclosure process started in 2016 that I had vacated back in 2008 btw the forclosure is NOT in my name it’s my Dads. I want to do a short sale or refinance and keep the property so in essence (SS) find a buyer who’s not my family settle the Mtg hold the property for the designated time and ultimately sell at market value after repairs for a decent amount covering the short sale Mtg and leaving cash for me and the investors...I know some parameters but not the who who and how’s..?
2nd I am currently also looking for my first deal using my own credit (800+ Fico) and one co borrower (740+ Fico) . We are currently pre-approved for 150k with USAA bank. We want to make this our first BRRR in the state of Georgia. One lender down in Ga is concerned how we will continue to run a day care business in New York while making the potential new our primary residence. I can only assume USAA might also have the same issue when it gets to closing. So I'm trying to underwrite my own deal as a Loan Officer/Broker in my past, I don't want to NOT close on my own deal being very successful when doing mtgs as a professional.
Please help!! I’m pulling my hair out and I barely have any. I love Realsestate and plan on making this our first home not ur dream home. Please advise and thanks in advance.
“One lender down in Ga is concerned how we will continue to run a day care business in New York while making the potential new our primary residence...”, well what is your answer?
Are you buying the property in Georgia as your primary home? If so, do you already a day care affiliate/Day Care Center setup in Georgia? Do you operate the Day Care Business in NY yourself or do you have full-time staff managing it and you just receive a distribution / profit?
Day Care business is not portable, so I imagine that’s why the broker is asking you that question, and as you already surmised, US Bank will ask it to.