Investor wanted - help 6 adopted kids get their home back!

Investor wanted - help 6 adopted kids get their home back!

Member since 2008 · 1 post · 0 votes

I am a single adoptive father who has adopted 6 boys from around the world. Please help us get our home back!

I've got an unusual situation that I need a real estate investor for. I owned a beautiful 3200 sq foot home in Shadow Hills, CA (near Burbank). I had a great credit score of 750+. Unfortunately, I got involved in a horrible hair care franchise and ended up losing over $500K. I also ended up selling my beautiful home in April 2006.

As a result of the franchise mess, my credit score dropped considerably. In the past two years, I have went into a more lucrative business with a great income and have more that $300K in the bank. My sons and I want to move back into our "real home" now that my financial picture is doing better.

The individual who bought my home is now selling it at a great price ($859,000). It appraised for over $1,000,000 last year. Unfortunately, since my credit score went way down, I can't find anyone to give me a loan (even though I want to put $100K down and have the money in the bank). Hard money loans are out since they want 60% LTV.

I'm looking for an investor who can buy the house, lease it back to me on a short-term basis (around 2-3 years) and then have it transfered to me. I'm willing to pay $20K to the investor for their involvement. Although my credit score isn't great, I can supply a letter of reference my my bank Vice President attesting to my financial stability.

I'm willing to do just about anything to make this happen. I've got to move quickly as there is another offer on the table for the property. If you can (or know someone) who can help make this happen, my boys and I would be forever grateful.

To view the property, please respond and I will send you an e-mail link to the web site.

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  • Real Estate Investor · Portland, OR · Member since 2008 · 1k+ posts · 23 votes
    18y

    Have you thought about getting a co-signer to help you get the loan?… Maybe someone that you know…

    Also, have you looked into an FHA loan? Not sure if they can go to that high of a loan amount... (They can't in my area)…

    And lastly… Your bank can’t help you? Seems like with that amount down, they may be able to break some of their own rules for you…?

  • Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    18y

    Part of that economic stimulus package is to bump up the conforming loan limit to $650,000. If you could swing a 25% down payment, you would be below this limit.

    This isn't a sale/leaseback situation because you don't own the property now. Instead, you would be doing a lease with option to purchase from the investor who bought the place. Most investors would be looking for a profit considerably greater than $20K on a deal of this size. If an investor bought for $859K, they would need to sell it to you for quite a bit more than that. I would expect the price on your option to be around $1,000,000 to give an investor the expected profit. Really, an investor would want to purchase at a significant discount. If you don't follow through, then the investor is stuck in a house that they owe too much on. A year old appraisal is pretty meaningless in the current market.

    This is not an appropriate forum for soliciting a deal. Please limit discussion here to the situation and alternatives for dealing with it.

  • OR · Member since 2008 · 1k+ posts · 845 votes
    18y

    Iron clad rule here: it's on my rental criteria. I never rent to anyone who holds up their kids or their god as a begging tool.

    Can't help you, sorry.

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