All Forum Posts by: Angel Hernandez

That was really helpful! Thank you for that. Will be following up with my lender and the listing agent to see how if we can make this happen. 

Hello everyone, 

So I am a realtor and came across a property on MLS for sale. Listing agent is wholesaling the property, marketed the property as them being the owners, found out this is an assignment of contract, this was not disclosed until after Inspection was done and LLC ownership was questioned. Buyer plans on using a conventional loan. Lender is questioning ownership. Can this property be wholesaled into a conventional loan and should they have disclosed this information as a real estate licensee?

Thanks for sharing that info. Ill look into them

Hello Everyone,

I am looking for a lender that has experience working with Traveling Healthcare Providers. If you know anyone, please let me know. Ive talked to some lenders that dont really understand what a travel nurse is. I need someone experienced if anyone knows any. 

Thanks

Thanks for all the insight. The home is zoned in a short term/ vacation rental area. I don’t own a primary residence and plan on staying in the property half or more than half the time. I would like to gain some experience with renting while owning my own home. I’m not looking to commit any crimes, this is all preliminary research. I appreciate all of your input.

Hello everyone,

I came across a property that I am

Interested in owning and renting out with Airbnb. However I do not have 20% to put down. The owner will not consider any sort of creative financing. I am considering renting rooms out, but will benefit the most with renting the entire place. I don’t want to take on a partner to assist with the 20% down. What will be the best way to go about this?

Thank you in advance.

@Brad Bellstedt perfect, thanks for all the info. This was helpful. Glad to be part of the bigger pockets community

@Brad Bellstedt thanks for the input. I don’t want to run that risk even if it is unlikely. I wouldn’t be able to pay the remaining balance in full. In the case that someone did run that risk, who does the payment fall on, the previous owner or the current title holder?

Hello All,

I am running into an issue and would like some clarification if there is anyone that can help. I am coming across some good leads that need rehab work done but some of them have a mortgage. I would like to structure seller financing but I do not have enough of a down payment to cover the existing mortgage and fund the rehab. I do not want to risk running into a Due On Sale clause that may pop up on a seller financing deal with a bank mortgage. What are some strategies that can be utilized to get into the home and pay a monthly payment while I rehab? 

I am thinking a land contract, or some sort of lease option but a lease option may not work do to the extent of the rehab. Is there something that I am not seeing or can this even be done? 

Any and all feedback are welcomed. 

Thanks

Hello Everyone, 

Just wanted to get some insight on a deal that I want to wholesale. Heres the situation...

Seller has property on market which needs some work. She started on renovation but has not come close to completing. She is willing to come down on the price given the condition of the property and after showing the comps in the area. She is interested in creative financing which would take the burden of the rehab off of her and allow for some monthly cashflow. But... She has a mortgage. I am worried about the DUE ON SALE CLAUSE. I am thinking a land contract would be the best option since the seller would still maintain ownership, avoiding the possibility of due on sale clause to take affect. What do you think? 

ARV-$210,000

Rehab costs- $30,000 

Remaining Mortgage Balance- $91,000 with $700 mo payments

I would like to offer a land contract 

purchase price- $125,000

Down Payment- $5,000

Interest- 0%

Length of Terms- 8 years / 96 months

Monthly payment- $1250

With the option to buy out contract early with no penalty. 

Would this be the best strategy to use? If not, why? And how can I lock this deal in without having to pay 90k for the loan or get stuck with the possibility of a Due On Sale Clause? 

Thank you in advance!