All Forum Posts by: Aidan Mulligan

@Elizabeth Goforth so if it clouds the title, do you have any legal right to the property? For instance, if someone else purchased the property even with the clouded title, could I take legal action?

To everyone who wanted to know the outcome. 

The house was in a self sustaining suburb of Charlotte. I looked for non-name brand/small banks located in the town itself and called the branches directly. I called three banks and what I found was that they were more willing to talk about properties in their town and also willing to offer small loans on these properties.

The root of my problem was that I was calling big bank Bob who had no interest in spending time on such a small loan in an area they could care less about. As many of you pointed out, they work on a percentage of the loan. I had to find someone who cared about their home market. As a bonus, I could get their opinion on the state of their town and market. 

Thanks for all the suggestions.

I recently watched a video that talked about common errors to avoid. One of the common errors was "Not getting a Memorandum of agreement when buying real estate." The little explanation that followed said that in their opinion, everyone should obtain an MOA, a memorandum of contract, or an affidavit, and have it notarized along with a signed contract so that the seller can't back out or sell to someone else and cancel your contract.

Where I'm confused, if you have a signed contract, then why do you need an MOA (MOU) or affidavit. Isn't the contract legally binding enough? I couldn't find the answer through a google search because MOAs can apply to a lot of different areas. I'm located in Charlotte, NC.

@Seth M. Jones that would explain a lot. Something they keep telling me is that fed regs prevent them from loaning because the fees would be too high making them a HPML. Been trying to work around that with little luck.

@Alberta Eleazer Do you have to be a state employee member to get financing. I tried financing through Telco credit Union and they told me that and less I was associated with Telco I could not get financing.

@Troy Bailey I would call it a C property but team owner moved out of state and just wants to get rid of it.

@Account Closed I called the number on the front page and explained to the guy what I was looking for and the guy pretty much said he couldn’t help me, I’d love to talk to someone who wanted to work with me

@Chris Martin Ah see there's the problem, I don't have a relationship with a local bank just yet. I guess Fannie Mae isn't an option, and I don't like the idea of going into credit card debt. I'll find some way.

@Chris Mason it's so simple that it's genius. Thank you!

I'm looking at properties in the Charlotte, NC area that are less than $70,000. For example, I found a property that is going for $40,000 because the owner moved out of state and doesn't want to look after the property. It has a tenant, needs some maintenance, and the financials check out so it's a property I want to pursue. Are banks that offer small loans for purchase a myth? just don't know where to start looking for a loan that size. Any advice would be great.

Brand new investor in the Charlotte area, can’t wait to meet and learn what I can from everyone!