All Forum Posts by: Alex McGhee

My name is Alex McGhee, I BUY HOUSE$, any price or condition; anywhere in the Upstate of S Carolina. I wholesale and buy and hold.

OK, so that's my commercial ... I've been wholesaling for three years, I have four rental properties and am building my inventory. I look forward to meeting other investors and continue learning about this business.

I am always seeking private lenders, who want to make more money with their money, secured by real estate.

A friend told me about BP. BP is the single best resource I've found. I wish I'd found it three years ago, it would have saved me many a "K" in education ...

Nice to meet y'all.

I recently found private money lenders, this will be my first venture of this sort. I am seeking advice on what is a typical % and typical terms, ie. Int only vs P&I payments, one year payback or other, and how to put the agreement on paper. Does anyone have a template I can use to customize?

Please advise,

Alex McGhee

This CHEEP, I mean CHEAP, 2/1 Handyman special, is Move in ready, interior could use paint, needs TLC. It's on a corner lot, big beautiful oak trees, Has two car carport, fenced yard front and back and spacious storage shed for tools, mower etc.
Currently occupied Call Alex for more info 8 6 4. 8 8 4 . 2 9 1 3

Alex McGhee, at I Buy Houses Real Estate, llc, NOW & Save this number to you phone.
8 6 4 - 8 8 4 - 2 9 1 3

http://greenville.craigslist.org/reo/5758305871.ht...

Handyman investor special, CHEEEEEP it's a 2/1
Needs heat / air , 10-20k repairs, depending on strategy. Could be yours if the price is right.
ONLY 10k!!! House on sale!!!
(truck not included)
Call Alex for access and address 8 6 4_ 8 8 4_ 2 9 1 3

http://greenville.craigslist.org/reo/5778653490.ht...

here ya go, I'm flex on price.

http://greenville.craigslist.org/reo/5758305871.ht...

What is a silent 2nd?

While in the process of due diligence on this deal, I discovered the seller had a HAMP (HOME AFFORDABLE MODIFICATION PROGRAM) loan modification on her loan. My understanding is it works like this example :

A loan can be modified up to 30% of the outstanding balance. The loan balance is 100k, the balanced is reduced to 70k and interest rate is also reduced. The new payment is based on this new structure. BUT ... (bad news) the 30k the loan was reduced by was not forgiven, it was only forborne. Meaning, it is still owed and due upon sale, BUT ... (good news) that 30k is interest free!

Here is the rub. That 30k is a second position Federal loan/lien. My concern is owning a property subject to wherein the Feds have an interest.

Q: Is the bank more likely to call the loan due because the feds are in second position? Should I be concerned?

Please advise,

Alex McGhee

I Buy Houses Real Estate, llc

Watching a podcast the subject of wraps was brought up. The guest/investor mentioned he wrapped an existing mortgage; the seller retained legal title and the investor obtained equitable title.

Q: If the seller had a judgement decreed against him and a lien was subsequently placed against the property;  is not the title now clouded? If the investor was to sell the house, would he not have to satisfy the lien from his proceeds?

Hi, Lance.

To my knowledge, just needs scrubbing inside and paint inside, and it will rent. Of course there may be something unseen I'm not aware of but it looks good. The owner occupies it.

This CHEEP, I mean CHEAP, 2/1 Handyman special, is Move in ready, interior could use paint, needs TLC, but it's ready. It's on a corner lot, big beautiful oak trees, Has two car carport, fenced yard front and back and spacious storage shed for tools, mower etc.
Currently occupied Call Alex for more info 8 6 4. 8 8 4 . 2 9 1 3

Imagine . . . Your real estate problem solved. I buy and sell houses.
CALL me, Alex McGhee, at I Buy Houses Real Estate, llc, NOW & Save this number to you phone.
8 6 4 - 8 8 4 - 2 9 1 3