All Forum Posts by: Bernard Chouinard

@Patti Robertson the purpose of the duplex was not for an investment in fact it was before I knew anything about real estate investing. we bought the duplex so that we can split the mortgage he lived on one side I lived on the other the building was treated as a single-family home since it only had one Inlet of water and sewer but was truly a duplex. the relationship became sad where in all Communications came to an end I have sent letters offering cash to sign over the deed and multiple letters from several different lawyers trying to get them to work with us so that I could simply take over the building to save the foreclosure and then rent out the other half. these are all the documents I have to provide to my mortgage company for the second mortgage of my primary residence proving that the Foreclosure was 100% out of my control even with multiple attempts to try to prevent it.

@melvin,  Jason and I were co borrowers on the mortgage and the deed. He filed bankruptcy, I didn't and no he did not include the house in his bankruptcy.

Hello, I'm at a loss and hoping somebody on here could possibly help in relation to refinancing multi units out of private money, short-term loans, or short term seller finance into longer term notes and to pull equity.

My Goal:

Acquire distressed properties in need of rehab. Rehab rent repeat BRRR method

My Problem and background:

Although I have access to private money. My problem is going to be with the refinance with a conventional Bank. 2007 I purchased a duplex with an old high-school friend. In 2010 they could no longer afford payments then filed bankruptcy. The relationship became sour all communication came to an end. There were multiple attempts on my end to resolve this problem before heading to a foreclosure. I have all documentation to prove the Foreclosure was out of my control and all attempts that were possible on my end to avoid it. Foreclosure finalized in June of 2016.

Last month I closed on a second mortgage on my primary residence. It took conversations with many different banks to find the right bank that would not automatically disqualify me because of the foreclosure and allow me to prove my case. I have a decent credit score, decent income, and a load debt-to-income ratio.

It is a different division of the bank that handles a full refinance of a multi-unit property versus a second mortgage on a primary residence that second division could not guarantee me a refinance loan due to the foreclosure making it very risky for me to move forward with purchasing any multi-units with private money.

I'm hoping somebody out there has a suggestion or some advice for me on how I can still do this without having to wait the seven years. That would not allow me to Utilize conventional loans to purchase multi-unit buildings until 2023.

After some digging..  

Centexrei is the company. http://www.centexreig.com/  

This is the guy I spoke with https://www.linkedin.com/in/ryan-dodge-8208a087/

@Mike Hurney  – You joke but one day they are going to find a room full of money a Nigerian prince left behind even with all his efforts of trying to give it all away. =)

@Steve Bracero – sounds like the one.

@James Maradits – Yes exactly. I do the same. Its very pyramid scheme like and I had no doubt it was some kind of guru like thing. I was just curious if anyone else here actually went through with it I’m very curious about the BS they are trying to sell. Ryan (or so he says that’s his name) got offended when I cut him short and told him I wasn’t interested. Told me it was too easy.. Well if it was that easy he wouldn’t be trying to push it so hard. NOTHING is that easy.. 

So I came across a Craigslist ad from someone in TX saying they having a Boston based group and looking to expand and ad on REI investors. My Spidey Senses are up already 1. coming from CL and 2. talking to this guy Ryan its hard to get details from him and there's a qualification process via watching a webinar (which I chose not to do). With out him going into too much detail form what I gathered its some kind of educational pyramid scheme.

Has anyone else come across these guys?

Thank you for taking the time to post Chris I appreciate your feedback. 

I just got off the phone with a RE Lawyer who works with investors (so they say) and they are telling me they refuse to do contract assignments due money laundering issues.  They are telling me they only do double closings as the title needs to be placed in my name even if for a minute. 

I would love to hear any seasoned investors thoughts on this. 

Ahh yes the infamous bandit signs..  The love hate relationship between signs and local city/town ordinances. 

I'm ready to give them a shot but would love to keep the business local.  If you know of anyone in central Massachusetts that can provide them as close to same rates you can get online please let me know.  I'm seeing $1.50 to $2.50 per sign for about 50.  I'm located in Leicester MA so southern Worcester county would be great but certainly willing to expand outside of that if needed.  

I'd also love to hear your experience with them, the good, bad and ugly.  Did it provide any leads that came to fruition? Did you get nasty calls telling you to take them down? Would love to hear from everyone.  

Thanks all.  I have called around and found a couple of portfolio lenders that would not auto disqualify our application based on this foreclosure which is all I was really looking for.  I've written up my explanation and provided all the supporting documents and moving forward. Thanks again!