All Forum Posts by: Cameron Whitehead

@Eric Swanson no problem!

@Todd Rasmussen I like that!

Absolutely, hope I was helpful. 

Something is wrong there. I would reach out to the mortgage company. Might be under an alias. 

To answer your question if it isn't showing on your credit report then a lender will still find it somewhere when you fill out your application you will put the mortgage amount on it. So short answer the lender will find the debt unless it's in an LLC.

If it was me I would structure it as a real private/hard money loan. 8-12% interest paid monthly. Pay the family member a couple of points on top of the interest to make it a fair deal. 

If you are only going to make 20k profit best-case scenario I wouldn't do it. That deal could go bad quick with that thin profit margin. 

A great deal turns into an okay deal. An okay deal turns into a bad deal almost every time. Only do great deals. 

I know that's right, I get confused more than I'd like to say!

I know a few people that recently sold notes on that site and had a good experience. 

I think a lot of investors what to see at least 6 months to a year. 

I would look into transferring your 401k and Roth to a self-directed IRA that lets you invest in real estate.

Eric, the first step is to talk to the owner and see if she is even interested. I would just walk over there and ask her without an offer and just see what she says. Second, talk to the city and see if they would allow that and figure out the minimum lot size requirement. 

"Deal machine" is what you are looking for. 

How new is the mortgage? Sometimes it takes a month or two.