All Forum Posts by: Leroy Williams

THX

ALCON,

Because of my full time career in the military, I plan to personally go hunt for about 10 prospects a week along with requesting inside leads from a real estate friend of mine. Like I mentioned in my introduction, I'm not looking to get rich. I just want to get my feet wet with a little confidence, make a little free flowing cash, and gain experience for when I eventually retire. Any comments on my efforts?

I believe that is his modified loan.

Thx Curt & Jon

In fact, I drove around looking at properties today. I found about 10 prospects. I have to make some phone calls on them.

Curt,

I haven't forgotten about you. I will be contacting you via PM soon. I have 2 sisters that live in Charlotte.

Curt,

So if this all adds up, the only money out of pocket would be the 20% down on the refinance. Also, do you get the final appraisal letter once the rehab is complete?

Jon, He had one of those crazy loans early on, then the lender restructured his loan (80/20)(30yr/15yr)(8%/12%). When he purchased the home, he had no problem because he was making a substantial salary. He later ran into rough times eventually falling behind on his mortgage. He has gotten back on his feet, but still playing catchup and obviously upside down.

Jon,

I have assessed the situation you have mentioned and that will be a deciding factor in my decision. An ideal situation would have him move out and get a new tenant and it be strictly business. He doesn't want to short sale unless he can remain as a tenant.

Nationwide,

That includes taxes and interest.

Jonathan,

Can you explain the problem with the statement and why you say this?

I plan to continue renting the property out to my brother. He currently pays $1300 in mortgage. I did a rough calculation using the mortgage calculator, and estimated that my mortgage would be about $800. I would charge him about $950 for rent with a small cash flow in my pocket. I am really doing it for him and for me. Hopefully the the market will return in a couple of years and the house appreciates. The average rent in that area is about $1100 monthly.

Situation:

Brother owes $143,000 on mortgage
House Value(according to comps) $121,000
Offer Home to lender as a short sale for $100,000 (sister says lender may take/she is a realtor in Atlanta).
I would purchase.

Any Responses or Analysis