All Forum Posts by: Eric Edling

About 3 months ago I came across some one in a tough situation. Long story short they were about to lose their home and I made a deal with them to buy it but it needed to be taken out of bankruptcy and gone thru probate. It was a complicated deal. I could have figured it out on my own but I had a childhood friend who worked in real estate and the deal I had made with the guy was insane. The house need 100-150k worth of rehab but I closed him at 215k once finished the house will be worth between 700-800k. Anyways, with there being so many moving parts and deadlines I didn’t want to take it on by myself and it was such a good sized deal I told my friend if he could navigate the courts I’d partner with him. Well his boss was impressed with my real estate and finance skills so I ended up working for their company well it turned out their company was wholesaling houses they didn’t really flip many homes. Anyways, my position got “paused”  and now I am being ignored about what the status of our flip is. Which gives me the impression they are going to try and screw me out of the deal. But this deal had nothing to do with their business. I closed the deal and have messages about the work I’ve done to get this deal done and to keep it together. I didn’t think someone that was like a little brother to me would try to screw me out of a no brainer huge deal but it’s starting to look that way. Do I have an legal recourse? Because I was told when my position was paused that we were still partners and nothing on the flip deal was changing. But I am being cut out of the loop. I do not want to come at this aggressively but before I make another attempt to contact him I’d like to find out a little more about any kind of leverage I have. He is the executor on the account and his real estate license is up on this and I have messages from him that would jeopardize his license but I don’t want to go that route if I don’t have to. His new business model is basically based on him helping people flip houses and he’ll help maximize their profits so if this got out that he screwed me out of the deal if made and brought to him it’s Ruin his credibility.

My mortgage is 2500 I owe 389,990 on my home at 4918 97th ave ct w university place.

Current value is atleast 800,000.

My credit is terrible. Had a few issue during Covid and almost 5 years ago I filed bankruptcy and my ex got a camping trailer repossessed but liability to it was removed during the bankruptcy but the credit union sold the debt and some how managed to get it on my credit I am working to get it off. Other then that I have no credit card debt and just student loan debt. My mortgage is now current and i recently started a new job but I won’t start making good money for another 60 days. I have a very nice 2017 Yukon Denali that I just got out of the shop but it took my insurance company a year to fix it and it’s still not done and it’s been a massive financial burden but I owe only 4,000 on it. I’d like to finish getting it fixed and sell it but I’m the mean time I have small bills piling up and I would love to relieve this stress and get access to a small amount of my home equity like 10,000. If anyone would be interested in buying the option and giving me 1-2 years before excercising it and a price that I can buy it back at and repay the debt plus interest. Let me know if you have any other ideas.

I have seen these terrible scams they are running now that a lot of people have so much equity in there home but after Covid I’d imagine many people have credit issues but these company pretend like they are giving you access to equity in your home but they are actually buying your home and renting it back to you. For an uneducated consumer or depending how strong their sales team is this is a very raw deal.

He never bought the option back? Was there a set price at which he could buy it back?

I own my house for about 360k and it’s worth near 1 million. I have found my self in a terrible financial situation. My credit is around 500 and I am behind on my house payment. However, I have started a great new career but it is going to take around 45-60 days before I start getting paid. Is there anyway for me to get even a small amount of equity out of my home? Just a small 10,000 loan would give me some breathing room for the next month or two. 

It was like the perfect storm I lost my job and was in a car accident. It took my insurance company almost a year to fix this vehicle and it’s a 30000 dollar car that I owe like 3,000 dollars on but it’s about to get repossessed. I don’t have any credit card debt but I have several other bills that are like utilities that are getting past due and I am literally flat broke. My electricity, water, phone every is about to get shut off and my car repossessed. In 60 days I will have a good income but I’d rather not lose my car or be without electricity. I’d love to get access to even just a 5-10k in equity from my house I know my credit is terrible but there is 500k in equity and soon I will have a steady income.