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All Forum Posts by: Franklin Hollins

Franklin Hollins has started 2 posts and replied 5 times.

Post: Should i walk away from this deal

Franklin HollinsPosted
  • Philadelphia, PA
  • Posts 5
  • Votes 0

Hello BP I have a House under contract for sale until i found out it had a mortgage and the actual owners are deceased. The daughter is the executor and does not want anything to do with the home. The home has 3 years of back mortgage 20k payments and is not in foreclosure yet . The principal balance is 64k. Homes in the area sold for 86k. She does not want to deal with a short sale. And is willing to give this home up. I don't have 20k to clear the loan up and take over the loan. so she is sending a hardship letter to the mortgage company to see if something can be done to get back on track, What can i do to get this deal and turn it into a rental property. By the way the home also needs about 10k to 15k of work.

Post: Good or bad deal or move on

Franklin HollinsPosted
  • Philadelphia, PA
  • Posts 5
  • Votes 0
Originally posted by @Vinod Dasani:

That is a great deal for the investor.  I dont believe its a good deal for you unless you have no other means to obtain financing and the deal you are trying to close is simply amazing.

I plan on refinancing to pay off investor. Then use tenant to pay off mortgage. 

Post: Good or bad deal or move on

Franklin HollinsPosted
  • Philadelphia, PA
  • Posts 5
  • Votes 0
Originally posted by @Vinod Dasani:

That is a great deal for the investor.  I dont believe its a good deal for you unless you have no other means to obtain financing and the deal you are trying to close is simply amazing.

I plan on refinancing to pay off investor. Then use tenant to pay off mortgage. 

Post: Good or bad deal or move on

Franklin HollinsPosted
  • Philadelphia, PA
  • Posts 5
  • Votes 0
Originally posted by @Vinod Dasani:

if I understand correctly they will make $15000 on a $30000 investment in 9 months. I love that deal. That is a great ROI for the investor. Also, you didnt mention what are the terms of the loan? I mean you are to pay him $20000 for a $30000 loan for that is for a 1,5, 15 or 20 years?

 The terms of the 30,000 is to be paid back in 18 months

Post: Good or bad deal or move on

Franklin HollinsPosted
  • Philadelphia, PA
  • Posts 5
  • Votes 0

My investor has came up with a repayment number of 50,000. Upon the repayment of the 30,000 an additional 20,000 in interest. The investor agreed that there would be no prepayment penalty for 1 year 1/2, and if paid within 6-9 months they are willing to accept a lesser payment of 15,000. Do anyone think this is a great deal. I am a newbie at this