All Forum Posts by: GANI ADEBOYE

6 Tenants in 2 years....that's not good...I hope you are not telling prospective tenant about your record.....they might start thinking about Carbon monoxide poisoning

I bought a house in February cash for $32000,I have spent $12000 fixing the house to be used as my Business office, I will like to put a mortgage on it to recoup at least 80-90% of the appraised value......question...someone said that if it is less than 6 moths, the bank will only value it as Cost plus repair cost,instaed of Appraised value,is this true....also does anyone know of a bank that will do this type of loan,Chase minimum is $50000..also is this a Refinance,Home equity ,or what type of loan is this called

I thank u for your insightful response,I intend to put various proposal to the Owner including may be 82k @7% to be refinaced in 2 years .. I really don't want to take a chance at walking away(I have worked too hard to rebuild my credit)...I want to reduce the payment to the point I can rent it out to cover my mortgage or at break even

I am at a loss as to how to title this piece,I have a Townhome I bought(seller financed) in 2001 at $87500 @9%( at the time I do not have good credit)the balance now is 82000(which includes escrows)....the problem is I have done some work on this property.....replaced polybuthylene pipe @$2600,repainted the house$900, other repairs$1500,jacked up the foundation from the crawl space$1600......any way because of the Real estate downturn, there has been a lot of foreclosure around my house which means low appraisal, two units been offered at short sale at $60k and 35k...informal appraisal puts my townhome at 75k to 82k....needless to say I have a difficulty refinancing, credit is no longer a problem.....my question is how do u approach this owner to either write down the Principal to maybe 75k or cut the interest rate to maybe 6%...or alternatively I may have to walk out on the property....by the way how will this affect my credit,it is currently not recorded on my credit reports(I monitor all 3 religiously) the deed is however recorded in my County courthouse here in Cobb County ,Georgia...If any one has another option or approach I can take , pls let me know

its 16:33 here in Atlanta, I am still having problem creating a topic in Loan Modification forum

The good thing is you are located in Illinois,I am guessing you dont have to pay a Franchise tax which is not dependent on Income, but a priveledge for been allowed to do businessin the State....California is an example even if you have Loss, an LLC MUST PAY
$800 to the Franchise Tax board every year,for that priviledge, however the income correctly will be pass through via a K-1 to your 1040 return

I apologise for the caps...its just that we get sidetrack by sometimes going into the irrelevances of political discourse, instead of practical suggestions, which i beleive is the focus of this forum....so if I iritate anyone...pls accept my sincere apology

I am curiuos to have insight from people who were in the business post Savings and Loan Crisis...specifically from a more experienced perspective..What do u guys think will be the effect of the Bailout ...vis a vis Rea l estate prices....PLS I DO NOT WANT THIS TO DESCEND INTO POLITICAL DISCOURSE, AM NOT INTERESTED IN SOCIALIST,FASCIST AND CAPITALIST POLITICAL DIATRIBE( NOT INTERESTED) am stricly interested in what I can do to better myself under this emerging conditions.Thank you

I WILL LIKE TO KNOW , HOW DOES ONE GO ABOUT INVESTING IN DELIQUENT TAX SALES IN GEORGIA,SPECIFICALLY FULTON, DEKALB, AND COBB COUNTIES IN GEORGIA