All Forum Posts by: Christian Malesic

Awesome. It is great to have you on board. We can always use more experience around here. Feel free to comment or ask questions whenever you want.

BTW, you may want to select a picture that represents you and upload that in your profile.

I do not have a clear picture of what you are looking to do.

It does sound like maybe you are searching for the Real Estate Marketplace

Welcome aboard.

How many have you done? There is always room for more experience here. Feel free to roam around and post as you feel you can be of assistance.

Hey Ken.

Sorry I do not have one. Hopefully, someone here will be able to help. If not, remember there is an LIMG REI Club this Thursday, 24 Feb 07 at New Life at 7:00 pm. Someone there may also be able to help.

Oh yeah....

Also, there are always a lot of similar questions posted in the General Real Estate Forum

Many have already replied with their favorite books. Some hot discussions are going on now, and there are plenty of back posts.

I highly recommend you start your research here. You can use the Search function at the top center of the web page, or can read back posts on the

Short Sales Forum

I have also found the

REO Forum

will also have short sale info mixed in.

BTW, before you hit the Submit button, get in the habit of trying Preview first to make sure the bold and such turned out the way you wanted it. While previewing, you can drop down to just below it and edit your post and preview again before submitting. Sometimes I do it a bunch of times until I get my post just as I think it should be.

I use NTN - National Tenant Network. In a pinch we will take lower credit scores, those with collections, and lots of debt - But, absolutley no evictions previously. They must have money on hand to move in and a job that we can verify.

Our app fee is $25 per app, no matter how many on the app.

Those posters above have made some great points about per person fees, but I am not sure our area can tolerate more. Many of the landlords do not charge any app fee around here. We are working through our REI clubs to improve that, but those LLs see it as a marketing advantage.

Together Mike and nationwide have nailed it here.

I first focused on paying off all of my credit cards. We use them, but now pay off every month (and collect the bonus points to help with vacations).

I have more than enough credit available to me through credit cards for 'emergencies'. I really have very little cash reserves (that are not earmarked for something or another) and have used my home and properties' equity to buy more properties.

Ideally, pay off credit cards, save a nest egg for emergencies, then invest with only what you can afford to lose - but us Americans are an impatient people and want to start or build right now.

Seller financing is best used when there are no mortgages.

Many gurus have been selling this system for years. In the late 70s and early 80s it was a gold mine as the WWII generation does not beleive in over-extending. They saw paying off their debt as the number one priority. The Baby-boomers are a different story, the BBs are into OPM and many over-extended fairly quickly; thus, your questions.

I am not sure if there is any real security you can provide yourself if you buy a property where the seller has a mortgage. You have some good ideas. I would talk seriously with a good real estate attorney and an insurance agent. Maybe a legal clause or a policy of some sort will provide you the security you seek.

An assumable mortgage may be the way to go as well.

Forgive me for playing the semantics card, but how could they cancel a loan with no balance? They had given you the option to borrow based on their available cash and your financials at the time and then they simply withdrew their option since you were not exercising it and their cash position changed.

So, the answer was/is to borrow the full line of credit, before they withdrew the option (or cancelled it, to use your term). Mina was the first here at BP to inform us of her HELOC freeze. I did not have a HELOC, but a business line of credit. We borrowed the full amount the day after I read her post and put it in savings at E*Trade savings, which was giving the best interest rate for liquid money (immediate withdraw available) that we could find at the time. We are taking about a 3.5% hit as we borrowed at 6.25% and are getting in the high threes in return, but the cash on hand is a good thing.

It is raining, my friends, and it has been raining hard. Build an ark anyone?