All Forum Posts by: Jose Diaz

Yes, $3, lol. Rent is $800, Mortgage is $797. Its less than 10 years old, new construction,  lot is about 1/4 acre. I am thinking easy $1200 at least. 

I was thinking "subject to" as a route. 

I was speaking to my niece today and found out she has a property that she doesn't care too much about. Not too long ago she was willing to lose it because she owe's more than what its worth. At the moment it has tenants that provide her $3 cashflow a month. This is after a modification, before about $300 was coming out of her pocket. She wouldn't tell me out of embarrassment however I believe its underwater at least $100k. 

I was thinking of subject to in this situation. What do you all think is a possibility? She doesn't care for keeping it or letting it go. I would have to do some more research to get an idea of how much rentals are in the area.

Thanks

 Can you really close on  the day of their choosing?

 Good to know.

Thank you all. I am going to pass on and keep prepping the wholesaling side. 

So the only person that has access to draws is contractor? Does bank confirm work before releasing funds?  

Does bank expect new owner to pay for repairs then reimburse? 

@Robert Davidson My plan for now to save on marketing cost was to drive for dollars since there seems to be so many around. Also, I have a family member that works at the clerk of courts and was going to have her introduce me to someone that may be able to get me RE information. I did go to one REIA and I loved the atmosphere. I missed another one @Vana G. invited me to, however I wasn't able to attend. The plan is to go next meeting, thats if my son isn't born around the time they have the next meeting.

@Vana G. I also thought the payment amount for the loan was high, however wanted to consider my options. I have been able to re-establish my credit since that horrific moment. I have CC's that have limits above $3k, although it would be better to play with cash than credit. I have some business cards that I had made before I went to DREIA. They are decent for a newbie I think. I will take your advice about speaking to people around town. 

Its hard to forgive myself for my bad choice, real bad choice. I wasn't married then (almost), however its limited me in so many ways. Maybe you understand, unsure, however I need to rebuild/re-create opportunities in my life for my family, especially that I have a child on the way. They all deserve better and thats why I NEED to do this. Thanks for listening.

 That would be a great idea. The issue is that I cannot get a traditional or fha loan now. I have a bankruptcy that is 4 years old and a foreclosure that will be 3 yrs old in November of this year. I got stung real bad during the housing crash and I am still hurting. The past 2 years I have attempted to purchase a property when I was able to save up money only to be denied at the underwriters desk week of closing.  So I guess some of you can understand my trepidation to reinvest however I want to succeed this time. I have very little margin for error this time around (self imposed). 

I have been driving for dollars and have written down over 30 properties I am going to start a campaign on. 

Its either my.reality or perceived reality that I can't allow myself to invest money only to not gain anything and be.stuck with a payment for empty hands. 

@Ben G. It would be about $450/month