All Forum Posts by: Jeongmoon Park

@Steve Hall Thank you for your informative comment.

@Chris Mason Thank you very much for the information. I greatly appreciate it!

Hello BP

I am curious... How rare is the case if a lender (FannieMae) triggers due on sale when quitclaiming and transferring the deed from an individual to a partnership LLC? Would there be a kind of strategy to solve the issue if the lender calls in the loan due to the deed transfer?

I am trying to decide whether my partner and I go with mortgage or with hardmoney... 

Any comments or suggestions would be appreciated! Thank you! 

Thank you very much for your advice! @Robert Ellis 

Hello,

I am new... and have a question. A few days ago, there was a foreclosure duplex in an online auction, which also listed on realtor.com. It was fully occupied. Starting price was ~$39,000. I do not know what was the final price.. but a few DAYs later after the auction ended, the price of the duplex jumped to ~$117,000 on realtor.com. The comps were at 90k ~ 100k. 

My question is... Is it what happens if the duplex is livable? If the duplex got an appraisal value of $110,000 AS IS, does the price usually go back to the appraisal value when the auction ends?

Thank you very much for your advice!

-Jeongmoon

Thank you very much for the quick answer @Michael Ealy! 

Hello,

I am new and am currently looking at a few bank-owned properties to buy in Columbus, Ohio. I learned that most of bank-owned properties have clear titles but sometimes not. So, it is still recommended to do title search to ensure it is really clear. My questions are,

1. When you buy a bank-owned property via online auction, do I need to do title search before bidding or can I still do it after bidding? 
2. If I do the title search after winning the online auction and find any issue on the title, would I be able to cancel it?
3. Would there be another ways you may suggest to find/buy bank-owned properties?

Thank you very much for your advice!

- Jeongmoon

Dear all,

I am trying to use Fund&Grow to eventually purchase a rental property. Does anyone have a successful story of purchsing a rental property using F&G?

My understanding is F&G set up a bunch of credit cards and convert the credits to cash probably via Plastiq. So my question is... 

1. if I purchase a property which is 100k with traditional loan with 30% down payment (30k), I need to make a loan payment as well as the minimum payment for the credit cards every month. Am I right? If the minimum payment for the credit cards is 2% of the balance....I don't know... it seems like is hard to make any cash flow from the monthly payment from a tenant...

2. If I purchase a 100k property with cash in full and have a free and clean deed....and I may be able to refinance using the equity....However, isn't the amount of loan to get up to 90% of equity ~(90k)? and pay off the most of the credit card debts..... but still, hard to make any cash flow due to the minimum payment to the credit cards and the monthly payment to the loan..

hm...so confusing. Can anyone help me to understand this Fund&Grow strategy and how this may work for cash flow?

@Robert Ellis Thank you very much for your info. I will definitely look into those area. And I also agree that multifamily would bring more cash flow. Thank you for the advice!

@Justin Windham Thank you for the help. I will look into those info.

@Brian Jordan Thank you. I will PM you.