All Forum Posts by: John Fedro

Not completely sure on the financing side. However purchasing the property with 100% OF then after seasoning refi him out.

He will have to wait a few months for his money but after word he can then just hold a note, (whatever you negotiate)

if there is anyway to make him a 25% equity partner, or bring in a note buyer to assume the gap.

I am sure there is a solution to be worked out with out going the conventional financing way!

Not sure if that helped, dont have too much experience with commercial financing.

happy investing :D

-John

Hi Nate.

Haha, I have a property on kimball court. thats kinda funny...

Anyway, Starting of with a group of like minded friends can quickly tern into sometime ugly. friends fighting and profit sharing/work issues.

I recommend getting mark wardas book on corperation versus llc.

If you are paying cash for the home it can easily be placed in whatever name you choose. The agreement between eachother and yourownership in the company can determine the profit sharing.

If you are financing the home, it made be hard to get a loan with under 2 yrs on your business, ect. One person can finance (or use seller financing) and then the title can be moved into trust or corp.

Hope that helped... a good starting point!

happy investing :D

-John

Jason,

The guys are correct! the reality of investing is more brutal than on the tv shows.

If you "can" get $750 is an issue as well. A few months vancany can cost you a years worth of profit. Not to mention letting a management company steal 10% of your profit.

Join a REIA to get a mentor or local coach... i would suggest.

Perhaps if this is your first home, live there then rent it out sometime after.

Learn more "creative financing!" there are deals out there for you.

happy investing :D

-John

Keep the equity in your home and buy some more cash-flowing properties using creative means!... stay away from the B word!.. (bank) :D

Refi/helocs are such a slippery slope!

Josh, cute pic!

Happy Investing
-John

Joaquin,

There is a lot of money to be made with pre-foreclosures... there will also be a lot of competition.

Make sure you are marketing to owners whos defaulted note is low enough LTV (40-60%) of the home... inorder to make $$$.

Why not just wholesale the property. In my option there is no need for the double... except if you are working with REOs. (the banks wont let you assign)
Just assign the home to your new buyer. Unless i am missing something... then there is no fee. If you are worried about them seeing you get paid, write it up as "misc. fee"

haha, scott, i love that movie!

But... With enough snooping you can usually find an investor friendly title angency to work with you on the closing and proof of funds.

-John

Tom, Everyone has been green at one time in their life concerning real estate. The best advice i heard was join a REIA, look into wholesaling (minimal risk!), and read... but you must take action. You are no smarter than any of us, the people that are successful have worked at it. There will be no perfect deal to wait for. And please start looking at other financing avenues besides the "B" word!(bank) But that is what the REIA will teach you. :D

Hope to hear some success stories from you soon.

-John F

Suzanna, I have heard stories such as this for a while. There are ways to delay a lis pendens. The stories I have heard involved filing and refiling a bankruptcy, however with the new bankruptcy laws this is harder. Back in 04 I passed on investing in a home where the homeowner had not made a payment in 19 months, and recieved not one late fee or notice from the bank. (She simply slipped throught the system.) So yes it does happen... esspecially in todays market. Finance and service companies are months behind with all the foreclosures recently.

It does not sould like this is a deal. If you can find at home with an LTV of 40-60% a real "FMV", including closing, holding, and repairs cost, then tie it up with a contract!! But most of these homes will be gobbled up by other investors. And typically if a homeowner is anywhere close to 50% loan to value they would probably chose to refi before deal with an investor.

If you have a funnel set up to work short sales, put it in your pipe line. but I belive most people here would say "Next!"

And listen to Jon, dont trust zillow.

-John F