All Forum Posts by: Johnny Maykin

I don't have experience with double closings. On a HUD owner-occupied purchase with FHA 203k financing how would that work or would it be possible? Also, are there any limitations on refinancing a home with a FHA 203k loan (say 6 months after closing and after all repairs completed) or limitations on selling the home (after repairs).

Mark Y, when you do a HUD transaction as a qualified HUD broker/realtor, how do the agent commissions work? Arent they typically 5%-wow that be great if it was paid to you at closing on your own HUD deals.

http://www.bidselect.com

Hey John, I was just about to post the exact same question! I hope someone can answer it.

I found a HUD home for sale that needs 5K in repairs. It has been approved for escrow insurance of 5k. It would be owner occupied. The home qualifies for FHA 203b and 203k loans.

I've offered 100k for the house.

I'm trying to decide whether to do conventional financing with 5% down or doing 203b or 203k loans. I've read some horror stories about 203b and 203k. Anyone have any experience with this sort of thing?

Thanks for any help!

Hey Richard,

Thank you for your quick response. I would really talk to anyone who provides hard money or otherwise privately. I'm afraid to give away too many details. Do you have any tips on finding someone? I would appreciate it.

Thank you

I have submitted an offer on a hotel and need to find an additional $150K to finance the deal.

I have a house in Oklahoma I own in my name and have a fixed
rate mortgage. I have insurance on the house with a
landlord policy.

I am selling the house to someone doing owner financing.

The buyer is waiting to give me a non-refundable 10K deposit
for the house, which will be applied to their purchase of
the home after 3 years. I need to get him contract asap.
I've also told the buyer I'll finance starting at
$1200/month for the first year. 1st year at a rate of 7.9%,
2nd year 8.9%, then 3rd year at 9.9% (I want the interest
to increase to encourage them to purchase the property and
not continue financing with me after 3 years). After the
three years they can renew lease or have option to purchase
the home if they can get bank financing to pay for our
agreed upon amount.

During the 3 years they will be using a credit repair
service so they can qualify for a loan at the bank.

Would this be the correct form they would need to fill out
for my state:
http://www.findlegalforms.com/product/oklahoma-residential-
lease-agreement-with-option-to-purchase/

The home is currently in my name. I've heard people say I
need to put the home into a trust before I have buyer sign
the contract as they will be living in a house that I am liable towards. How does this work?

Please let me know, this is the first lease-option I have
done.

Thanks,
Johnny