All Forum Posts by: Joseph Hernandez

@Barry Pekin

Thanks Barry, even after the contract has been signed can I not do that? Now that I am principal/retain equitable interest?

I have a property under contract. Can I use Zillow and Facebook to market my property before closing? I am looking for a buyer to close on it and escrow is open.

@Will Barnard

Can you refer to the reply @lydia. The area is one of the better neighborhoods in the city of Bakersfield where migration is happening

@Lydia T.

Even if I purchased a home with a CMA for 234k and bank is willing to let go at 172 minimum (I buy cash at 160k) then don't do any renovations/repairs but instead install a tenant willing to do repairs/renovations at their cost and they instead generate equity on top through a lease option to buy,would that be a viable strategy?

@Lydia T.

I appreciate the insight, thank you for your input.

@Will Barnard

Thank you for your input

Is it legal to wholesale homes in California while they are in default?

@Greg Dickerson

Thank you boss

Hi i am trying to make this deal work. I am new to this. Here are the numbers

CMA is 234k, seller wants for what is owed. Bank said they want me to meet at minimum net balance of 172k.

Payoff is 207k , Appraisal as is 205k (needs repairs/cosmetic updates)

Repairs - To be determined since utilities are off... am working on getting those figures. 

In arrears 14k (10/mo) Needs gone by mid January.

Home has lots of potential and would like to prevent a foreclosure/short-sale.

Is there a way to make this deal work with existing loan? What is a viable entry-exit strategy for this unique situation? Should a loan be issued to cure it and some repairs to then rent out and generate equity?

i need some pointers. Honest answers only please

I have a home under contract for a to be determined price. ARV is 234k, has little equity. She wants it off her hands completely, didn't even ask for severance. She wants to sell it for the outstanding loan balance. I have requested a payoff, got authorization to speak to the bank and looking to get a short sale package. it's around 200k the loan and I want to discount the note to 100k to create some upside for everyone. Who has done this before or similar and how can I successfully close on this deal and satisfy all parties involved. I already have a ready buyer I can get it low enough.

Need answers asap please!