All Forum Posts by: Account Closed

Care to elaborate?

My main concern is the due on sale clause, which is the reason some people use a land trust, then the name on the insurance, etc doesn't change.

Who has experience doing this?

Hi,

I have an opportunity to purchase a property subject to existing financing using a contract for deed.

Who has experience doing this, and what is the best way to go about doing so?

I have heard of using a land trust.

Thank you for your thoughts.

So, long story short, both the lender and the seller have to agree to a deferred down payment?

Does anyone have personal experience with deferred down payments?

I fully plan on paying the full amount, I would just prefer to do so a month after closing once my paper assets are liquid.

Hi,

Usually I have had to pay my deposits with cashier's check.

I have a scenario now where the owner will accept personal check.

If I put in a personal check for the deposit, when will that check be cashed? Do I have to keep the funds in my account the whole time until then? Looking to save money in interest if possible.

Thanks

Hi,

I have enough assets for the down payment to meet my lender's requirements.

However, it is being used in other projects.

The seller has agreed to defer the down payment 6 months. Does the lender also have to agree to this?

I need $100k+ available in a line of credit or on credit cards for my business.

I prefer cards/lines with no annual fee and first 6-12 month no interest.

I also like free balance transfers and convenience checks.

What are some of the most recommended cards? To get $100k, I will likely have to use a combination of cards.

Credit score is 730-750.

Thanks for suggestions.

Two points = two percent of the loan value, usually rolled into the loan.

$100k loan

2 points = $2k

Total loan to pay off = $102k

If you can place the loan yourself you won't need a mortgage broker but often times they can save you money in interest rates and find you a better loan program. Don't pay any upfront fees.

One tool I do use is Bankrate Mortgage Calculator to determine monthly P&I payments. I have it as an app on my phone.

The listed price is a 7.55% cap rate. If you pay a 5% interest rate on the first mortgage, it leaves very little margin for profit, especially when the listing has the cap rate is based on 30% expenses.