All Forum Posts by: Lauren B.
Lauren B. has started 9 posts and replied 159 times.
Post: Fixing Terrible Credit, but small outstanding debt

Lauren B.Posted
- Asheville, NC
- Posts 170
- Votes 242
If you have the cash, call the collection agency and offer them 1/3-1/2 of what’s owed and tell them you can pay TODAY if they agree. Settle the debt. Ask if they will remove it as a collection from your credit report as part of the negotiation.
If you can settle that debt, next step is to go to a credit union or small local bank and try to establish a new line of credit to rebuild. A car loan, prepaid credit card, gas credit card - and PAY IT OFF EVERY MONTH.
Also, I have friends who have had luck with disputing the collection amounts owned with equifax and credit reporting agencies. Some may drop off your report if the companies don’t respond.
Spend time researching how to rebuild your credit before you invest in real estate.
Post: Contractor HAS my money...but no work...

Lauren B.Posted
- Asheville, NC
- Posts 170
- Votes 242
Isn’t this wire fraud? Call the police. File a police report.
Post: Mobile home with land but no title/bill of sale

Lauren B.Posted
- Asheville, NC
- Posts 170
- Votes 242
Sorry I assumed it was a double but re-reading, it may be a single. If single, it’s worth even less.
Post: Mobile home with land but no title/bill of sale

Lauren B.Posted
- Asheville, NC
- Posts 170
- Votes 242
Don’t throw good money after bad with regard to renovating the 89 doublewide. It will still be a 1989 doublewide and no one will be about to get a loan on it. Dump it. Get a repo’ed 10 yr old doublewide for 20-30k and spend $10-15 moving it and fixing it up.
In North Carolina, and I imagine in most other places, Doublewide and single wide trailers are considered personal property and they have a title until they are affixed permanently to land and become real property and are taxed as such.
Converting it to real property usually means no tongue / axles and it has a permanent foundation. Then the title would be retired.
In some states, they do not allow you to move trailers that are older than X number of years.
In North Carolina, you have to have the title in order to get a permit to move the trailer. If she did not have a bill of sale or a title, it may have just been some shady moving company who did it illegally and you may be out of luck anyway. Your state may not have the same requirements.
In which case your option would be to find the same shady moving company and sell it to someone for cheap for them to move it to their property and fix up. The actual moving company may even buy it.
I would look at the value for land only.
Post: Selling a house with owner financing

Lauren B.Posted
- Asheville, NC
- Posts 170
- Votes 242
For those more knowledgeable, would a land contract / rent to own make sense for this seller?
Vs owner financing ?
Post: Miscommunication with realtor. Am I in jeopardy?

Lauren B.Posted
- Asheville, NC
- Posts 170
- Votes 242
I agree with above comments but don’t have many facts to back that up. Seems like the realtor would go after the buyer, with whom they had agency.
I’m confused.
Seller promised to pay lender, intentionally chose not to, and now accusing them of fraud In hopes they’ll get the bank to give them the house for free?
Also, Seller may want to move property into another entity, then notify the bank because he’s expecting them to then relinquish the property free and clear instead of citing the due on sale clause? I just don’t follow this. What am I missing?
what is your role here?
Are you trying to flip it or..what?
Post: Question about buying a home during the redemption period

Lauren B.Posted
- Asheville, NC
- Posts 170
- Votes 242
Preference is to Close with unit vacant.
Perhaps suggest that you were willing to give them as much time as the bank allow before close, however, I wouldn’t willingly allow them to stay after close unless you’re going to lose a great deal over it.
If they stay;
- Be prepared to evict them, And be able to cover a few months after the time you agreed to move out.
- if they stand to make any money out of the deal, make sure you hold it in escrow until the property is delivered vacant.
- Make sure you have a post closing occupancy agreement with a very strong daily penalty for each day they overstay their welcome.
- Make sure in your post occupancy agreement that you note that customary evection procedures will be available to you should They overstay their welcome. If this was in North Carolina and I did this, I would also make sure it’s my post closing occupancy agreement had wording that served as proper notice so you don’t have to give notice and can go right to eviction.
Consult a lawyer for the wording and further advice (not a lawyer, not legal advice).
Ask me how I know this.
Post: A question of instant equity.

Lauren B.Posted
- Asheville, NC
- Posts 170
- Votes 242
Maybe.
Tax value / what the county has assessed the property for isn’t necessarily market value.
Sometimes for land sales, I’ll plug comps into a spreadsheet and compare sold price to tax assessed price and determine a ratio. Sometimes it is very accurate. Sometimes waaay off, depending on location.
Really you should use market value not tax value. add your costs to purchase price and deduct that from value , and you’ll have your equity.
Post: Buying your flipped home

Lauren B.Posted
- Asheville, NC
- Posts 170
- Votes 242
You’re not realizing a profit until the property is SOLD. To someone else. Not you. Refinancing it isn’t a sale. So there’s no profit. Yet.
Getting a HELOC is just borrowing against equity. Equity is not profit until it’s sold. You can’t report equity on your income taxes as far as I know.
And when you go to do a HELOC, If the family members name is on the first mortgage / deed with you, I believe they’ll need to also sign for the HELOC. Are they on board?
It sounds like your goal is to do a BRRRR and can’t qualify for a conventional mortgage, and you essentially are trying to get a family member to partner with you to do this.
Maybe you should consider all available options, like just flipping and selling outright and doing it again and again without a conventional mortgage til your credit improves and you can show income to qualify for a conventional mortgage.