All Forum Posts by: Ralph E.

@David Dachtera,

Thank you for the reply!

I was close to buying my first home, which included another rented home, on one legal lot, through an FHA secured, 3.5% down loan (at the ripe age of 45).

The loan officer I was going through at first said I was eligible for down payment assistance (I needed over $7,000 down/or as a gift). But she later found out that I wasn't eligible because my income, combined with the income I'd make from the other house, was over the limit for down payment assistance. I had to cancel the buy-sell.

I asked my employer if they could help with the down, but things are tight for our small, but growing company. I knew, and my family knew they couldn't help.

I hate the fact that the bank would check my girlfriends bank account (if she were to try and gift me the down payment), and notice a deposit of over $7,000, and would not accept that.

Have you found anyways to get down payment money for an FHA secured loan, besides saving?

Thank you Ken! I was starting to think he was just confused.

@Christopher Phillips

Thanks for the reply. I had a feeling he was wrong. 

Is it true that I need a business entity set-up in any state that I do real estate investing in?

I was speaking with a person who helps people create business entities the right way a couple months ago. I told him that I would like to be able to buy homes to sell with owner financing. He told me that there is no more owner financing, only lease options. Then it made me wonder how Mitch Stephen can do owner financing if one cannot sell a house with owner financing anymore.

Was this person wrong?

Hi all,

I am curious to know if you think a home is a good deal if the asking price is 25% below the county assessed value?

If it is a good deal, would you get it under contract, and wholesale it? 

Or would you use private money/hml to buy it, do any repairs, then get refinanced as an exit strategy?

Can I legally owner finance houses in any state if I use a Residential Mortgage Loan Originator? 

How would you ask 1st position private lender to allow you to wrap the mortgage?

I have a HML lined up for certain things, but do you know of any lenders with 8% (or less interest only payments, amortized over 30 years, with 5 year balloon, who allows wraps?I have only seen one lender, for landlord 30 year mortgage. Or better terms you know of?

1 home is like new interior, remodeled. Other home in, very nice condition, which is currently rented by long term tenant.

Would you offer say $177,000?

Could I sell 1 home with at least 10% down through a Residential Mortgage Loan Originator?

@Josh Fulenwider, I forgot to mention the total asking price is $575,000. I will have to get back to you on that.