All Forum Posts by: Lisa Juarez

@Shane Baganz. thank you for that scenario, I am guessing that is the Seller Finance scenario, correct? It is actually Brilliant thank you! Does that take away any down payment needed, lender & realtor fees or should I let the realtor broker the deal?

Background info: I am using BP to learn creative ways to buy my first property with no money. I have an FHA loan on my home that I refied to another FHA mortgage last Aug. I have time on my hands since spinal surgery last June left me somewhat disabled. My husband works full time. We want to relocate to MI & start buying properties. I am extremely gifted at finding great deals.

To start: There is a little 980 sq ft house 3 bed, 1 bath. It needs a lot of work but the price just dropped from $37K to $35K & is Broker owned. It needs a new roof, windows, appliances, flooring, & TLC inside. It is located inside city limits where many older homes are being renovated & sold. I would love to fix & rent it out, while living on-site. Should I

1. Ask the Broker/owner if he'd be will to do seller financing?

2. Ask to rent-to-own the house while renovating then refine with 20% equity after completed?

3. dump money from my credit cards to my savings & pay with "cash" & get a renovation loan to fix it up?

4. try for a renovation loan?

5. Ask my best friend's lawyer fiancee to partner or loan me the 20% down? (my last resort)

I need your advice please.

@Nick you said "traditional" lender, what is a nontraditional lender? Sorry, I'm learning.

What would I need for a conv mortgage refi?

If I lived in one of the units in a triplex, would I have better options?

I was set up with a lender by my new realtor. He talked like buying an investment property was difficult with no money. He didn't seem to grasp what I needed & because I mentioned seeing an ad saying it was eligible for zero down with an RD loan, he was stuck on that as a loan option. He was also stuck on me telling him my first property would be for my daughter. Is this someone that is not knowledgeable about investing strategies. What should I be telling him to get him to understand I want to INVEST, not buy a personal home? He told me that it will be difficult to get another mortgage since I already have an FHA loan & no starting capital. Is he right? I will be attending the webinar today. Hopefully I will learn a better way!

Thank you Samantha, I may take you up on that!

Bryce, I am looking in Lapeer County

Thank you Duane, I will definitely keep you in mind!

When I purchased my home, my realtor hooked me up with her favorite home inspector, mortgage broker, title company, etc. I found the properties and she would look to see if they were still available and took us through the homes. Once we chose one, everything fell into place because she had all the connections to make the deal go smoothly. That is what I look for, a person that can help me with every step in the process.