All Forum Posts by: Maria Luna

Hello guys,

Help please!!!

I’m looking to buying a sf on a land contract. I’m ok with the terms, but never done this before. I only done conventional mortgages, but currently don’t have two year work history to qualify for another mortgage.

What are some of the things I need to be aware off or do? Home inspection/appraisal?? Do I need a lawyer to research the property deed for any posible liens?? I do have a real state agent assisting me with the process.

Any advice is greatly appreciated!

@Jaysen Medhurst

My mistake 

Is $1500/month 

HELLO FRIENDS!!

Does this sound like a good deal??

SF 3/2 price $160k, down pmt 20%=$32,000. Rents for $15000, cash flow $500 per month after paying mortgage, taxes, insurance and putting a couple hundreds aside for repairs. I plan on managing this property my self. Good location A type neighborhood. I have only done FHA before so the 20% dp is new to me, but I feel like it's worth it.

@Don Konipol

That’s a great idea, thank you. I’m going to try this.

@Salliece McCain

Great, I have a list of local credit unions I plan to visit Monday. Thank you for the info.

@Salliece McCain

No, no hard money. I’m looking for a portfolio lender.

@John Teachout

It’s fixed and I should be able to refi with my bank in a couple of years.

@Jesse Swing

I appreciate the advice. I’m going to do just that.

Hey guys,

Does anybody here have contact information or suggestions for a comercial lender in Detroit?? I need a lender who can do a mortgage on an apartment building without income verification. 10-18 units, I have good credit and 20% down payment.

@DJ M.

I been looking to this type of deals as well. But all the ones I have found are asking for 8% interest rate. Just curious to know what’s the highest interest % you have paid?