All Forum Posts by: Matt Good

@Bill Gulley Is it because of the fact that I'll need to pay my EP his ROI that'll in turn lower my ROI thus making for a tighter LTV? I thought that you could buy a deal, estimate rehab/holding costs fairly accurately, have the house reappraised, pay your EP back+profit and then have enough sweat equity left over for a fair LTV ratio? Sorry I'm a newbie please bare with me! :-)

Originally posted by @Bill Gulley:

If a bank owns it, it will be listed to sell if not listed yet. If it is in marketable condition, passing the appraisal process, then you can look to FHA at 97% and obtain grants or bond money programs that might be available locally, there are

Might find an investor to buy it, fix it where you might help, then buy from that investor allowing a profit for them, but, don't exceed the market value just because you love the place, at least not by much, seller financing does not add value to a property and you will need future equity to refinance the place later on

That's exactly what I was thinking with an Equity Partner. Also, I would hire a General Contractor and over see the day to day operation being right down the street from where I live now. What's the chance (if any) that I could find an Equity Partner to do this being a newbie. This would be a flip only I'd end up buying them out in the end and having a little instant equity enough to take out a conventional loan. We're also assuming that it's a deal and the repair costs are spot on.

@Ned Carey realistically speaking being a newbie what could I expect to have to put down as far as points/percentages go via HML, Equity Partner and FHA?

There is a foreclosed distressed property in my neighborhood that is currently FSBO. I'd like to buy it with no money down to rehab and occupy. What's the best route for me to go provided it's a deal of course? Hard Money Lender? Equity Partner? FHA 203k?

@Jon Holdman the divorce decree states that within 30 days of the judgement all property and debts are to be rewarded to my ex. Would that be title and loan?

@Jon Holdman the divorce decree just stated that she would accept all responsibility for the house. If I knew then what I know now I would have made her sell it as part of the settlement...

How do I get off of my ex's deed? She can't refinance. Is there ANY other way? There is always the scenario that if she defaults the lender can still go after me correct?

Jon Holdman yes I am a Vet however I used it for my previous house which my ex currently occupies and yes, I'm still on the deed... How do I get off? She can't refinance. I've heard of a Quit Claim Deed...?

Bill G. and Jon Holdman thank you very much! :-)

Jon Holdman I'm confused on the "investment" part. This would be a potential home that I'd want to occupy as my primary residence.