All Forum Posts by: Matthew Koch

I have other posts that was I regards to investing into a house that my coworker would sell to me and I would have the  place setup and staged for renting it out for a hospital in relationship to allowing any and all staff that are traveling through to be allowed to stay there at " my place", which is how I'll refer to this house....

I expended my options to trying to qualify for a loan the conventional way and even a fha loan for his asking price of 200k was or of my reach on my own. I can qualify for 100k as I had been told 194k originally but that feel through.

Point is that I want to get into this house but I'm guessing I need to get a partner to do that and make this happen. Onve I have the partner then I can make the offer of the lifetime and get this place under contact for a set price of about 200k. I believe with a hospital partnership that I can offer this house to their employees for 5k a month and basically play hotel or property manager and get the entire house fully furnished and they would hopefully agree to a down payment first of 30k to me and a year to year contract. Point is that I think this will work for the right person as I dont have all the funds to qualify to do this up front or pay closing costs or title insurance and I can only get the loan itself with the 3000 down myself. My head I get the house for 200k. I sign weigh the hospital at 5k a month and they give 30k up front for 6 months. I furnish the house with the stuff they need for living like beds and dresser drawers etc, then play property manager and get the lawn then care of and such. On to of that the partner whom goes in on this with me can get the major half of that 5k to repay then back in less than 5 years or so depending on how much they bring to the table.... 

I'd like this to work but I am not sure Or am i out of my mind?

I understand that it would be easier said than done however I look at it in the scope of the way I could use Google SketchUp and create buildings or 3D models just on that software then find out where the software Engineers are and the computer coders and programmers are and connect with them for software that implements onto augmented reality such as an app you download for your phone and then put on those cardboard type of glasses didn't have a controller hooked up to it so you can navigate through the house if you're not able to go onto the property I do something long distance fire a virtual tour....just a thought

I'm curious whether or not the technology of today will eventually be infused with our contractors and subcontractors and the life work on a project that allows people potential buyers to see what a house would look like given certain options on floor plans to just be with ditions or adding certain cabinets or colors in a virtual reality type of setting. Imagine talking to a real estate agent or estate investor and they show you a house that is going to be rehab it is horrible but then you put on these glasses and the information is in there on what it would look like after it's done so you can imagine and picture actually see what it would look like all fixed up in the colors you can choose right then and there for the options and then also the layout of carpet or even picking and choosing styles of beds cabinets refrigerators and furniture so the customer doesn't have to be discouraged on looking at the horrible house that it is now but what it could look like for the possibility of attracting more buyers to that specific property....

 perhaps it's already a thing and I just haven't looked into it as much I just had an idea and thought I would throw it out there

To answer the first question to Minna, the house is going to be sold at auction on April 4th the amount of 64000 and this was Idaho Housing home or HUD home. When I talk to Idaho Housing they said I have to talk to the owner same thing was said for the title company that I called and of course the Real Estate Commission just to confirm what steps I need to take to get this done they all said you have to talk to the owner so unless I'm assuming wrong I guess this would be considered a pre-foreclosure.

I would like to get some advice on whether or not this opportunity that I see is  worth pursuing .  I of course will admit that I am Green Round the gills and new to this whole experience .  One thing that I will say  is that  the my untrained eye and the little bit that I dunno  just from the BiggerPockets calculator this opportunity might be worth it but for my personal understanding on the steps on how to approach it  so this is a chance for you to correct me where I'm wrong so I can gain that knowledge and understand this better . This house that I'm looking at is in foreclosure and to be sold on April 9th  and from what I have known and contacted our County Treasurer Office Value at the house last year at 91,623k.

On the foreclosure list that I was looking at the house is for sale, 64k and some change, or at least that's the proper term I imagine it would be " for sale"  perhaps as the starting bid or what is owed on the property to make it current?I'm not exactly sure that's why I'm asking...

 If I write up a purchase-and-sale agreement and say I want to get the house for 20 maybe $30,000. is that actually the price that I'll be paying for the house or who would I still owe an additional $30,000 because the Foreclosure site listed at 64000k?

well I wouldn't mind getting in touch with somebody that can offer some ideas on this property that I believe would be an excellent deal. There is this other home that I'm currently looking at it is in foreclosure right now and Hazard County Assessor has appraised it last year at 91,000 and some change I would attempt to get it under contract and be able to gets the house for 30,000 however it is in foreclosure for the amount of 64000 but it does need some rehab as they had cats and dogs inside apparently ruined the carpets I have not been over there to see it yet since I have not been in that house in almost a year or so as this is a house that was part of the families and uncle on my wife side. So the question is as far as running some numbers in the ballpark for estimates in my mind I'm thinking this is an excellent deal especially if I got it for $30,000 contract on the different websites such as ohm or realtor.com it showing different prices such as 127 or 120 thousand and so on.  my line of thought would be being able to get the property at 30,000 finding the loan or hard money lender or private money lender to do the Rehab on it for 25 thirty thousand installing a bathroom downstairs add an egress windows to the basements making it a five bedroom two bath house and selling it for a hundred and thirty to 140k..... I've already been told by my wife that I shouldn't go ahead and ask them about it and try and put it under contract and it should just go to foreclosure but I can't help but to think that there is a golden opportunity here for this as my first investment property....

 any advice would be helpful thank you

So I will have to say with a heavy heart that I did not fully continue and complete a lot of the podcast that I was listening to and I got up to 30 and they were talking about how uncool it is to speak of a deal from the start and that a deal is on the table and I'm looking for a partner and so on......so yeah I feel now  slightly dumb and know better than to ask something like that and of course I welcome anyone and everyone to talk to me and get to know me some more such as asking about my past for being in the military or my kids or my very fat and Annoying Cat.

I'll admit I'm still new to the bigger pockets space and almost finished the ultimate beginners guide, but what is the "safe act" and is it onlyfor certain types of transactions and is it applied or used by everyone within the buying and selling of goods and services, or just real estate? Also is it applied to everyone across The USA or certain states only?

Ok so I realized I posted incorrectly as my middle score is 638 but my high is 652 and low is 614 and depends on the score system I've been told by my bank of Idaho central credit union is 614. 

Anyways. I definitely need to find a partner regardless of the help for getting this deal going because I've had a recent argument with the missus of the relationship and I'm pretty much alone on this adventure for FI....

I've got time all day at work to listen to the info that I want to gain info and knowledge for helping anyone and everyone who wants to know more as long as the info is in audio format then I can learn it and assist or teach anyone else who wants that info. Just offering the chance to give someone's a break for knowing something when I can learn it for you and then give you the info you want. 

I realize that posting this ill probably be able to find my own answer for assistance or ways and options to getting what I want for this deal to go down but at least I have a plan. 

Have a wonderful day everyone!

So my middle credit score is 614 my high is 652 my low is 638.

I have to have a 640 for an fha loan and it's looking grim before being able to fund this deal before the end of march. I know I can qualify for that loan if I had the down payment support for option a, the 3.5 percent down by fha or some other means being the 10 percent down. The house I'm going to get under contract for 200,000. Showing him the numbers of course is the best way to secure this deal. The loan I'm shooting for is 230,000. So. I figure the amount someone helps me with even if it is 10 percent is 23,000. I get my loan and cover my closing costs of about 3,000 leaving 20,000. (Going off of the 200,000 I'll pay for the house and subtracting from the 30,000 left over) that person I borrowed the 23,000 from gets there's plus interest so about 24,000. Maybe.

Finally the 6 grand left covers the property tax and insurance with the first month rent or deposit and any other costs without a real estate agent taking more money as ill be the main guy making sure the proper paperwork gets done along with title insurance and the like, then we move in. The excess money goes to my current revolving credit card debt and truck payment with my 2 other loans and I pay off and that frees up 620 extra bucks a month I take care of the place for a year on my current job with my wife making 3300a month and then get this house leased out or rented then that people help pay my mortgage and costs then I get into a better mobile home paying about 300 a month and saving towards the next property soon after that year and making the next down deposit with my own cash and owing no one except the next person to fund my next apt complex!

There's my plan to repeat for purpose and money in financial freedom in 10 years or under!

Now, whoever can direct me in the right company or person to help secure this terms then ill be elated and happy to work with you! 

Thanks for reading my post.