All Forum Posts by: Melvin Estrict

that is correct...in my expereinces in those situations eventhough the bank asked for cash they would take your approval for the 203k financing as such.
get them an offer with an approval letter or commitment from your fha 203k lender and you will more than likey get 30 days in which to close. you can further increase your chances by offering to close quickly and a good faith depoosit...but you wil have to go to your lender and fet your financing together.
they will take the money they just don't want to wait for it.

how do i find an asset baked lender that is willing to co-broker on some transactions? i have clients that request these types of transactions and i need to find a home for this type of financing.

with you being a gc you can also approach property owners with distressed properties and offer to rehab their props for them and strucure an agreement to split the difference upon sell. you would then only have to come up with the repair money. that you could do by either hm or pm (the same as your money partner) or line of credit or refinance...the owner of the property would be able to take the lead on that option because they own the property.

can he add his friend to the deed, let it season while the payments are made from the friends checking account...then refi it over to him? sounds simplistic, but it was a pretty popular method when buying residential properties that i used a few years back.

Erica,

you have definitely come to the right place! i am a recent member to this site and have already benefited from the wealth of information and networking available.
i too live and work in the alabama area. i am a mortgage consultant and i have a reputable source that does buy short sales nationwide. you can pm me to discuss in detail.
ONCE AGAIN...WELCOME!!!

what do you mean by "recycle"?
why don't you use them?
are YOU the "investor" on these leads?

All of your suggestions and advice are extremely appreciated and vauable to me.
In response, i hope that my OFFER is viewed as just that an
OFFER and not hard line terms because i realize i am not in a position to make any such demands. i will undoubtedly consider any counteroffer from any interestred partner.

in consideration of some of the advice given, i accept that i am actually looking for a money partner to assist me in getting the ball rolling. And to expand on the comment made by
Eddie Ziv, there are actually several gold mines here in alabama! Tuscaloosa,Selma, Montgomery and Valley Grande are just a few.
in towns like Uniontown which are more rural it is not my goal to make these my sole markets, it is just one of the places to start and eventhough the property values are lower in such towns the margins are there as well as investor friendly mayors that are seeking the assistance of outside influences to help them make their towns more attractive to companies that create jobs by opening busiensses in these areas.
the thing that i bring to the table is my ability to provide the financing for the conventional and fha buyers as well as by and sell the notes for the seller held transactions in addittoin to the contractors, plumber,electricians and such that i have on the sidelines. My relationships with the local real estate agents will help to provide potential buyers. i am also becoming somewhat of an expert in these areas i have mentioned. my contacts are spreading out in the bham area also, i have some real estate people in the bham area and i am somewhat familiar (there are one or two properties out there i maybe able to secure in bham) with the market there as well.

i work everyday at my alternatives and i feel this topic is doing just what i hoped it would do, that is bring forth ideas and solutions to the challenges that i am facing here in this state with my situation.
i have had some attractive residential as well as commercial proposals thrown my way... i have even gone into negotiation to buy some and so far non have actually closed, but i AM still going at it daily. at this point i feel that a money partner would be an important addition to this puzzle. after i establish that i believe there will be momentum, and from there i feel i can get on the right road then work my way to the fast lane.

what if i flipped the offer?...2% over the cost of the line as well as 2 points on the draw for purchase and acquisition as well as 20% on the net sale. AND INSTEAD, i accept the 20% percent on the end. i can still provide the other components (knowledge,expereince,construction teams, retailers, marketing and financing through conventional,fha or notes) and this way 1)the partner would buy on the strength of the deal and can serve pretty much as a GC and 2)they are paying 20% with some strings attached ie. on-time on-budget or the like?

good point. playing the advocate on this one...how or what would you suggest that could possibly entice an individual to play ball?

great idea bruce, it makes a lot of sense. that is why the one thing i have learned in all of my expereince, is that there is always something you can learn if you listen to the thoughts and ideas of others. i should have used that when i got married,because i was warned...i guess as men we never learn!