All Forum Posts by: Mariah Jeffery

I met someone at a local real estate group meeting who has two houses that she financed through hard money loans thinking she could refi them immediately, but that was in the days of looser credit. She has more than 4 mortgages already, and no lender will talk to her. We got to talking and I mentioned that I have an 800 credit score and only one small mortgage. She proposed that I refi one or both of her properties for her to take advantage of my good credit, and put the loan in my name but title in both of our names. She thinks she can rent it out for positive cash flow. She proposed that I take all of the tax benefits and we split the positive cash flow, after a certain accumulation in a reserve fund, and then she gives me some percent (which we did not discuss) of the profit on sale. We would form an LLC and have a contract to work out the legal issues.

Does this sounds legit? How would I buy it from her so that the mortgage is in my name but title is in both of our names, yet I still purchase at < 80% LTV? The loan that she needs to pay off the hard money lender is for $325K, and the house is worth about $425K, so there is a fair amount of equity.

Thanks, MJ

Can someone please give me a rough estimate of what interest rate I should expect to pay for a 16-unit apartment complex? I would prefer a 30 year fixed loan, but I'm not sure what is typical for commercial. I have 790+ credit score and would be able to pay a 30% down payment. Cap rate is ~10%. I'm not sure what other info is needed.

Thanks Jeff. I'm in Washington County and I could not find any way to search online either. Maybe I caught them on a bad day. I found the system to be relatively easy to use, though, once I had the proper address.

Thanks for the tips on NWREIA and the Yahoo group. I will look into those.

Thanks all for your responses, and for not laughing at my questions, which must seem very simple to you pros.

Regarding Greg's comment "It is becoming prevalent for opening bids to be lower than the total owed. Lenders are lowering bids to more appropriately reflect the property value to facilitate foreclosure sale liquidations" I don't think that is the issue here, because the Zestimate is $303K and amount owed is $157K. It must be due to the deficiency judgment, or realtytrac could have the incorrect info.

I went to the courthouse yesterday and searched the county records on the proper address of the property, as well as every possible misspelling of the owners' names. The only lien I found was from the HOA. There were several items recorded where the owner had paid off a mortgage and taken out a new one. I did not see any tax liens. My question is - would these be in the same place, or do I need to do a separate tax search? The clerks at the county were useless, and didn't seem at all interested in helping me.

One more question - do you all use realtytrac, get your info from the trustees' websites, or some other source of info?

Thanks!
Mariah

Thank you both for you input. I will be going to the courthouse today to attempt my first title search. Other than bring the official address (parcel # and lot #), is there anything else I need to know about doing a title search? I hope there is a helpful clerk that will hold my hand through this.

I have a subscription to realtytrac.com. For a particular property I'm interested in, which is scheduled to be auctioned in Sept., I can see that the "Balance Due" is $157K, but the "Opening Bid" is $110k. Why would the opening bid be less than the balance due? Is the opening bid the amount owed on the first mortgage? If I win the auction, am I going to be responsible for $47K in other loans? If so, do they needed to be paid upfront or are the loans essentially assumed at the rate and terms the previous buyer had them? How do I go about finding what the loans are for?

Thanks,
Mariah