All Forum Posts by: Sarah Jones

I've tried bandit signs. Spent $200 to make the signs + spent another $400 and got some of them to post them up. $600 investment down the drain. I got a lot of calls from people who have
A) no equity and are about to lose their home, they owe the bank $500k on a house worth $250k (i cant buy this)
B) lots of people with variable loans.. which means i have to qualify for a bank in 1 or 2 years (I do not want to qualify for a bank, i want to get a renter that will pay the mortgage)
C) people with equity.. very few and these people want 2006 prices..

so $600 sent on bandit signs , left a bad taste.. just a lot of people with problems I couldn't fix.

Monica you seem to have better luck, few questions... to make this discussion interesting.
1. how do you get a list of non owner occupied houses and ones that are about to go into foreclosure what is the best way to get this?
2. when you buy the houses and get the loan current do you kick the owners out of the house? You make a deal with them that they leave, you find renters and you will make the loan current for them?
3. do you really want ot make the loan current, if the house is $500k and now it is only worth $250k?

Yes i have tried criagslist.... it is filled with experienced investors who try to find the greater fool.. They want double the price of the mls for owner financing... its kind of crazy. They want 2006 price, in 2012 when houses are no where close to what it was before.

It's really great you found it in the past.. it gives me some hope.. Any other stories of how you found owner financing with success would really help.

These are all great.. Anyone with success stories of how they got owner financed deals?

I already tried that. I have several agent but none of them work with seller financing. I told them and its been almost a year and no one has called me for owner financing. The RE clubs.. says to go door to door not much help..

I have about 30k saved.. and I want to buy a second home owner financing. I tried to look many ways and can't seem to find a deal.. what's the easiest or best way to find owner fianancing deals... can't seem to find any and Los Angeles is such a big city to..

Mortgage is only about $1000 per month with PITI its like $1400 the $1800 is because the tax hasn't adjusted yet.. they send me a tax refund for the amount that was left over..

..Owner finance is always the best, but i am having a lot of problem finding them. Where do i go about finding them... there should be lots of them in los angeles .. such a big city.

Yes it is. I will convert it back to SFR which is easy to do. Before any appraisal is done i will convert it back to SFR.

Now one of my loan guy, he looks very young so i wanted to confirm.. He told me that if i get a signed lease + a deposit check and the house has 30% equity that the money doesnt have to be seasonsed.. This is kind of crazy... I have this... could anyone verify that this is true.. He calls it departing rental or something...

Is this true? 30% equity, lease agreement + deposit check you can buy second house without rental payment being seasoned ?

thats really cool... so for 20k HELOC at 3.49 if you borrow the money for a year.. how much interest have you paid? so i can see which option is better... how does it work?

Option 1: It's a refi cashout... I owe 206k right now , they will let me cashout of my equity and give me 30k at 5% interest rate but it will cost $4500 in origination, title and everything.

Option 2: HELOC is $500 but 7.32 APR... and i do plan on using the money for 1 year... becuase i have to buy the house and after i sell it than i can pay it back..

which option is better?

The refi cost is going to be about $500 in appraisal fee and $4500 that will be added to the loan which comes to a cost of $5000, and I can get about $30k out.. So $5 to get out $30k is too much right? Is this a good analogy?

I'm trying to get together 100k to buy and flip with my own money so there isn't pressure from hard money lenders... Also if i get home equatiy line of credit, its 7.32% APR for 23k loan with $500 cost for the appraisal.. is this a better option? Which option is better and why and why not? Please help me analyze this deal.. My mortgage person is trying to get me to refinance but i think its not worth it for me..