All Forum Posts by: Wojtek Wlodarski

My question should have been... I'm going to be looking into purchasing a property from a bank. The repairs will be cosmetical and done by myself and friends. Carpets, paint, appliances, windows, roof (hope not!) if needed... yes it can easily grow upward of $5k i know. But I don't expect to buy a home without seeing it.

So now lets say my home can appraise @ $40k easily. Would it be in my interest to try and sell it for $45k with $5k down and financing of the remaining $40k @ 10% ($351/month for 30 years).

After 2 years of payments I get $8424 in payments and the principle is only knocked down $500!

Lets say the owner stops making payments... how do I foreclose on the property?

Can this drag out over a year?

Thanks!

(I know the best option would be to have the owner refinance out of the mortgage and just get my lump sum back and flip!)

What are some good write ups on offering owner financing... the dos the don'ts... the risks and benefits (i'm guessing asking for higher value). Let say a property is purchased for $20k with all cash. I put $5k into its rehabb (not going to buy a disaster). Now fair market value of this house might be $40k... lets just say... but I can get $45k if I offer owner financing etc... Do i just need to have a Note and a Mortgage drawn up in my name and recorded? BTW my targetted area with be Ohio. I work for a bank and have connections with lawyers/title companys but owner financing isn't a type of financing where I'm from so they don't help me :-(

Thanks for the help!

People like that are horrible... if someone was to take my money they better make sure I can't find them...

A manufactured home (at least the ones I dealt with) start as a vehicle and then when the foundation is poured and it's attached to it and all the axles and wheels are taken off, they "destroy" the title and convert the house to real estate. When you refi you still need to have a licensed contractor do a foundation inspection on a manufactured home. These homes that I've dealt with were never in mobile parks so your case might be different.

What's the LTV/CLTV? What's the Loan Amount and Appraised Value and all the other good stuff lol

That property is really close to my house and I wouldn't mind video taping the neighborhood and giving some insight on how things work in Brooklyn, NY. Rents are insane in Brooklyn in all parts in my opinion ($800-1500 per unit depending on size)

BTW just wanted to let you guys know the interest on all these is 10% so I think that's better than any CD out there :-)

Just figured it's a pretty neat way to look into going prices of tax liens and they have a PDF file if you look through the links on the left of the page taht have all the tax liens sold. They have the lien amount, the interest amount, and the $170 fee, and then the final price. Next year I plan on picking up a couple of liens.

http://www.nassaucountyny.gov/agencies/Treasurer/Annual_Tax_Lien_Sale/ann_tax_lien_sale.html#[/url]

Hello everyone.

I'm currently 22 years old. In about 3-4 months (tax return + a sports car since I have two but don't drive it much anymore) I should have 10k in cash assets and be completely debt free. My monthly savings from my job is $2000+ after all my expenses including a overestimated weekly allowance calculation and all.

I've been in the mortgage industry for the past 3 years. Not on sales too much but mostly processing and back end operations. My most recent job is reviewing Government FHA loans before they are sent to HUD for mortgage insurance. Looking at these loans makes my mind go crazy about the potential for a first time home buyer purchase. In example 97% LTV loans with seller paid "gifts" and grants and LOW! closing costs while still getting rates of 5.5% fixed over 30 years.

Before this job I was a processor for a broker that dealt with subprime and my initial thinking was to do an 80/20 on a 2-4 family residence and have the tenants pay the mortgage and found some areas that it seems do-able.

I'm not too sure if I want to start flipping I think I would rather buy and retain but anything is an option if it can be done.

Also been in real estate before that as my mother is a successful Real Estate Broker in NYC. I was looking at the upstate New York Region of Orange County (Newburgh) because prices are within limits for me.

My credit is 520 right now but it's on it's way up. I had it at 640 two years ago but young spending habits caught up to me and I just recently started working after quitting my last job and not rushing to find a new one (which was stupid). Now I charged up my cards, found a great paying job(unlimited overtime!) and have sworn to never be in debt again (lets hope) and to finally start investing and stop partying!

Hopefully I can be as good of an asset to this forum as everyone else and hope to make good friends here!

Thanks,

Wojtek

I'm just curious... I looked at www.realtor.com and they have a good amount of 2 family properties for $150k-200k that have $1500-1800 monthly income listed. Anyone have any actual experience in this area? My dad used to live on the outskirts of Newburgh and then he was looking for a place when his job lost the lease on the house they were giving him. The rents he said were pretty high and he moved back to NYC. I currently live in NYC and have a good income and live with parents... I can save $2500/month after all my expenses and am in the process of rebuilding my credit.

I will be looking to either do a 80/20 in subprime market or try to get FHA financing.

I currently work in the mortgage industry for the past 3 years so I'm familiar with a bunch of programs and I was a processor for a brokerage that did a lot of subprime so getting a mortgage wouldn't really be my problem... the thing that scares me is having problems with the tenants in the Newburgh area since there has to be a reason the prices of these houses are so low...

Thanks guys!!

(I'm at work right now and gotta get back lol) Hopefully I can contribute and learn with everyone...