All Forum Posts by: Tracy Brown

Executive Summary

I ended up selling the property to the Broker that sold it to me.....I ended up selling the property to the broker that sold it to me....I don't know if that was part of the scam or what?

The first deal was a night mare....the broker scammed me into buying a home where she new the owner and he was selling to go back to his homeland of Portugal where they are both from. (broker mistake...she never disclosed that they she new him personally)

 They had the price at the top of the market and was offering a seller second for me to get in so expensively. The broker also prearranged my  mortgage with Ocwen Federal(broker mistake no.2, no prearrangement's with residential loans) variable rate at 6%. Also this bank closed in 2009 for the most fraudulent loans  during the hosing bubble.

The owner staid in the first floor apartment for 6months rent free killing my income on the 3 family home.

This is why i became a broker to never see this happen to anyone on my watch and for my own knowledge and understanding of Real estate Law.

The first deal was a night mare....the broker scammed me into buying a home where she new the owner and he was selling to go back to his homeland of Portugal where they are both from. (broker mistake...she never disclosed that they she new him personally)

 They had the price at the top of the market and was offering a seller second for me to get in so expensively. The broker also prearranged my  mortgage with Ocwen Federal(broker mistake no.2, no prearrangement's with residential loans) variable rate at 6%. Also this bank closed in 2009 for the most fraudulent loans  during the hosing bubble.

The owner staid in the first floor apartment for 6months rent free killing my income on the 3 family home.

This is why i became a broker to never see this happen to anyone on my watch and for my own knowledge and understanding of Real estate Law.

I'm in New York City, the properties are in NYC and surrounding counties. I plan to buy and hold. Ideally I would like to structure the deal so that a portion if not all of the down payment assistance funded would be repaid by a contribution from the seller at closing.

If there is a portion remaining maybe we could equity share in a re-fi in about 5yrs or I would make payments at 5% int. 10yr fixed, 30yr amortization.

Can anyone recommend a Reputable down payment assistance company?

On that first one, no lender is going to let you buy for $1.15MM and give you a $1.2MM loan that covers your costs and lets you walk away with $20K

This area is questionable, it may depend on how your contract is structured. I have a collegue who puts a buy back clause in his contracts where as the seller puts up a non-refundable deposit(which turns into the buyer's cash) on the buy back option of the contract.

Would a lender frown on this or is this possible in today's market? Or is this something that would fly?

Your best bet for getting cash on either of these deals is to 1) get them under contract and flip the contract to someone else

How can I get a legit Proof of funds letter to acheive this with limited funds?

Do I already need the end buyer first?

I have 2 commercial deals that interest me where I can purchase under value, get cash at closing and debt service the properties with profitable businesses.
1) Plan to buy and hold.
2) Owners are anxious and one has a lispendance filled so they're extremly ready to deal.
3) I am working with limited funds so seeking creative financing, will consider a joint venture and I have great credit(745 Fico). I would like help on presenting my deals to a lender in a manner they would want to approve the loan, issue a Proof Of Funds Letter so I can make ligitimate offers.

1st deal is a free standing town house recently converted into a resturant night club with excellent mechanicals, havoc, commercial kitchen and liquor license already in place. Located in Manhattan N.Y. in an area where townhomes are selling for $1.5MM-$2.8MM. This one is offered only at $1.15MM.(This property has a lispendence filled).

2nd deal is a much smaller price of $160K and is a 6000 sqft. warehouse with a lot to be used as a car dealership. This owner is ready to deal and would owner finance or would be prime for cash at closing of which to be used to go toward helping finance and jump start the business. Also located in N.Y.

Do lenders want to hear all of this? Or are they just expecting you to pay the mortgage 30 days after your closing?

How do I present the offer and structure the contract to legitly recieve $20-$40K at closing? :D