All Forum Posts by: Mark C.

I totally mis-understood the terms he was offering. It was 80% of cost or appraised value. Plus its a 5 year balloon 15 year terms.
A line of credit is being offered upto $125k. So In other words, to draw the entire $125,000 would require a total cost/value of at least $156,250.

Hi All, I have been reading bigger pockets for more than a year and have only recently decided to access the forums. These fannie/freddie rules for financing for properties greater than 5 leave something to be desired. I recently found a lender though that will lend up to 85% of ARV or after repair costs which ever is less. IT would be a 15 year 5/1 arm. Does this seem like a very good deal IMO it just looks like a 20% down deal and I pay for the repairs in essense?
example
$70k purchase
$15k repairs
$68k note

thanks
Mark

I can tell you a little about New Western Acquisitions. They like NetWorthRealty are acting like a wholesaler typically buying a negotiated cash offer on REO's. Then flip them out to investors with their markup like a wholesaler. And just like a wholesaler you do not really get an option period and you have to do your own due diligence in finite amount of time at the property when you meet them there. I can usually see the properties they are offering by inspecting the MLS to see what the REO was on the market for.
Be careful of their comps. Buyer beware. They do a double close to make all this happen.