All Forum Posts by: Priscilla Z.

Cameron Dunlap. Guess you're doing some advertising this week...it's working!

I've received many questions this week about his program. I'm double closing my first deal with him within the next week and I will post my experience once I finish closing with his transactional funding. One thing I will say right now, it's not as easy as it seems and you will need to be more hands on than what you think.

As far as his entire program of bird dogs, etc...didn't work for me in my market, doesn't mean it won't work for someone else in their market.

More to come...

Update:

Got the property under contract. After getting the payoff information, turns out the seller actually owes $80K on the mortgage, not $70K she thought. I'm giving her $2K now instead of the original $10K we had agreed on, plus she's some months behind on mortgage payments, so I'll need to pay those also, total I will need to get the mortgage up to date, pay the seller her $2K and close is approximately $8K.

I'm selling it for $108K, with $28K down and payments of $840/mo (which includes mortgage, taxes & insurance) for five years. After the 5 years the buyer will need to refinance to pay the mortgage off.

This property can be rented anywhere between $950 (very low) and $1,400 per month. I'm really thinking more like $1,100 - $1,200.

That's the update. Any final thoughts?

Thank you for your replies and the information you provided....the reason I posted this question was also to learn about this myself, so that I can have some knowledge. I know got some knowledge....and that is that this is complicated and I don't want to know about it! Haha :)

I'll be taking Dion's advice....staying out of it and having my friend go to a mortgage broker...

Thanks again everyone.

Thanks for the replies. He will have $6,500 to use to pay down some cards. I was mistake on some numbers. It's:

$800
$850
$4,400
$5,900
$6,500

They aren't exactley at their limits, apparently he has like $200 - $400 available on each, so he might as well be at his limits...

So even the $800 ones he should leave a 35% balance on those too?

Problem is that he does not have enough money to pay them down to 35%....

He'll be able to get them down to 50% for sure...

I have someone who is trying to qualify for an FHA Loan. He has a credit score of 680, but has 5 credit cards, most of them close to their limit.

He is coming into some money and can pay down some cards, and asked me how he should do it so that it helps his credit score and looks good for him to qualify for his FHA Loan. Here's the two options I came up with for him with the amount of money he has to do this.

1. He can pay 3 credit cards off completely, two with $800 limits and one with a $4,400 limit. The other two ($6,500 each) would remain at 95% of their limit.

2. He can pay off 2 credit cards completely, the two with the $800 limits, and he can pay down the other 3 to 50% of their limits.

Each one would be saving him money on monthly payments, with option 2 saving him more money. The way I see it, option 2 of having two cards paid off completely and 3 cards at 50% of their limit looks better than option 1, but this is not my area of expertise, so I come here to the experts.

Any input would be appreciated....

Hey Q... I just recently started marketing to probate as my area is getting low on inventory. Too many wholesalers in my area, so I'm not doing the bandit sign thing anymore, and no way am I going near the MLS.

Have you checked to see if you county has records online? Mine does, and it's great. I'm still getting the hang of it. Take time to learn the ropes before you jump into it....if your county has public records online where you can access certain types of records, and if you can check those against your property appraiser website, then it makes things a lot easier.

Thanks for the responses. Actually, I went to the property two weeks ago to fix something and it is in the same condition I first rented it to her.

Here's the problem, she's in love with the house and wants to purchase it. When we first rented it to her she said she was going to sign the year rental lease, but she really was interested in buying it and that she was waiting on a settlement so she would give us a good down payment if we financed the rest. She asked us to give her until March. Well, March came and went, and April came and went, so we decided it was time to put the property on the market so we could get our money out of it.

We placed a call to her when we decided this, just to be courteous, and she lost it. She did get offered a settlement, but it wasn't as much as she wanted to she denied it and told us she has to "look out for her best interest". Well - so do I.

I know we do have that inspection clause in our lease, so I do know we are protected by that, but if I call her and tell her I'm going to take someone to see it and she doesn't let me in and makes it difficult for me, then it's just as Will said, it will deter my buyers. I know that I'm getting a lot of interest in the property right now because it is tenant occupied and people interested in that.

My tenant won't give me permission to show my house to potential buyers. I am marketing it for sale WITH the rental agreement. This was explained to her, that she does not need to leave the property and that the investor that purchases it will want her to stay, but she is uncooperative.

Florida Statute says we need to send a letter stating she needs to "cure" this issue within 7 days or else we can begin the eviction process. We did this. The 7th day is tomorrow, I really do not want to go through the eviction process, especially since it's taking so long in my county.

Has anyone had this problem and been successful in getting your tenant to cooperate? Any advice would be appreciated.

Thanks for the replies everyone. I dropped the ball on this thread somehow....

Michael G. - No it doesn't cost me at all, it's all online and the best part is that I can look up the names in the property appraisers websites too to see if they had a property, and if its updated it gives me the mailing address for the person in charge of the property.

Two more questions:

1. I thought of searching two ways online, either by CD (certificate of death) for a particular month, or by Probate Petition for a particular month. Which do you do?

2. How long should I wait after the certificate of death is recorded or the probate petition has been filed to mail the letter/postcard?