All Forum Posts by: Roman M.

All depends on the downpayment, borrowers experience and their financial position. 

Leave this to the lawyers and have your borrow pay legal fee

1. You can try to buy bank's note and take control over foreclosure case.

2. Bid at the auction

At the end of the day it will have to auction though unless heirs will get title before the sale and can make a deal with you.

Bob, yes you have Dodd Frank issue due to balloon.

You can structure it as a contract to sell though or lease option.

If you lend it to a company (LLC, etc) then you will have no issue with Dodd Frank.

only private money can lend you against your note and private money lender will need to be comfortable with the paperwork. You will need to pledge your note as collateral and have business attorney draw up the paperwork. The rate will be high and you will need to pay additional attorney fees aside from foreclosure legal fees. I am not sure what are the costs to foreclose in your state but I can't imagine them being more then $6,000. Better just find other source of funding like a unsecured loan or loan against any other property you have. 

congrats.  That shows to never judge the book by its cover and get to know some of your connections. If you would not give him a chance you would be on a much smaller scale and moving at a much slower pace to your goal.

By the way, Lithuanians native language is Lithuanian but some speak Russian too. Either one is foreign to you so I guess it doesn't matter cause actions speak louder then words.

I hope you got some long term financing in place.

we love numbers 

talk to the neighbors and mitigate the risk. Everything has its cost. Add or deduct those costs to what you planning to bid and compare with the market value. Numbers doesn't lie.

Forever required. You maybe able to get away with providing it to Hard Money Lenders but there is huge rate cost and very low LTV on those loans.