All Forum Posts by: Rose Jones

 The bank and I own my home. I want to sell it and move to Virginia.

So are you saying I should keep putting a few purchases on that card and paying them off immediately? I always pay on time. I was hoping to get a Heloc or at least home equity loan. I will take it all in stride. 

Feels pretty yucky. I took some money out of my 401 K to pay back some debts. 

I paid off almost 6,000 in a high interest credit card , The next day my credit score dropped 90 points. 

WTF?

Get a small house, get a roommate and build up your portfolio. I know it can  be done.

It is nice to find another tax lien and deed property. I bought some properties in Mississippi earlier last year and I still have not sold them. I have not marketed them either - so there you go! I have decided that the best way to get past my potential loss is to sell them seller finance.

There are lots of calculators online - I found one by searching for an advanced seller finance calculator. If you sell the property for what you want but decide to be the bank, you can send up with a fortune even if the house did not turn out exactly the way you wanted. Like I said - look up that link ( I don't know if the moderators want us to put in links,) I would look up contract up deed - hold onto the deed until it is paid for . Then you can get it automatically set up so that you will get the  property back without having to go through a 
And don't beat up on yourself because this deal didn't work perfectly. Let's tell the truth - learning these schemes can be hard and boring at the same time. You actually did it. For the people who criticize you for paying too much to contractors ask which contractors they used when then fixed up their tax sale property. Oh, they didn't do it? Hmmmmmm - Best of luck and keep us apprised.

@Kerry Baird - I am going to try to get a Heloc through PenFed - wish me luck. 

Your interest rate should be higher than 6 percent. You are doing him a favor by being the bank.

I don't know how to do the math out exactly. I am looking on this forum and elsewhere to find the calculators.

And remember that you own the property until it is paid off. 

Good job on being creative with your investment!

PS - I know the Detroit market has potential - I sure would like to figure it out.

I would consider using a realtor if the property is 20,000 or more and yours meets that benchmark.

 Exactly. I purchased my home in 2008 - the owner before had paid almost exactly twice the amount. I spoke to a local loan officer rather than the bank - and I was so glad that I did. She said that she always wanted to do a presentation - "how to buy your house with government money." I went through the 3.5 percent loan, and I got Ill almost as soon as I took possession of the house. But I was able to keep the house, through chapter 13 bankruptcy. I did what I needed to do, my health got better and now I am stable. But I am so glad I bought the house.

Talking around the neighborhood - I found out that one of my neighbors had bought the house at the corner through seller finance. When it first came on the market - he offered it to them, but they laughed at him. Months later, they were not laughing and he was able to purchase it. 

That will happen to you with your real estate investing. 

 The whole idea came up when I paid my rent and the agent said - why don't you buy instead - you can get get a house for the same price. Of course that is laughable - the house if a lot more than just a payment. 

Ok - now I am about to retire from my job. 

I hope to be able to sell this house and retire where I wanted to.

I need certain medical care for myself and my son. And only some places can give it. So besides whether a place is good to live in or not. - I need medical care. It's a jungle out there!

So I was looking at what I can do. Now if I sell my property I might have enough money to just buy a duplex in Kansas. But I don't think we can get the care. 
I am rambling and getting too personal. But the point I wanted to make is there are two ways to look at real estate - your own home and investment property. And the MLS is just a beginning of a place to find real estate. Auctions, tax sales, facebook groups - even just talking. I wish you the best!

@Kristen L Garner - are you qualified as a lender in all those states? Good to know - I will put you in my Rolodex .:)