All Forum Posts by: George Ramsay

The apprasial has some comps that seem to be overpriced, thus im wondering if the property has an inflated value of equity.

Some atlanta zipcodes have been rife with mortgage fraud and i was wondering how to research that

Buy and hold Rental property

Section 8 tenant

Ive tried googling the zip code + mortgage fraud but didnt get very far

Im working in Atlanta which has been pretty hard hit, so i was looking for better ways to do my due dillegence

i was wondering if there is any way to research if a neighboorhood has been a victim of mortgage fraud.

Eyeball viewing of the property and apprsial has rasied some red flags

Im currently putting together an offer on a short sale.
Im going to submit it to a listing agent who i think is utterly clueless as to what im trying to accomplish.
Im sure she'll balk at my offer, but want to make sure she submits it to the bank.
Isnt there some kind of form, where an agent has to prove they actully submitted my offer?
Kind of like "certified mail"?

Thanks!

hmm

Im gonna guess, so lets see how close i come

I think you have to take title in your own name, then if you want to quick Claim it into an LLC you can

If your just wholesaleing the house it might not be worth it to put it into the LLC, especially if you have a buyer lined up

But im a newbie so imjust guessing here.

Other state laws, and depnding on the neighboorhood might factor into this as well

Let me pick at this a bit to try and make sure i understand

my purchase price or the ARV?
What is a typical LTV rehab loan??

If i get a loan for the Rehab and Payoff, how much would i need to bring to the table?
And what would the monthly payments be?

Is there a rehab tool/website/calculator where i can figure this out?

Thanks again

hmmm.....thanks jon

Thats a real different way of looking at it. I hadnt thought of using hard Money, and was trying a more convetional/bank Loan at 7%

it might just be easier doing a Hard Money loan though.....i know my Networking group gives each other better rates then whats typical

defiantly opens up some other options

Thanks a lot for your help

Hello everyone!

Im currently trying to figure out how a rehab loan works in todays market.
Im trying to short sale a property with an ARV of 160,000
Ive got rehab costs at 55,000
I would Payoff the current lender at 60,000
Im guessing i need about 15,000 in a Down payment (figuring 10%)
Im accounting for 5000-7000 in holding costs (4-6 months)
And i would walk away with 20,000

So im guessing i need a rehab loan for 140,000?

How exactly does this work??

thanks in advance