All Forum Posts by: Tom C

I have said before, my agent is excellent and does everything I ask her to do. Now with that said, she looks at a horrible roof and says, "Hey, the roof is in good shape". Mean while all of the shingles are buckled. She does not have the ability to look at a home and determine whether it's a good buy or what to offer. I find the houses I want to see and she opens the door and then submits the offer. I think she is learning more as we buy more houses, but she is a long way away from being able to get into this business.

Matt,

You live and learn. I am sure I don't have to tell you that you should have already known what was in there before hitting the banks. If one neg on your record stopped the loan from going through, then you score must be pretty low any way. What you can do is get a written letter from Macy stating that it was their mistake and they are fixing it. That should be enough for the bank to approve your loan without having to wait 30 days. If Macys refuses, then threaten them with court procedings. They hurt you, it was their mistake and they are responsible.

Makes sense and also why I don't want to record it. The balloon will paid off when I cash out refi for another purchase, hopefully in 90 days again. The last thing I want is that 1st sitting on the property when I go to cash out.

That would have been bad.. Thanks!

Looks like we will do a promissary and a mortgage on paper only.

Jon,

Is there a time frame that it has to be recorded? What I am getting at is not to record it, unless he feels the need. Then it can be taken to the recorders office.

Thanks Joe,

No, this is a simple 7K loan with a balloon in 1 year. I don't want to make it complicated. Just a way to secure his loan with the title.

I have a private investor who is willing to help fund a project. I want to secure his funds with the title to the property. Can we do this without an attorney by simply filling out a contract and if so, does anyone have a form that will accomplish this?

thanks

or another way to look at it is if you can pull enough out to pay cash for your next property, then you add the rents together see if you are making more money by buying additional properties. With only a 200 per month to play with in terms of a loan, it's not likely that will get enough loan to pay cash for another property, but if you can increase your cash flow by another 200 bucks a month after all expenses, then perhaps taking on another mort payment would be worth it.

But as everyone keeps saying.. Don't over leverage or your out of business..

In all honesty, I think the rest of the country is just catching up to my area. We have been in a recessioin since the 80's and have never returned due to plant closings. We never had a housing bubble or over inflated market. Our unemployment rate has been a steady 6% for over 20 years. The best part about this is that now that the rest of the country is hurting just as bad, the banks are feeling the pinch corp wide and have to let these REO's go cheap.

Many people got rich during the depression.. Just wish I knew how, because I happen to agree with Mike and my dad, who was a kid during the depression. Things are going to get much worse.

Take it off the market. The last thing a bank wants to see is a for sale sign in the front yard when the appraiser comes to the house and stop trying to get the loan through your business. Sign for it personally.

"It will be much more difficult to convince a judge to remove them from the property if they have paid in advance. Thus, if they break any rules of your lease (be it: pets, waterbeds, drugs, loud parties, etc.), you will find yourself in a bit of a dilemma. "

Thanks, that was the only downside that I could also see in this situtation and being an adult mother and daughter their track record has been very good so far.