All Forum Posts by: Tom C

Here's my question.

"If they dont pay, you take the MH back (no foreclosure process, its much quicker) then you sell it again, get another deposit, and start over."

If you don't have to foreclose, then how do you get them out, an eviction?

loki,

Can an investor use the 203K program if their not in one of those 40 zones?

Thanks for the update neighbor.

Casey,

You really should take this to a CPA and spend a couple hundred bucks. You will gain much more then you will spend.

I agree.. I had to drop my rent from $650 to $600 per month because Sec 8 was only willing to pay up to $600 for a 3 bedroom home. Now based on his earnings, Sec 8 pays $556 and he pays $44. I can not charge him anything more then $600 per month. He wanted a dog for his kids. I had to tell him no, because I was not able to charge any extra for it and I didn't dare take money on the side from him.

And not just mortagage cost, you also have to figure in your utility cost during your rehab. I also don't see your number for T&I, depending on your location, your tax bill could kill this deal, although I would put the loan out for much more then 10 yrs too.

Every REO listing that I have seen and bought requires 1K down and proof of funds. Proof can be a letter of approval from a bank or hard money leaner or a bank statement showing that you have the funds to make the purchase. How are you going to make a serious offer without having the funds or the documentation to back it up?

Just as an FYI,

I told them that I wanted to use my title company and they refused. The bank said that it would cause too much confusion and would be a duplication of efforts.

nope..

If she has no income, you will not put her on the loan app, which means her credit will not be used. My wife has excellent income, but her credit sucks, so I am forced to leave her off all loan apps. She is still on the titles though and we also have a surivorship deed which is required in Ohio.