All Forum Posts by: Tchaka Owen

@Matt Hudson - don't sweat the squatter too much......as @Anthony Dooley stated, there are ways to make people leave. I won't go into it either.

The question I have is do you really want this place? I ask because based on your numbers above, this fits right into your budget however you're claiming it's beyond your budget. It sounds as if you're trying to talk yourself out of it. You need to make a decision and stick with it, no half-steppin'. Back in the high FC days when we'd find ourselves in bidding situations, we had a rule: we run our model and whatever number we came up with is what we'd go with. We never got caught up in hype, because ultimately the numbers had to work. So I suggest you run your numbers and figure out the ideal as well as max purchase price - and do not go past it. Good luck!

@Phil Rizzo - banks are a dime a dozen. Go to the next and the next. In fact, you should have a list of lenders that you know meet your criteria, that makes things easier. 

Met him about 12 or 13 years ago, yes he's legit. Tax liens wasn't my thing so I didn't pursue, however he was a nice guy. Easy to speak with.

@Kirk Frickey - find and speak with several HML and get their criteria and guidelines (each is different) so you know exactly what your options are when you find the right property. Also get their rates. Then start hunting! Good luck.

According to my contact, it's an area with high crack usage. 
Out of curiosity, if you're intrigued....shouldn't you ask before buying?

@Matthew Saunders - back in the day I used to lend and I believe @Chris Mason is spot on. If I were in your shoes, I'd do exactly what you're doing. Wait out the 30 days. If rates start shooting up, you can lock where you were going to be anyway. If they don't you'll benefit a tad. Good luck!

@Katrina E. - it has potential, but doesn't deliver. If it's overhauled it could be better. Eg:

1. You cannot communicate with other members unless you set up a 'friendship'. Maybe I have a question for you but don't need to be connected long term.

2. Wholesalers list properties that they don't have under contract. It's ok to list properties you have UC, not when you aren't the contract-holder. Case in point: just yesterday I saw a local property listed there by a wholesaler 200 miles away at a higher price than the contract-holding wholesaler AND he bumped the ARV up $30k+ to make the numbers look good. Don't know if CI any mechanism to validate. Members cannot comment on ads so we can't call out bogus posts.

3. CI can coexist with BP and we'd have 2 great resources, however at this point in time, it's like pushing a Trabant up to the line against a Porsche GT-2. Personally, I rarely go to CI anymore due to the awesomeness of BP.

@Russ Marlborough - if you have a financing contingency in the contract and you haven't gone past the approval deadline, you should have an out. Check your contract out. FAR/BAR AS-IS?

Agree with @John Underwood. Plus she's your tenant, why wouldn't you want to help her if someone broke in?

@Greg Newson - For someone whose first language isn't English, you're doing just fine. From what you've shared, the problem isn't the lender, it's the appraiser. The question is what you did after the bogus appraisal came in. Did you question it? Did you request another appraisal from a different company? If you did and that wasn't acceptable to them, did you move to another lender? Did you have a backup plan when you went to the lender?