All Forum Posts by: Tracey Williams

Jon, I mean REIA meetings

Steve, he did mention that we could pay for extension on a new term & 24 months is their Max (the options is rehab & sell or refinance into a conventional loan)
Thanks

Thanks Will,
I didn't have a good feleling about it either.
Sometimes, I wonder why all this REO meetings allow all this guys with " too good to be true programs" come and talk to us.

A local HML discuss his lending program at an REO meeting recently and am just wondering if this sounds normal.
When you have a deal:
The purchase and title will be in his company's name at closing and he will then sell to you on a land contract for 12months. 10% ~15% interest only with 10- 20% down payment.

My question is , will I be able to refiance this house with a bank after 12 months since the title is in the name of the HML and my intention is to keep it as a rental unit.
Thanks for sharing your thought
Tracey.

Hi Peter,
I have made two offers on BofA short sales before and yes the two agents asked for the last 5 digit of my social.
I felt the same way you did and she had to explain to me that all the informations are loaded on the system and the application cannot be completed until she imput the numbers.

Yes, it's possible and like Jon said you need to hold it for 12 months

Good luck!

Jon is correct 100%.

I went to two local banks last week and the answer is the same as Jon as stated - great income, high credit score, 2years tax return for rental income to be considered, 20-25% down payment and you'll need to show all bank details for the past 3-6 month ( business & personal)

Good luck!

Yes: I was able to quit my day job after I started out in real estate.

I started at age 34yrs- (still in the process of financial independent .........)

I will be able to manage 6-7 rentals with my day job but I think you'll need a PM once you have 10 -12units and still have a day job.
Thanks for posting these great questions!

I have a clause for no- smoking in the property on the lease.

John,
If I were in your shoes. I'll settle with your first option
Buy one property with less work, rehab and resell, make atleast 10k profit and re- invest my profit to repeat the process.
Good luck!

We have in- built microwave in all our rentals but I will not provide a stand -alone if the house does not have one.