Can I Make This Into A Deal?
The owner is asking for $750,000, Can no longer afford the mortgage ( 9mth behind) 6 bed 3 bath, full finish basement, wants to sell asap. Only repairs that need to done is basic upkeep ( porch stair, etc.) I checked the online recorder and two liens are against the house ( 585,000, 39,000)/ both mortgages were recorded 5/21/2007 (how long owner had property). Owner wants to sell but rent property back. I think the owner is asking too much, but here is a quote from the owner as to why: "Only reason Im asking for that high price is so that i can pay the rpt and ny state tax and closing cost and i have to get the deed and mortgage recorded after closing. And like i said before we would like to stay in the house and pay you rent." Deal or no deal?
Market Value (est): Tax Year
  Â
Market Value
2010/11 Â Â Â 643,000(TENTATIVE)
2009/10 Â Â Â 682,000
2008/09 Â Â Â 716,000
2007/08 Â Â Â 783,000
2006/07 Â Â Â 634,400
Pleasant day,
Geovanni Castro
Â
Sounds like you need a construction loan. Without a CO, you will not make it through traditional (e.g. Fannie Mae) underwriting. Creating an LLC and financing through it is not material to getting the CO.
commercialking, please realize that the collective TCI community does value your input and I think your post was excellent. One of only a handful I have felt compelled to print out... so like posts from YPOChris when he posted... your contributions are highly appreciated.
My contribution:
Get Arise Development
Studio City, CA
Details in this forum thread
http://www.thecreativeinvestor.com/ViewTopic66028-31-6.html
[ Edited by Kimtd on Date 02/17/2010 ]
Thanks Kimtd
Craig Kaufman and Associates, Bocca Ratton, Florida.
Some kind of bait and switch game going on. Not the normal scam for fee deal but not exactly legit either.
In fact Bocca seems to be a haven for such folks. Is it part of Nigeria somehow? Maybe my geography is messed up.
[ Edited by commercialking on Date 08/11/2009 ]
Oh, and Kennedy Funding.
OK, Shizah.
What percentage of deals where you collect a DD fee do you actually close?
Here in Texas we are getting hit too. The "lender" wanted $5,000 up front on a loan before he would negotiate the deal. They were offering one two years financing and interest only for the loan.
I have been doing hard money loans for a long time and that is out and out scam. If the client paid the $5000 up front we had absolutely no reassurance that the loan would go through.
Marian Thomas
_________________
[ Edited by maverickstar on Date 10/27/2009 ]
Anyone have any info on Brookview Financial??
Guy Parsons, Mountain Atlantic Funding.
The following is written by:
David A Franklin
Managing Member
Edited by moderator posting contact inforamtion.
John (LV)
TCI Moderator[ Edited by jfmlv1950 on Date 04/10/2010 ]