Private Investors In Az
Where would you start to find private investors in Arizona. I am not comfortable dealing with HML or Mortgage Brokers. I would like to build a business relationship with individuals I can meet with one on one and establish long term relationships.
As cjmazur points out, the sub-prime meltdown has made it extremely difficult for a lot of people to get loans. Not to mention that loans under $50,000 have always been more difficult to do.
However, you may want to consider selling them on a Land Contract, Contract for Deed, Wrap Around, L/O, etc. In other words, do some sort of owner financing.
That way, you could advertise them as "No bank qualifying, no credit check, only $XXX per month" or something along those lines.
Just my initial thought.
Find out what will work for the seller. See what their needs are. Do they some cash to do something else with, can they not make the payment anymore, how motivated are they?? Have a face to face conversation with them for 30 minutes, maybe an hour. Ask: why are you selling, when do you need to be out, what got you into this situation that you have to sell. Ask them: DO YOU HAVE TO SELL OR DO YOU WANT TO SELL?? These questions will give you a better picture of where these folks are and how motivated they are. With this info, you can make a better decision on what to offer and how to structure the deal.
Hey CREYESX4,
With every warning or caution that you get from somebody, there will almost always be a way around that issue. There are seasoning issues. They usually deal with FHA loans or mortgage co.s that deal with the same rules as FHA. If you go conventional and you dont sell the house for twice what you bought it for, and you are holding it for 3mo or more, there should be no problems.
The best way to get all the answers would be to talk with a mortgage lender. Ask them if someone will be able to get a loan on a home that you have owned for 4 or 5 months. Tell them that you bought for 80k, put 20 into it and are asking 130k or whatever your numbers are.
I have been asked to show receipts for repairs that I have done on a house because they said that I could not possibly purchase a house for 30k, put 20k into it and sell it for 75k. That completely blew their mind. How could I make 20k+ in 3 months. I ended up having to get another appraisal because the lender thought I was selling the property too high. Both came in at over 80k. They just thought something was not right. Weird, huh?! How could a couple of poor schmos(me and my partner) get a great deal, fix a house, sell it and make a profit?? They just did not get it.
I bought a FNMA foreclosure and they wrote it in the deed that I could not resell within 90 days. My wife remembers that they actually said I could sell earlier but they required that I split some of the profit with them. Outrageous! It was in the contract and I signed so - okay.
My mtg broker told me today that she would ask FHA about the house I bought today. She said there are other similar programs that will work if FHA will not go for it.
ADVICE: take photos before and after. My favorite before photos are during demolition when boards are strewn. Get the ugliest pictures possible.
Keeping receipts should go without saying.
Finniganps, I think a lot of these TV episodes taped before the most stingent tightening of credit started this year.
KEN