Quick turn foreclosures
Has anyone bought a foreclosure,placed it back on the market only to find a buyer can't get financing because you have not had the property long enough? Or there was no work to be done you bought it cheap and placed back on the market and the buyers lender wants to know why you think the property is worth so much more than you paid for it.
That is called seasoning. Usually there is a 12 month seasoning issue with lenders. Although there are other lenders out there that require no seasoning in some of there programs. It is best to go through a mortgage broker. They have access to all of these programs and not just what that 1 bank can offer
Hey there Mike
Yes you can go thru a mortgage broker and have him get the non seasoning lenders for you. I maybe be able to help in that area as I am an investor as well as a loan officer
Much Success,
Manny
JMC Investment & Loan
I understand how the lender side works. This is only good if you have control over who the buyer uses as a lender, if you list your property with an agent you loose that control. Also how do you prove to the underwriters that the property is worth more than you paid for it. Have you personally been in this situatiuon?
EliteProps...
please i'm really new at this and i need help with obtaining a loan to puchase my first property. any advice would do, it feel like i'm wasting my time everyday i wake up. my moto is "if i have not bought a property yet, then i made no progress". no matter how much information i know, it seem like i can't get a loan to buy any property. i'm unemploy, and a college student and my credit is very low, but i do have partner. the thing is we don't know where to go or what to do to get the loan PLEASE HELP!!!!
Thank you in advance, Minh
(if possible you can email me at LMST_Ivestment@hotmail.com)
I am sort of in the same situation as you ALPHAROMYO, it is hard to find a good loan. So tell me, what kind of loan were you looking into. Just like you I am very young and do not have any credit, however, my partner has some credit and we do qualify for a couple of loans. We qualify, but we have not been pre- approved just yet. What is your deal? Do you qualify and get denied or do you just not qualify for any kind of loan. If you cannot qualify for a loan there are hard cash loans that might lend you the money. But this is only information that I have read in books and forums, but I do not know for sure. If you do succeed in getting a loan, let me know about it. Maybe we can help each other out along the way.
hi tjm528
yeah i hear ya, i'm quite young my self and yes i did read alot on hard money lender but couldn't find any yet. so far i have not been qualify for any loan yet, because of my situation. i'm a 19 year old college student, unemploy, no credit, and has a $25k debts hanging over my head. i have read many books and can tell you about how on doing deals, but i have no idea how to get money for those deals.
Mike---why would you list the prop with a realtor?????? Do you have a prop you are trying to unload?
To Alph & TJM----you don't need money or loans to make money in this biz!!! There are many things WORSE than another day going by and not having bought a property. PLEASE take time to read here. All people that are new want to jump in and get going but there are lots of disaster stories from long time investors who lost evrything because they weren't sure what a good deal was or they moved too quickly.
Have you guys looked into bird dogging---it is THE BEST way to get to know the biz with no risk and no $$. Check out John Locke's ebook on bird dogging---read all you can on the topic and see if it appeals to you.
Take your time and STUUUUUUUDDYYYYY!
All the best to you,
Mel[ Edited by mel on Date 03/05/2003 ]
Mel,
I would list my property with an agent because even though you have to pay commisions the agent will give you more exposure and in most cases sell it faster than you can.(plus I'm a Realtor)
AlphaRomyo, Why are you trying to get a loan? Are you purchasing investment property? You don't need a loan for that. Explain a little more in detail as to where you are at now and what your goals are. There are many people here with knowledge that CAN and WANT to help folks. It sounds to me that, if you are looking to get involved in CREI, you need to do ALOT more research. Perhaps you should focus on getting your credit in good order first and learn how to manage your money. If you do not this, your investing career will be cut short anyway due to lack of proper money management. Mel's advice on becoming a Bird-Dog comes from her experience and is worth listening to.
P.S. do you own and Alfa Romeo? I am a collector!
miketodd,
with all due respect, I do not agree with your statement that you can sell a house faster with an agent than if you tried to sell it yourself, and I am sure Mel would agree. (although I do not speak for her)
That might be true for "regular" folks but certainly not creative investors!
Have fun!
well i'm interested in buying foreclosure, HUD, and REOs properties. And to my understanding i need to get some type of loan to get these, unless any here know of some way to buy these type of properties with out any type of loans please let me know.
and no i do not own a Alfa my self but i do like them
To reply to ALPHAROMYO, if you want to buy without financing try getting into pre-forclosures . These people need your help and are willing to do whatever. You can use the Subject To way of buying, John Locke has a book here on this site, I just ordered mine. You take control of the properity and can sell it and profit from it. Check out forums here and find out more. Good luck, Jerry
To reply to ALPHAROMYO, if you want to buy without financing try getting into pre-forclosures . These people need your help and are willing to do whatever. You can use the Subject To way of buying, John Locke has a book here on this site, I just ordered mine. You take control of the properity and can sell it and profit from it. Check out forums here and find out more. Good luck, Jerry
Jerry,
i would love to get a chance to read that book, everyone seem to agree with reading it, but i have no money to purchase anything right now. that is why i try to get help from any one here possible.