Where To Begin?
I want to buy and sell Mortgage notes. I have experience as a rehabber and wholesaler. However, I m an absoloute beginner when it comes to notes. Any resources you veterans can recommend? Authors, etc?
...Also, surely there is more than one broker in your town that you can do the same thing with.
Also, did you not make your offer contingent upon you acquiring acceptable third party financing?
This is a little something that I always add into any offer that way if that falls through then I get my earnest money back.
KevinInTX
Dorinda,
Do I know you?
C-
Brokers will tell you everything you want to hear until it is time to put the money on the table. Then the underwriter will chime in with you "need more down" or "need a better score" or "need a better appraisal"........ I have heard all of them before and will likely hear them again in the future as the rules change everyday.
Sorry......... I know I was of no help. I just HAD to vent! I hope it works out for you...
100% huh JS? Hmmm thats gonna be a tough one. We can guarantee you a home loan for $100,000 - $1,000,000 but you MUST have at least 10% of the purchase price of the home you are looking to buy. If you can do that we will get you a loan with great terms.
Welcome to the board. I would do it after three years. Take the low cost loan with the 3 year prepay and at the end of three years do it again.As long as your market is climbing the loan is a solid vehicle to make money if the market slows get used to at least paying the interest only payment. I am seeing people use this strategy and it is working but prices in CA have been going up fast.
only paying the minimun payment, take a look at what the balance will be at the end of 5 yrs.