Hello DG family...I need your Help, Please !
My brother just wants out from under his house in Indiana.My brother and i both live in south west florida. This small 712 sq.ft.2 bed 1 bath with car port.The house is empty. I want to take over his payments of $149.00 per month with taxes and ins. included. His mortgage balance is $11,000.
I pulled it up on Totalviewrealestate.com. The value range is $26,625. to $71,000. the zestimate is $35,500. It needs roughly $7,000. in repairs.
My credit is bad and i Don't have the money to fix it up. My question is this...what contract do i use to continue taking over his payments and where do i get the rehab money? I want to rent it out through section 8 after rehab.
I'm taking over payments, but need some rehab money. What should i do ?
October 5th, 2011 | posted by GENE BUSSARD
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Where in Indiana is the
Where in Indiana is the house located
Broke and need rehab money
The amount you need is very small. I had the same problem starting out. I discussed it one day in the break room with a co-worker and believe it or not, another co-worker was ease-dropping and said he loan me the money if I repaid every penny plus $200.00. He said he normally charged more but since we were co-workers he'd help me out. He gave me 18 mos. to repay in full. That's when the words of Dean's preaching brought light into my life. CREATIVE FINANCING. Look around you. $7,000 is in your face. You could borrow it from 2 or 3 people. Pay it off with the rent and all other rents go to you. Just please pay the loan off first. You'll be great at this. I can feel it. P.S. Let me know if you hear about someone else wanting out of their home if you can't grab it. Thanks, Patti
Developer
I'm thinking of switching gears a little. I found that a shopping plaza and office buildings could be flipped just like homes. I haven't done any but a friend does it all the time. He says its more money in it than flipping homes but cost more in rehabbing. He gets his buyers first then acquire the property. He flipped 4 last month. Do you think I could do it?
rehab fund
have you reviewed your grant cd. the amount of improvement is mnimal. Can you borrow against the eqity? can your brother borrow against the equity since has established repore with the bank
shopping plaza
Where is he finding these deals? & Buyers?
great lending and investment company
have you ever heard of Ameraco inc. Well they have a system where all you have to do is submit the deal to the investors and if the deal works they will buy it from you. You can also do assignment contracts with this company it costs around 450 dollars to become a member but it's worth it www.finditandfundit.com
Quit Claim Deed
I am just starting in this business before I worked with a mortgage company and a lender, as a originator in the time when the market was good, I refi my home got the money out and purchase this property a friend was loosing to stop the foreclosure. I purchase the property, it was with a hard money lender, the interest was so high that i default on the loan so I got some help, my friend in other for me not to lose the home purchase the home at a higher price so I was able to get the some money out. My problem is the home is still into the friends name I did a Quick claim deed at time of the closing with the intention to refi in 6 months, the bubble burst and that was a set back. I was able to get authorization on the loan so I did everything on this loan.
the friend file bankruptcy, the loan was discharged now I would like to know how can I get this property in my name again, I know that I would have to refi
But is there another way out of this.
I need some help
Sonia