OfflineI'm considering my first deal. It is a condo priced at $12k. Other 3 condos are also priced in the range of $15k. (different owners). Looks like most are bank owned.
I looked at the county website and the 2008 tax value shows $150k.
Questions:
1. Its too good to be true..what are the possible problems that can come with the property, other than needing some repairs?
2. If I pay $12k and purchase it, and try to refinance will the bank give me 12k? or 150k?
Please help !!
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I think as long as you pay cash at closing for the 12k and then refi later for the 150k it might work. Definitely don't take my word for it though. I would ask a mortgage broker.
Josh
I'm putting an offer on a house today for $68,000 cash using OPM. House next door just sold for $135,000 and recent comps are around $160-180K. As long as the house is not bank-owned (it was inherited and siblings don't want it) and we pay cash for it, is there any restriction on how soon the house goes back on the market after repairs? We're in Florida...
Lois Ermatinger
RE/MAX Preferred
We paid cash for a house and cannot find anyone to refinance it at market value for 6 months-1 year. All go on purchase price--not apprasial. Still looking but haven't found anyone yet. Some will cash out for 75 or 80% of appraisal value. --in North Carolina. But it sounds like a great deal if you buy and hold it for a little bit.
Julie,
Are you in NC?
Josh
I am new to this and it is all confusing. I found a recently sold unit (Jan 09) for $160k, but there are also like 7 other units(exactly same) available for sale in the $12-$50k range ( Most foreclosures, bank owned are cheapest)
I was planning to take money from my credit card to puchase 1 unit. But without refinancing I may not able to take my money back. I know I can get money by holding. But that is not an option. I cannot resell, as there is competition. Looks like I have to skip ?!?!
Julie,
What do you mean by "cash out"? Is that pulling out the equity?
-- Mark
Mark,
Yes that's what she's talking about. It used to be pretty easy to do but they have tightened up doing that lately.
Josh
Josh,
Yes, I am in North Carolina.
Julie
If I pay cash for a bank owned property for 75K via low interest/ short term credit card cash advances. Will a bank refi me and give me the cash to pay off the credit cards? Or will they do a credit report and see I have a mortgage for my primary residence and the 75K in credit card debt and refuse me?
I know what I want but I'm nervous about making a mistake that would cost my family and I our home home!
Any help would be appreciated
John
John, As of Last August when I did my last refi, my mortgage broker informed me of new regulations. NOW to do a refi you need to own the property for 6-12 months before you can do anything with it. DO NOT use your credit card either. When your credit report gets pulled you will show too much debt which I doubt can be offset by the rental income. However I could be wrong. Also, my last check was you also need a minimum of 700 credit now. Unless you can find an outstanding broker. PS- They are out there somewhere. My experience has showed me that when dealing with investment property, brokers are the only way to do it.
Matt
I want to buy, fix, & flip
I can't qualify for a mortgage high enough even though I have Fico in the 800's because of my primary mortgage on my current home.
I don't want to do assigns
I do have about 80k available to me from credit card cash advances if I used them but now you've told me that this will negatively affect me when trying to refi.
Whats a want to be to do?
John
I have tried to refinance a house, I now have on the market for sale, as well as I was also trying to purchase a family home. When they ran my credit report, they said my credit to income ratio was too high (mortgage on the property $70K). They suggested that I pay off two credit cards with small amounts and in order for me to purchase a new home, I had to sell the property in Baltimore first. There is this point value they look at to see if you qualify. In cases where there are too much credit cards, the interest rate on the mortgage will be extremely high. Maybe others family members could clarify further. Well I am talking based on where I am, NYC. Good Luck and God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Anyone in a profit split agreement with an investor? If so, I would REALLY appreciate your input. I'm about to to close on my 1st deal, 100% financed with OPM. My investor has asked me to have a partnership agreement drawn up showing that we are 50/50 partners in any profit above the initial cost of the property. Can this be done without a real estate attorney? If so, is there appropriate verbiage out there that anyone can share? Thanks!
Lois Ermatinger
RE/MAX Preferred