FOMAC signs first offer today........

Great job FOMAC!!

Let us know if you got excepted..

Barbara

Congratulations!! You are on your way!!

Rina

Congrats!! Keep us posted!

Everybody above,

Thanks for the posts! It's really fun to see someone post back to something you wrote. I am still waiting to hear back from them on the offer but it's very exciting.

I have soooo much going on right now it's rediculous!!! And I have an auction coming up this weekend!!! Got the HML pre-approval today in fact!

Awesome stuff happening...............

FOMAC

Failure to plan is planning to fail.........

Congrats FOMAC on placing your first offer. I cannot wait to hear, "Offer Accepted." All the best and God Bless.

Sandra

congrats in advance, whatever the outcome your doing it and that's awesome. Best of luck, I'm sure everything will turn out great.
Dave

Congrats! Keep up the good work! I like your quote at the end.

Cool go for it you have a long way to go....congrats

All you determination and hard work is paying off! The benefits of taking action are learning, growing and SUCCESS! Very happy for you and looking forward to following your journey!

Congratulation on taking action and I hope the deal works out for you.
keep us posted

Congrats
I hope it all works out great!!!
Keep us posted!

I just wanted say thank you for all the posts everyone! It's so cool to get feedback form the DG family. I will keep you all posted for sure!

Good luck to all of you on your ventures as well!

Thanks,

FOMAC

Failure to plan is planning to fail.........

Way to go. That little bit of information is so inspiring you just dont know. When you start taking action it just seems like things just start to fall into place. Well you keep up the good work.

Regards
Shane

Hey thanks man! You're right, when you take action things just start falling into place. It may take a while to get that first deal in the books, but it is all so much easier in many ways after that. It's kind of like a one time confidence boost.

Have you made deal #1 yet? Stay in touch and let me know what you shove down the pipe alright!!!

Thanks for the post.

FOMAC (Jeff)

Failure to plan is planning to fail......

About that offer ... any word yet?

Fingers crossed for you.

Angela

I got a counter offer on that proposal that I made. I offered 2500 down and 5.5% on a 2 to 3 year carry with pay off at that time.

They want 5000 down at 6.5 for 2 years and 550/month which pretty much makes it not profitable for me in my rental market. Not to mention there is mold in the basement which will have to be remediated before any lender will loan on a property post inspections.

So I left my offer on the table for them to accept over the winter. People will become more motivated in the next few months especially.

Another thing I found out yesterday after lots of research and phone calls is that the US banking system is still broken. Banks are not lending money hardly at all. If you buy a foreclosure with 50% equity you still have to own it for a year plus buy it with 20% down before you can refi. So that throws a serious wrench in some of my plans that I had. I guess I will have to find another route through this jungle. Funny that banks won't lend though huh after all that TARP/STIMULUS money that they are just holding onto.

FOMAC

Failure to plan is planning to fail.............

It will be interesting to see what happens down the line as the property you put an offer on sits.

Yesterday a RE agent told me he had a closing scheduled for this past Thursday. The day before the closing the bank said the buyer needed 21 more points on their credit score to qualify. After they had put out money for inspection and worked for months to get their dream home.

Lea
SPR Property Solutions, LLC

Congratulations....definately keep us posted. Take action and have the determiniation, the fire inside of your heart to succeed and success will be upon you.

Destrie

Hi Leah, just wanted to analyze how you did this. A few questions:

1. Is the property free and clear?

2. Are they financing the whole amount?

3. If they have a current mortgage, do you inherit the mortgage terms that they have?

4. What is the basis of the 5000 down at 6.5 for 2 years and 550/month- Is it because the property is free and clear and they want these terms?

5. Also, would a bank without "seasoning" required be able to do the deal? Is there any?

Please shed some light on me.

5. I meant will a bank that does not require "seasoning" refi the property?

I am with you It is interesting how there is No money to loan

I also told a lender that I was behind on my payments so there fore they cant loan

you would think that the bank would want to stimulate the economy but this is not the case

Later Fred

Daynah,

1) Yes I believe the property is free and clear of any loans.

2) Yes the agreement was for them to finance the entire deal for a period of time. I asked for 2-3 years and they would only give me 2. ****Who knows if the credit markets will be open in two years.....

3) I am almost certain that there is no mortgage on the property.

4)The basis for the 5000 down at 6.5% and 550/mo for two years??? I am confused about this one myself. I am not sure why they want these terms, I think they just want some cash out of the deal and want it in a short period of time. There is some mold in the basement that needs to be cleaned up and I think they know that they will have to carry it for the price they want because no lender will lend on a house with mold present.

5)I am sure a bank that does not require seasoning would, refi the property. Problem is right now that every bank I have talked to says I have to wait a year to refi period, end of story. And saying that it is the fault of investors that they are taking this position because of all the money they lost in the first place on investment property when the economy tanked. That any investment property is high risk to them.

I cant figure it out as to why the banks are so tight right now. They have the stimulus money, but they won't loan on it. Not every investment property is risky but they are acting like it. I think it is just a choice on their parts to be the way they are right now. And we pay the price - the cause of all this was the idiots on Wall Street, big banks, and our congress people, not investors.

Hope this helps you some! All I did was ask my realtor about property that would be a possible owner carry and she gave me 2. This was the first one I tried. Will try the other soon.

Have a happy Thanksgiving!

FOMAC

I echo the frustrations about the banks being so tight. They should be thanking us investors for helping pull them out of the trouble they caused for themselves in the first place! But there are those out there that will loan.....have you tried a mortgage rep that can reach out to many banks? Mine has found several who will refi after 6 months....70% of FMV. Just stay determined and dont when one says no just knock on the next door. Its part of getting yourself situated, but once you find the right people all that frustration dissapears. I am still looking for my East coast version of Rinas banker though - now THATS amazing, and what keeps me making my phone calls!