Del-Ohio - Posted by Jerry Martin NC

Real Estate Investing
1

Posted by Charles on October 06, 2003 at 12:45:18:

Jerry:

I’m a little confused. So it is possible to get cash back from a loan on purchasing a home that has equity. For instance, a buyout price from seller of $40,000, loan made for $65,000, check made out to buyer for $25,000? I was under the impression that if you wanted to get money for a rehab or for home improvements that you would have to get a HELOC? Can you elaborate on what I’m missing out here? Thanks.

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Del-Ohio - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 05, 2003 at 07:35:32:

WELL?

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Private investor or Bank Loan??? - Posted by Rick in Erie

Posted by Rick in Erie on October 06, 2003 at 17:54:06:

Just curious if you got the $ for closing from a bank or private investor? I am curious how you would get a bank to finance you for that much over a purchase price??----thanks for the info, great deal!-----Rick

4

Looks good… - Posted by Bill Bronchick

Posted by Bill Bronchick on October 06, 2003 at 14:16:23:

Thanks for faxing me the HUD-1. It looks good. Just wondering, who’s the lender here. I assume it is a private lender, since there’s no prepaid interest or loan fees, other than an origination fee.

5

Re: A question. - Posted by Jim V

Posted by Jim V on October 05, 2003 at 15:30:48:

Jerry,

In your opinion, would it be possible for someone WITHOUT an established track record and significant assets to duplicate your “no money down” deal?

I tend to think it would be very difficult for a newer investor to put together a deal with significant cash back at close. Certainly possible, just not probable.

I’m interested in your thoughts.

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Very well done Jerry - Posted by Del-Ohio

Posted by Del-Ohio on October 05, 2003 at 11:58:07:

I had posted this down at the previous thread before I noticed the question here. I will post it again to make sure everyone sees it.

Since I have been giving Jerry a hard time because of the inconsistencies in dates, I assumed the rest was made up as well.

I want to let everyone know that Jerry did fax me a copy of the settlement statement dated Oct 2.

Contract Sale Price 40,000, Principle Amount of Loan 63,600, Cash to borrower, Jerry W Martin and wife 22,207.11.

He also faxed a copy of the check written from an attorneys trust account.

He further included a settlement statement from another deal, July 31 2003 Contract price 58,485 Principal Amount of Loan 89,000 cash to Jerry Martin and wife 30,733.

I cant vouch for other dates or the roof but the rest of the numbers are solid.

Apparently Jerry is pretty darn good at putting these deals together. Which is a lot more important then getting the dates right.

Congratulations Jerry on a job well done. Thank you for sending the fax and documenting the numbers on the deal.

Del-Ohio

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Re: A question. - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 05, 2003 at 15:47:36:

The first deal I did was a cash back at closing but I did have to put $1,000.00 up for (Got it back at closing) closing cost. I bought a house from Richard Childress. It was the last rent house he owned in Forsyth county. He made his money in real estate here to start his racing team. Having more knowledge now I could have made that deal a true no money down I believe anyone can do it. It helps if you have good credit but it is not needed.

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Re: Very well done Jerry - Posted by Jerry Martin NC

Posted by Jerry Martin NC on October 05, 2003 at 15:51:15:

Thanks Del and I am sorry for the confusion on the dates. Happy investing.