Does Creative financing really work in NY - Posted by Eddie NY


#1

Posted by phil fernandez on January 03, 1999 at 19:14:26:

Hey Eddie,

First off take a deep breath.

Now, there are fewer and fewer non qualifying loans out there. After all we are at least 10 years down the road from 1989. That does not mean there are not any of these loans out there. You just can’t make a living on this one technique.

Why will sellers hold mortgages, when bank money is plentiful and cheap. Easy, the sellers HAVE to sell. Not next week, not tommorow, but now. They are motivated sellers. Motivated sellers need you to solve their problem. They will hold a mortgage if you can buy their property and solve their problem.

Creative financing will work anywhere. Why is New York Special?


#2

Does Creative financing really work in NY - Posted by Eddie NY

Posted by Eddie NY on January 03, 1999 at 17:40:06:

Hi Everybody,HAPPY NEW YEAR

Let me start off by saying that I bought my first home no money down at age 22.It was a 203K FHA LOAN that we assumed at 9.5% 30 yrs,picked up 15,000 in equity and the house was renovated.I just purchased a book called FAST CASH QUICK TURN REAL ESTATE by Ron Legrand,Its a great book but I have a hard time grasping the fact that sellers will hold mtges in NY.Also who would lease option a property to you and then let you sub-lease the property to a tenant/buyer.What would happen if your tenant/buyer doesn’t pay you, your stuck or the sellers stuck with the problem RIGHT?.I understand that there is a risk in everything but who is really going to hold a mtge,especially with the new capital gains law.No capital gains tax for married couples living in their home for aleast 2 yrs on 500,000 and for single people 250,000.Also another technique I cant understand is to look for FHA non-qualifying loans these loans are hard to find,they have to be issued no later than Dec 1989 (FHA)and Mar 88 for (VA).I know that it takes time,but the way they make it sound that everything is soo easy to do.Maybe in other states but I dont think this works here that easy.Im not here to put down anybody Maybe there is something that I’m missing here,If so please tell me.

Eddie NY


#3

Ask Donald … - Posted by Redline

Posted by Redline on January 04, 1999 at 14:04:20:

Ask Donald Trump if creative financing is alive and well in NY. I think he’d agree it is.

Sure the deals you might do might pale in dollar comparison to his, but the ideas are the same. You can learn alot by reading the groups here and buying some of the courses.

Good Luck,
RL (NJ)


#4

Re: Does Creative financing really work in NY - Posted by SCook85

Posted by SCook85 on January 03, 1999 at 21:22:47:

Eddie,
I agree with Phil. I once thought that investing could not be done in my area. Now I will go anywhere and within a month I will own property (no money down). There are no secrets, no areas are immune to it. You need to learn what a motivated seller is. I finally realized what a motivated seller was on the first contracts I ever signed. I bought 2 homes for 29k that appraised for 100k. The sellers had tears coming from there eyes as they thanked me for helping them out. That day changed my life.

SCook85

P.S. I never bought those two houses, the sellers had so many judgements against them that were attached to the properties the deal was no longer a good one.