fixer uppers - Posted by jesus

Real Estate Investing
#1

Posted by John Corey on June 21, 2007 at 15:03:00:

Jesus,

As someone who does business in multiple countries I am somewhat
embarrassed to acknowledge how good their English is when I speak
not a word of their language (lots of different ones as I travel a bit).

That said the way you presented the question did leave me confused
as to what the typical deal looks like.

Could you step us through a typical deal so we can get the order of
events straight. Best if you post here on the forum but if you want just
email me offline.

John Corey

#2

fixer uppers - Posted by jesus

Posted by jesus on June 20, 2007 at 24:01:19:

Hi,

i work as a transaction coordinator for a realtor in california, and im trying to make my living out of realstate investments, ive done only a few and i end up having the same problem, loan prepays or not very hi L.T.V. refis, how can i solve this problem with the lenders now in days with out take in any big hits on my pocket?
most of the time i get investors that do construction for a living, so they help my crew finish the proyect sooner, witch it was the first problem, because of the hi morgage payments there is in this game and labor cost, now that problem is solved by making the investor work in the proyect, but the problem is to get a loan after the proyect is finished, so it can be finnanced by it self till sold, of course with the less money out of my pocket.
thanks for the advise.

#3

Re: fixer uppers - Posted by Rich-CA

Posted by Rich-CA on June 20, 2007 at 09:28:37:

I cannot figure out the details you have packed in here. Its all disjointed. Got the basic idea, but need the details to be able to comment. You might try using bullet points, as in:

  • loan prepays
  • low LTV
  • refinancing when the work is done so the cash can be gotten out for the next project

or in making the project work:

  • get the buyer to help with the repairs
  • keep holding times low due to high cost of mortgage payments
  • get the work done as quickly as possible

I do not know if this is a fair break down of what you meant to say, but if it is, perhaps it can help with getting the responses you need to see.

#4

Re: fixer uppers - Posted by M. Osterman

Posted by M. Osterman on June 20, 2007 at 06:43:28:

First of all, you need to learn how to write. No joke, how can anyone take you seriously if you’re writing at a first grade level. Work on it!

Second, Owner finance. Get your sellers to carry back the financing and you can get around most of these problems.

Good luck,
Mike

#5

Re: fixer uppers - Posted by jesus

Posted by jesus on June 20, 2007 at 19:18:14:

well thank you for ur advise, but im still lerning this language specially spelling. and the usual sellers that i buy from are 1 step oway to foreclose, so its hard to get a carry back.