In a pickle, need some pros for some advice. - Posted by MBL


#21

Re: Let me get this straight… - Posted by MBL

Posted by MBL on July 04, 2004 at 17:14:44:

Gerald,

I am also trying to get a J.O.B. But in the meantime I am trying to help my little brother out as well and finish these deals. I have sent out multiple resumes but that’s beside the point. I appreciate your advice no matter how it’s delivered.


#22

you betray your ignorance - Posted by bpntx

Posted by bpntx on July 03, 2004 at 23:23:54:

it is, in fact very difficult to get a lender (even with good credit) who is ‘stuck in the box’ to loan you under approx $50k against a house, the amount which becomes difficult to borrow varies by lender. on the other hand, it can be difficult to get an unsecured loan when you can’t verify employment.


#23

Unique situation - Posted by B.L.Renfrow

Posted by B.L.Renfrow on July 04, 2004 at 10:50:10:

You make a valid point, about having necessary reserves. If you read my (non-anonymous) posts on subject to deals, you know it’s an issue I raise repeatedly.

However, I didn’t mention it in this case because this situation is a bit different than most. The original poster said his brother is the one being foreclosed on. Plus, the poster is occupying the property, so he stands to be personally affected if the foreclosure is completed. It sounded as if the foreclosure process was nearly completed also – not the typical deal where a stranger calls up an investor based on an ad or mailing, maybe a couple payments behind, and the investor proposes subject-to as a solution.

I think this poster’s situation may call for a more aggressive approach than most, and if that means taking more risk, it may be worth it. Of course, only the poster involved can ultimately make that decision.

Since the one being foreclosed on is a family member, one would hope he would be less likely to run to a lawyer if something goes wrong, though that may or may not be a reasonable assumption.

Again, a valid point, but I think one may be justified in not following the formula to the letter in this case, since this is not purely an “investing” scenario.

Brian (NY)


#24

Re: A multiple repsonse - Posted by MBL

Posted by MBL on July 04, 2004 at 24:07:48:

Regarding the reserve fund.

As I said I placed an add for this property in the paper before, and I generated multiple responses. From my calculations I can generate enough to get the property out of danger, and have a bit in reserve in case the buyer decides to provide a ‘glitch’ in payments. But I do see your point, and I suppose I would have to be firm with the 10% down payment.

I’m not trying to start a flame battle or anything, just looking for advice. The 300k comment was a broad statement, what I meant was that it’s easier for me to qualify for a mortgage than let’s say a loan from Wells Fargo.


#25

Re: you betray your ignorance - Posted by Chuck Rosenberg

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#26

Re: you betray your ignorance - Posted by jeremy

Posted by jeremy on July 03, 2004 at 23:39:08:

Do you own a car outright? I havwe done that several times. Taken a loan out on my car for 6 months in order to fund a deal. Once I did end up walking for 2 months because my RE deal fell through. But that is the name of the game


#27

Re: Unique situation - Posted by Doreen Austin

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#29

Re: A multiple repsonse - Posted by Charlotte Norris

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#30

Re: you betray your ignorance - Posted by Chuck Rosenberg

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#31

Re: you betray your ignorance - Posted by Matthew

Posted by Matthew on July 03, 2004 at 23:59:19:

I thought of that, unfortunately I am still paying towards my truck. Otherwise I would have taken out a loan against it (or tried to)


#32

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#33

Re: you betray your ignorance - Posted by Lyal

Posted by Lyal on July 04, 2004 at 08:36:32:

Matthew,
Can you refinance the truck to get some money out? How about a credit card advance or checking account overdraft protection loan? Anything you can sell or pawn for a short while?
All the best, Lyal