Posted by Ed Garcia on December 19, 1999 at 21:47:56:
Greg,
I did receiver your e-mail. Thanks for taking your time. I wasn’t sure if you were trying to solicit
our viewers to sell them some kind of a course. I now realize, your offer was sincere.
Greg, I also teach, how to do 100% financing, no money down deals, and How To Have Lenders
Fighting To Give You Money. To be honest with you, I wasn’t trying to pick your brain, just see if you were for real.
Per you request, I will not share your information on the net.
It’s always fun to see what our friends in Canada do. As for me, I’m from California.
I find it interesting to see what others are doing in other parts of the country.
Because of this site, I have been working on financing Nation wide. Sorry, I won’t be doing
Canada.
NEED CREATIVE VA MORTGAGE ADVISE - Posted by JROBERTS
Posted by JROBERTS on December 17, 1999 at 14:42:14:
I have an option to buy a house (fixer-upper) for the current mortgage balance so long as I make the payments ($430/mo). The payoff is around $42K and the house will bring maybe around $70K with about $3K worth of improvements. (I have an inexpensive but good repairman - who gets part of the deal. It needs more work, but could be marketed after $3K work.) The house has been unoccupied for almost a year & the current (absentee) owner has a VA mortgate that is assumable (with qualifying). He just wants to get out from under it.
It would rent for about $625/mo. I would consider assuming it myself and renting or lease optioning it - but I would really like to get cash out of it soon, if I can. I would appreciate any ideas or recommendations as to the best way to proceed (Do I need to assume the mortgage myself - or how would I do a flip/sell to a third party without buying it & protect my profit (or what my buyer pays less mortgage balance)?
Really would appreciate any advise from those more experienced in this type of transaction.
One other question I need answered ASAP - I’m replacing carpet - do I need to be sure that the carpet I install is (FHA) VA approved? (I’ve already bought some that isn’t.) - Will it be inspected if I, or a third party is assuming the VA loan? Thanks in advance for any advise/info!!
Re: NEED CREATIVE VA MORTGAGE ADVISE - Posted by Greg Howe
Posted by Greg Howe on December 18, 1999 at 13:49:38:
Im an expert in the no money down properties! I have done over 70 homes in the last 8yrs.Iam also a REAL ESTATE AGENT as long as your property is not located in my area I will guide you through and difficulties you may encounter along the way!
Re: NEED CREATIVE VA MORTGAGE ADVISE - Posted by Ed Garcia
Posted by Ed Garcia on December 17, 1999 at 22:19:11:
Jim,
When doing a deal, you should always have a game plan.
The property should be bought for resale, or hold. By the way you have described this deal,
it looks like you could go either way.
Nothing wrong with your numbers. I wouldn’t be putting carpet in the house until I
close my deal.
I’m going to make this easy for you. Run a title search and then just have him deed it
over to you. That’s it, get your payment book and start making payments.
It’s yours. Don’t worry about assuming the loan, because you want to flip it anyway.
The house is yours, and while your partner is fixing it up, you now can work on marketing
it. I’m trying to keep it simple stupid for you. Don’t make it harder than it is.
The key here is that you want to flip it. So there is no reason to be concerned with the financing.
If you get into trouble and can’t sell it, you now have a rental with a positive cash flow.
Congratulations, after fixing it up, you’re in the house at 65 cents on the dollar if you’re right.
how much stuff do you know. geez. i just emailed you a little while ago. i’m new to the business (as i stated), but very interested in how to turn “talk” into “walk.”
the short of it: are you saying you can get someone to deed title to you w/o you having to qualify for the financing? thanks.