Newbie with possible first deal - Posted by Chris in TX

Posted by Charles Thomas on July 25, 2003 at 09:10:03:

I grew up in Baltimore, Md. The home I grew up in is now occupied by my 47 year old brother. (that was my mothers wish before she died 6 years ago) My father
was already remarried, BUT the Baltimore home was in both my mom and dad’s name. Of course his name still is on the note but he lives elsewhere. The mortgage company calls him daily to inform him that the mortgage payment is always a month behind so it always messes his credit up as late payments even though it is actually my brothers responsibility to pay and you know how a parents love is towards children so he is going to let the home go into default with only $6500.00 remaining on note. the street value for homes in the area is between $55 - 70K. My father won’t listen, my brother won’t listen, there will be between $49-64K in that home once it is repaired. I love my brother but he will have to go, but I cannot do anything with or to the home until brother is put out and try to offer my father $3K and then I would need financing to aquirer said homefor what remains on it plus any legal fees. My credit is horrible because of work related injury 2 years ago, but with all that equity in that home, I should be able to aquire a loan for $15-20K to repair from somebody with the home as collateral hopefully with a 4 - 6 month time limit to fix up the place for rent. My brother is only paying $314.00 a month, when rehabed, it will rent for $650 to $750 month I will have great cash flow if someone will help me. any ideas?

Newbie with possible first deal - Posted by Chris in TX

Posted by Chris in TX on July 24, 2003 at 11:35:46:

Hi everybody,
I’ve stumbled onto two homes that definitely need some work on them, but I think they could be bought for a good deal. The problem is, I don’t have any money, and just got laid off as well. How can I go about getting financing for such a job?
Any info is greatly appreciated.

Re: Newbie with possible first deal - Posted by yshNJ

Posted by yshNJ on July 25, 2003 at 14:55:12:

Hi Chris,

If you don’t have cash than perhaps you could get them under contract and flip them to another investor. Or perhaps you can refer them to another investor and collect a birddogging fee.

Re: Newbie with possible first deal - Posted by Patrick

Posted by Patrick on July 24, 2003 at 19:09:52:

I am surely not a professional, but I play one quite often. I don’t think you have too much leverage without a job and no money, but maybe you can swing an owner financing deal?