REO deal NEED ADVICE - Posted by Jim


#1

Posted by Cimone on November 23, 1998 at 15:50:26:

Consider bringing in a partner with good credit and share his/her credit. Or one with the cash required to close the deal.


#2

REO deal NEED ADVICE - Posted by Jim

Posted by Jim on November 23, 1998 at 02:58:19:

HELP! I found an REO, that I can pick up for about $36K. The property is valued at approx. $60K. It needs about $2k in repairs before I can rent it, but I can do all the work. It is just new carpet, paint and toilets. I have a BK discharged 2 years ago, and no cash. Any ideas would be most appreciated. PLEASE E-mail and post here with any advice. I also have a renter lined up with first and last months rent ready to sign a lease pronto. Any ideas on where to get funding for this project. The bank has already accepted an offer of $34k, but it fell thru when buyer could not get financed. I need to find a way. This one is a positive cash flow, at way below market value.
PLEASE HELP!
Thanks,
Jim


#3

Re: REO deal NEED ADVICE - Posted by Alex

Posted by Alex on November 30, 1998 at 17:14:51:

You need a rehabber. Plain and simple. What state are we talking about?? I am a rehabber but, I live out on the east coast.
A rehabber will do all the work, pick up all the costs, etc. Find a rehabber in your town or state.


#4

Local RE Mortgage Brokers - Posted by Kevin(Philly)

Posted by Kevin(Philly) on November 24, 1998 at 13:47:28:

There are local mortgage brokers that specialize in investment property and other non conforming loans I know of one in PA Email me for there information.


#5

Re: REO deal NEED ADVICE - Posted by Tim Pannabecker

Posted by Tim Pannabecker on November 24, 1998 at 11:07:24:

Jim,

A good loan broker offering D paper should be able to arrange finacing. I know investors who have 2 yr old BK or forclosures and they finance their property long term. A partner might work out well also.

Best of luck,

Tim


#6

Re: REO deal NEED ADVICE - Posted by Mr Donald

Posted by Mr Donald on November 23, 1998 at 13:58:20:

Hard money lenders shouldn’t care about a 2 year old Bankruptcy, based on the appraised LTV of the property.


#7

Re: REO deal NEED ADVICE - Posted by Matt B

Posted by Matt B on December 01, 1998 at 09:40:54:

Where on the east coast are you located? I am in PA. If you aren’t nearby, what tips can you give for locating a rehabber?