Where to get Mortgages to Buy Houses for Selling on Contract? - Posted by Mark (IL)

Real Estate Investing
1

Posted by Mark (IL) on April 19, 1999 at 12:42:49:

Mike,

Thanks for the comment that I should use private money.
Can you suggest one or more private loan brokers who can supply private funds? Thanks.

Mark

2

Where to get Mortgages to Buy Houses for Selling on Contract? - Posted by Mark (IL)

Posted by Mark (IL) on April 19, 1999 at 07:11:41:

All,

I have received William Bronchick’s excellent course entitled “How to Create a RE Cash Cow”. I am interested buying houses with mortgages and selling them on contract. The problem is that if I use the regular bank investor mortgages, I will be limited to around 5-6 mortgages at one time since the banks will report these loans to the credit bureaus which will put them on my credit report.

Can anybody suggest a source of investor mortgages which are not entered on the borrowers credit report? This way I should be able to do an unlimited number of this type of deal. Thanks in advance for the help.

Mark

3

Listen Again… - Posted by David Alexander

Posted by David Alexander on April 20, 1999 at 13:18:40:

The course talks about taking properties subject to also, not just going out and getting a loan. It also talks about trying to get the loans in the name of the trust.

David Alexander

4

Re: Where to get Mortgages to Buy Houses for Selling on Contract? - Posted by Sheik

Posted by Sheik on April 20, 1999 at 06:58:48:

Mark:

First off, I do not have Bronchick’s course and don’t know what the strategy is.

I gathered from your post that your plan is to buy property conventionally (with a bank loan) and then sell on contract.

There are banks out there (few) who will lend money with no limit on the number of properties purchased.
I guess you have to dig 'em out.

Marine Midland Bank will do 10% down investor loan with no limits on the number of properties purchased.

As I mentioned before I don’t know what your strategy is. But if you sell on contract there may be ‘equity interest’ risks involved if you sell on contract and a foreclosure situation comes up. You might want to consider L/O instead.

Sheik

5

Look into Land Trusts - Posted by BKarnes

Posted by BKarnes on April 19, 1999 at 10:21:48:

Buying property using a land trust will shield you, as the beneficiary, from liability and won’t show up on your credit report.

6

Re: Where to get Mortgages to Buy Houses for Selling on Contract? - Posted by Mike Oldfield

Posted by Mike Oldfield on April 19, 1999 at 07:38:43:

Use private lenders bud Nuff said!

Good Luck

Mike Oldfield