OfflineFannie Mae, HUD, FHA - they all seem to give investors a hard time. However - I got through my first one and I close today! This is exciting because I should have a $300 cash flow starting in September. The asseesd value is $73,000, the last two owners paid $95,000 and 59,000 and I just got it for $30K!!
Awsome - rented for $660 a month already. I plan to refi this and buy more. I am enjoying planting my rental farm until the field grows...
Capt Al
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I should have mentioned the $95K sale was in 2004 and th $59K sale was in 1998.
Congrats on your investment. I look forward to hearing about your journey.
Regards,
Nick
Awsome and congrats! you are on your way .
best of luck
Richie.
Congratulations! Great job, thats very quick work!
Good luck on the next one!
-Mike Hutchins
Capt. Al that is great news! Congratulations. And I love, love, love your line about planting your rental farm until the field grows.
Any interesting tidbits about this particular property journey that you care to share? What, if anything, surprised you about the process?
Nancy D.
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Good job! That's great news! Go get some more!
Success and Nothing Less!
Congratulations on your first deal! Wish you many more.
Lea
SPR Property Solutions, LLC
GREAT! this is what I want to do. I just finished deans books, this is my 1st time on blogs, but keep getting told NO. FHA wants 3% down, and 3 yrs to wait after my forcloursure, and hud wants 10% down and 4 yrs to wait. what other means do you suggest? I've been reading some of the blogs out there, you guys/gals are realy smart. Hope to learn a lot from you. Thank You
I echo all the other congratulations out there. I have also discovered the not-so-investor-friendly lending world. I easily qualify for a conventional loan but the property I'm looking at has to be my primary residence or I can't have the loan. I don't intend to live here but plan to take advantage of the seasoned renter alreay in place there (8 years rental history, paying $650 per month and doesn't want to leave.)
So, I have a few questions at this point. Did you go to a hard money lender? If so,who was it and what type of terms were you presented with? Explain the future refinancing part. Do you have to do significant rehab to get some money out or can you get a refinance loan based on just the equity you created in the deal alone? I'm unclear about this....
I was wanting to structure a no-or-low-money-down type of deal. Have been researching Lease/Options, Equity sharing, wrap-around mortgage, and seller financing , quit claim deeds.
Seller is motivated. Didn't totally balk at the idea of being the bank but he really needs some cushion as he has recently purchased another rental property with his own cash. He's unaware of "creative financing" ( I explained I have access to GREAT minds in this arena) and he has called me twice wanting to see if I've researched a solution for us. He's eager to sell.
He's offered me the property for 60,000. Offered it originally at 65,000 but buyer hasn't been able to secure financing. Tax appraisal is 93,000. ARV is probably 120,000 (very conservative estimate) It's in the desirable historic district of a small Tennessee town and I think this could be my first seed planted. (LOVED your farming / gardening analogy, by the way..!))
Any suggestions from you or anyone else would be much apprecited. Thanks in advance. Kara