lender

Posted on: Thu, 01/12/2012 - 21:49

bradupnorth

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lender

Just got a lead on a Fannie Mae foreclosure where the redemption period (six months) is about to run out on the 21st of this month. The woman that owned the house died and the relative she left it to is from out of state and is not interested in paying the redemption amount of 155k but is willing to sell his position for 5k or a total of 160k. The house in todays market is worth between 305 and 345k. I have someone that would move in and pay 1800 mo rent. I can probably put together 10% of the 160k. Looking first how to come up with a private lender or JV with someone or wholesale the deal. Any help (soon!) would be appreciated. Thanks everybody in advance. Brad

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by bradupnorth
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Posted on: Thu, 01/12/2012 - 22:34 #1

Jan Malek

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Brad

Sounds like you have the making of a sweet deal but you have to decide how you are going to handle it. Assign or hold.
Second. How is your credit? Even though your 16k is 10%, do you know of a smaller bank that would work with you on this.?

Third: You should find out what the comps are in that area, so when you go to a lender you will have all the info they will reaquire.

A couple of thoughts here. You could def wholesale it if there is the equity in the house that you say, or you could go conventional mortg and hold the house as long as the rent covers all you costs and produces a good cash flow. You could go hard money for a short term and that will be expensive until you refi or you could look for a private money lender also in the short term. You have a unique opp here so don't let it go.
Make sure you have done all your due dilligence before you approach any lender.
Good luck with this, I hope it is a huge win for you...Jan