Financing and Credit

are banks and oter lenders likely to balk when it comes to dividing up portions of a properties equity. For instance, if you are purchasing a property on assignment to turn over to an investor, and lets say you would like the home owner to get there asking price, plus $2-5000 of the equity to get a new start and then my fee for putting the deal together (unknown amount)hense leaving the buyer(investor a large chunk of equity remaining.) Would a bank divide up say half of the properties existing equity to cover these transactions?

What do I do? I've just been approved for a mortgage restructure with my lending bank, which I guess is a feat in and of itself, but since I'm now back on the "paying the mortgage wagon" and have damaged credit to show for it (the bank took ten months to approve me), what kind of route should I take to get into the real estate investment field?? It goes without saying that my credit is tanked and only in the 100's for any kind of available monies plus a negative and disabled husband. Can anyone help me??

Thanks in advance!

Janice:)

Throughout my real estate career, I have noticed that sometimes the hardest part is obtaining financing. There are many ways to finance a property and many requirements for the different loans. One way to gain experience in this area is being a mortgage loan originator.

Wanted: Local and/or Out-of-State Cash Buyers (Partners) for Metro-Atlanta, Georgia and possible Nation-wide Deals !!

Please email me, with your “ purchasing criteria / parameters and capabilities “. Put CASH BUYERS in the subj line.

I Will Find the Deals, We Will Make Money Together,…….And So It Is !

In Gratitude and Cooperation,

Mark
mark.hagins @ yahoo . com
(770) 315 - 3405

Im in the Army and want to use my VA loan to invest. I am think about buying a house, living in it for short while and making repairs, then renting it out.

How long would it be before I could refinance the house with a non VA loan so that I could use my VA loan again to re purchase (I believe this is called seasoning)?

How much equity in the house would I have to have to refinance (I have a current house Im renting out, one I had before joining military, that I am having trouble refinancing b/c there is not enough equity)?

Any help would be greatly appreciated:)

Im in the Army and am overwhelmed of where to start:

Im stationed in Louisiana but have a house in Maryland. My house facts are:

1. Owe on house: 130,000, house value $155,000-165,000 (online resources such as zillow say about $152,000 but other houses in neighborhood are selling for $170,000)

I have renters in there now paying $1100. I want to make about 300 a month. My current mortgage is locked in at 6 b/c Im in Army (Servicemembers Civil Relief Act) but is an ARM.

Im in the Army and am overwhelmed of where to start:

Im stationed in Louisiana but have a house in Maryland. My house facts are:

1. Owe on house: 130,000, house value $155,000-165,000 (online resources such as zillow say about $152,000 but other houses in neighborhood are selling for $170,000)

I have renters in there now paying $1100. I want to make about 300 a month. My current mortgage is locked in at 6 b/c Im in Army (Servicemembers Civil Relief Act) but is an ARM.

Thought I would cut/paste an entry from our journal in case it might help others.

We are so blessed to have excellent credit & a solid sound income base from my day job. I've lined up a great Mortgage Broker to work with on the Conforming side, but as everyone in REI knows, our deals don't always fit the "Big Bank" lending criteria. Quite frankly, with the volume of REO properties in our market, they frequently require cash outlay for rehab, etc...

Hello everyone,

I just came across this site:

****** (not allowed)

Does anyone have any experience with using this service to locate investors for you properties?

Thanks,
Adam