Financing and Credit

Hi Dean
I know we all have Eric over at Coastal Funding to handle our one day funding for the back to back closings.
Would you ever consider doing transitional funding for those of us who are members here on the board?
It would be really nice and kinda like "keeping it all in the family" so to speak. LOL!
Thanks for all you do for us Dean. You are one of a kind good guy!
Sissy

Ok my father wants to buy a foreclosure in Florida for cash. Their asking price is 90,000 for it, my dad is making an offer of 85,000 for it, and will pay CASH.

What i want to ask is, lets say he does get the house and after repairs the appraised value of the home is let's say 125,000 dollars.

My father's plan is too hold this home as a "long term" investment and collect rent for monthly cash flow and not for a quick profit.

I've a kind of small predicament. I have a buyer who is interested in buying a this condo. Problem is is that being that the condo's are part of a fee association, no bank will finance them. I know that there's a way around all that and I would like some professional help from someone as to how I can get this buyer financed so that I can start making some money on this deal.

Thanks

Bryant

Hi I’m relatively new to real estate investing, made a few deals years ago when the market was booming but then chickened out after that. Which I guess was for the best because I sold before the big down slide.

I just received an email newsletter from another forum I read about Cash Flow Notes and while I know that is not the main focus of the DG family, I still believe this information is important.

I will paraphrase as much as possible to keep this post short.

HR 1728 - WHAT IT SAYS AND WHY IT WILL HURT CONSUMERS AND SMALL BUSINESS

The U.S. Senate will soon be considering a bill that will severely restrict the property rights of millions of Americans and the way you do business going forward.

WHAT ARE WE TALKING ABOUT?

Hello,
I have seen many posts that allude to Coastal Funding as a source for Proof of Funds. I would like to know who has used this company to fund deals in California or for that matter anywhere recently.

As a RE Broker and a consumer my general rule of thumb is if the company I am doing business with does not have a phone number where I can reach them, then they don't strike me as being a reputable company, especially in light of what we are trying to do here and how important funding can be when you are trying to do deals.

The truth on House Bill 1728

I've received a number of emails from people claiming that House Bill 1728 will eliminate owner financed deals to once every 36 months.

This is patently FALSE.

Become an informed citizen and read it yourself:

http://www.govtrack.us/congress/bill.xpd?bill=h111-1728

This bill aims to include owner financed deals within the definition of "Truth in Lending" law. I've always instructed that you should comply with Truth in Lending, which requires just a few simple disclosures.

Understanding The First-Time Home Buyer Tax Credit

Let's put this is basic laymen terms. In May the government rolled out a policy change that allows home buyers to use the tax credit worth up to $8,000 toward closing costs or part of their down payment instead of having to wait for the next tax season to take advantage of the program. It's working and is a huge incentive for homeowners to take the plunge and buy a house.

Ok I'm brand new to all of this.
This thread looks like the best place to ask the two basic Questions I have.

I was searching on CL, FHA, and HUD, and found some great deals. Then I got stopped in my tracks. because of credit problems. For one I don't have credit cards. Not even a debit card. I am on disability. So I have very little income. but enough to get a 30,000 dollar loan with "Good Credit" (620) or higher.

Is it true that i need financing for Assignment of Contracts, as well as checking my credit? Because several Real Estate agents have told me this. I get worried because I am so determined and so far I have business cards, a website and my 1-800 recorded message. I've went so far to get discouraged. Anny comments?