Financing and Credit

ref: http://www.dime-bank.com/champ.shtml

COMPLETE INFO PACKAGE http://www.dime-bank.com/CHAMP.pdf
"CHAMP"
Creating Housing – Affordable Mortgage Program
Click here to download more information

Hello. Been out of the game for a while had my appendix out. But that's another story. Thinking of going to LegalZoom to from my LLC. Just looking for some feedback from people that have used LegalZoom in the past what your experience has been. Just been reading some of the reviews and got some good and bad results. Just looking for some feedback. Or should I just spent the extra money and have my real estate attorney do it for me. Thanks Mac

Hello DG Family!

I am wondering what are the possibilities of me getting a mortgage approved for a house selling for $28,500 in New Jersey with an approximate market value of $250,000 after some repairs and improvements.

It's a 3 family home and I plan to live in it and rent the other two units so I can have monthly positive cash-flow..

I am going to have about $10,000 saved up in the bank by the time I decide to purchase this home or similar one. Maybe having this money would make the lending agency approve the loan faster.

Thank You!

Curious to hear what others are doing for those who obtain mortgages with the intention of a long term investment. How many years are you financing for?

Be Well

I posted this q on Dean finance center, and the answer is that I have to have 20% down and income proof to get a mortgage. The situation is I already have a mortgage on my house for the full ability of my income.

Everyone who says they have 5 or 10 rentals, can you please mention all the options for a person like me to purchase rental properties? I am sure there is others like me who wants to know this as well.

I appreciate your answers. Thanks in advance!

Hi everyone,
I am relatively new to real estate investing, however I have had Deans 'think a little different' course for a year or so. When I got it, the market was up and most definitely hot. Now, as the market is down, and may go lower, my question is this.
I have seen several properties on the market in several areas, however they require preapprovals from banks. I want to make offers, yet the mortgage brokers say they need 20% down payments in order to make offers. Can I tell them yes I have the 20% down based on my 40-50% offers on FMV ?
Or, should I steer clear of such deals.

Is there any private funds that would take a 6-9% rate of return on:
Property recently purchase from REO
30K in improvements
Property Free and Clear in Corona, Ca.
Home value $235,000 after repairs
Need 50-65% C/O with a competitive rate and no prepay.

Please let me know.

This is a seller financing deal that I did several months ago. I will go through the structure to help people understand how it works. The sales price was $105,000. They put $20,000 down and the term is 1.5 years due on or before (meaning they can pay the balance off any time before it is due), with an interest rate of 10%. At closing the title was transferred to the new owner, and the payments were set up through an escrow company that takes in the payment, sends the mortgage payment to the bank and sends me what ever is left.

I bought my condo which I live in 1.5 years ago.

I bought it for 205k, and now the value is 160k.

Should I start using IEE and assigning to make money to go out and buy something else, and just rent out the condo?

I would like to buy a multi-family, but the bank says my salary wont cover both mortgages. Unless I come in with like 50% for a down payment. Then there would be less documentation.

I this a good idea?
Thank you

Scott

I bought my condo which I live in 1.5 years ago.

I bought it for 205k, and now the value is 160k.

Should I start using IEE and assigning to make money to go out and buy something else, and just rent out the condo?

I would like to buy a multi-family, but the bank says my salary wont cover both mortgages. Unless I come in with like 50% for a down payment. Then there would be less documentation.

I this a good idea?
Thank you

Scott