Financing and Credit

We as a group need to take caution and common sense into account before entering into any agreement.In a time where there are so many new companies entering the field we must work together to help filter out the ones trying to take advantage of this opportunity.This has been a useful resource for me. http://www.nmlsconsumeraccess.org/Home.aspx/MainSearch It is the NMLS Consumer AccessSM, a free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their state.

In today’s real estate market, we as investors are always dealing with appraisals, and many times appraisals that come in lower than we expected or wanted. What can we do if we don’t get the number that we wanted? Do we have options? Can I save money on the deal I’m purchasing? I found answers to these important questions while doing some research. I found a great article and I hope you learn a bit from it like I did. Enjoy.
By: Michele Lerner
Question: If the appraisal comes back lower than the agreed price on a purchase agreement, can I renegotiate the closing fees?

Finding money for our deals can be difficult. It is something you are always looking for if you are an active investor. Recently, I was introduced to a great company that has helped me find lenders that are interested in making a deal instead of saying no.

This company has put together a very large pool of lenders and then has vetted those lenders. They have weeded out the bad and kept the good. There are a wide variety of lenders who will do all kinds of deals.

Contact me and I will be happy to pass this information along.

I am an investor, not an attorney. As such, I cannot legally advise anyone on anything--that would be illegal. I am going to supply information on the Dodd/Frank Act that went into effect on January 10, 2014. This act affects financing/loans to consumers, which includes real estate consumers. A consumer in the real estate world is an owner/occupant, and all loans to owner/occupants of real estate are affected by this act. That includes seller financing and private lending. If you are going to be involved with either of those two things in the future, either as the lender or the borrower, you need to understand this act, and its impact on you.

What is a wrap-around mortgage, and who is it good for?"

A wrap-around mortgage is a loan transaction in which the lender assumes responsibility for an existing mortgage. For example, S, who has a $70,000 mortgage on his home, sells his home to B for $100,000. B pays $5,000 down and borrows $95,000 on a new mortgage. This mortgage "wraps around" the existing $70,000 mortgage because the new lender will make the payments on the old mortgage.

How to Buy a House "Subject to"

There are several ways to purchase homes. We have all heard about buying on contract, lease optioning a home, or paying cash. The one way to purchase homes that is not new, but is getting a lot of attention is buying homes "subject to."

It sounds complicated, and some people even think it's illegal, but it is the safest, easiest, and, often times, the most profitable way to purchase properties.

When you purchase a home "subject to" it means subject to the existing mortgage that is already in place on the property. The terms of the note that were initially created with the lender stay the same. That includes the name the loan was purchased in.

Finding money for our deals can be difficult. It is something you are always looking for if you are an active investor. Recently, I was introduced to a great company that has helped me find lenders that are interested in making a deal instead of saying no.

This company has put together a very large pool of lenders and then has vetted those lenders. They have weeded out the bad and kept the good. There are a wide variety of lenders who will do all kinds of deals.

Contact me and I will be happy to pass this information along.

Finding money for our deals can be difficult. It is something you are always looking for if you are an active investor. Recently, I was introduced to a great company that has helped me find lenders that are interested in making a deal instead of saying no.

This company has put together a very large pool of lenders and then has vetted those lenders. They have weeded out the bad and kept the good. There are a wide variety of lenders who will do all kinds of deals.

Contact me and I will be happy to pass this information along.

Finding money for our deals can be difficult. It is something you are always looking for if you are an active investor. Recently, I was introduced to a great company that has helped me find lenders that are interested in making a deal instead of saying no.

This company has put together a very large pool of lenders and then has vetted those lenders. They have weeded out the bad and kept the good. There are a wide variety of lenders who will do all kinds of deals.

Contact me and I will be happy to pass this information along.

Finding money for our deals can be difficult. It is something you are always looking for if you are an active investor. Recently, I was introduced to a great company that has helped me find lenders that are interested in making a deal instead of saying no.

This company has put together a very large pool of lenders and then has vetted those lenders. They have weeded out the bad and kept the good. There are a wide variety of lenders who will do all kinds of deals.

Contact me and I will be happy to pass this information along.