Financing and Credit

A Self-Directed Individual Retirement Arrangement is an IRA that requires the account owner to make investment decisions and investments on behalf of the retirement plan. IRS regulations require that either a qualified trustee, or custodian hold the IRA assets on behalf of the IRA owner. Generally the trustee/custodian will maintain the assets and all transaction and other records pertaining to them, file required IRS reports, issue client statements, assist in helping clients understand the rules and regulations pertaining to certain prohibited transactions, and perform other administrative duties on behalf of the Self-directed IRA owner for the life of the IRA account.

I read a forum a minute ago about financing scams which gave me the idea to write this forum and give some additional details that I feel will help some people.

A common scam that hard money lenders are running right now is to ask for an "application fee" or suggesting that an "appraisal" is required up front.

Companies will ask for this money up front such as for the appraisal, show you no work completed then say that the home did not pass appraisal. By saying that appraisal did not pass they keep your fee and they do not need to fund your deal.

Are all companies that ask for upfront fees bad? No. But it throws up a giant red flag. This is especially true with companies that are asking a very large upfront fee.

The problem is that there is no insurance and the house is in fore closer. 15000 in back payments and penalties. I do not have great credit (630). I would love to purchased the house and rent it. Any help?

Thank you
John

A contract for deed is simply a document drawn up between a buyer and a seller for the purchase of a house. The seller retains ownership of the property until the house is paid off in full. There's no requirement to have a mortgage company, title company or real-estate agent involved in the transaction. Whatever terms are drawn up in the contract are legally binding. The down-payment amount, payment amounts and interest rate are all predetermined and included within the terms of the contract.

Features

I am a huge fan of creative financing. In my twenties I was able to buy a lot of real estate by using creative financing.

How about all of you? What is the most creative way you have ever bought a property? What kind of deal did you get? How much did you ultimately make on the deal?

Share your story so that your fellow investors can have a clear understanding that they really can get started with little or no money down.

Best of luck (to go along with your hard work) to all of you.

I need to do an executive summary for refi on a apartment building.. I am stuck and I can get it right has anyone in here done one or can help me out. Is there any samples
Thanks in advance

On Aug. 21st, the Fed released their meeting minutes from the July 31st FOMC meeting. There wasn’t really any meaningful news in the minutes, but that also means that there was no mention of the Fed moving any less quickly than previously announced in the reduction of planned asset purchases. This led to another increase in rats, with 30-year fixed rates now at around 4.75%.

I have recently run into a scam trying to finance my first deal. I only view this as a setback, but it does complicate things a lot, so I thought I would share what happened, tell what I learned, and ask anyone with advice on this subject to post here. It would be terrible to see potential new investors leaving because they ran into something like I did. Mostly it was my own mistakes and lack of due dillegence, but I thought I would post a few tips, maybe obvious to most, but overlooked by others. Please, anyone who has more or better advice, post, so no one else has to learn my lesson the hard way.

According to this article found on Cnnmoney.com it looks like some of the big banks are having to pay or will be having to pay for some of the risky mortgages they sold to Fannie May and Freddie Mack. According to the article big banks may pay up to 200 billion for loans they sold that were not represented correctly when they were sold.
Here is a link to the article.

http://money.cnn.com/2013/08/29/investing/banks-mortgage-settlement/inde...

Home ownership gives occupants the right to modify the building and land as they please (subject to government, homeowner association, and deed restrictions), protects them from eviction, and creates a right to occupation which can be inherited. In some jurisdictions, it also confers certain legal rights with regard to abutters.