Financing and Credit

Hi All,
I've been working on building a client base in NY using OPM (other people's money if u don't know the term). Anyway, I am feeling out of my comfort zone because I don't know what the next step will be once I find some people who want to lend $ to make $ (I have a few prospects who are interested but skeptical...so I have to know how to explain this to them).

How does the transaction work? Does the $ go into escrow w/ my attorney? Or a business bank account? What kind of contract do I use with the private lender? A promissory note? Is it legal to borrow $ from someone and pay them interest? I thought that was against Fed regulations... you know the law that says a citizen can't charge or collect interest without a mortgage broker's license?

Does anyone have a contact or bank they have worked with that does no seasoning cash refi's? I have a property on the Oregon coast with 50% equity fully rented that i want to cash out refi on. I have looked in yellow pages and called banks talking to residential loan officers but all have said 12 months on rental investment prop before cash refi. Any help is appreciated. Thanks!

I am building my buyers list and I had a buyer contact me today that said, "We already have financing in place through FHA up to a certain amount. Property cannot be a mobile or manufacturerd home." Will I be able to assign a contract to this buyer or will I have to do a double close or what? Is the fact that they have this type of financing a good thing or can it be a hindrance to my wholesaling strategy? Any help or suggestions are much appreciated!

Hi DG Family-

This New Year has really been a busy one for real estate. We just put our fourth deal under contract which is a duplex for 20% down and the rest is seller financed at 9.9%. The property already has established renters bringing in $1825/mo. The seller would not budget on price or interest rate, but they were flexible on the monthly payments. We were able to negotiate so that if we do our own property management (which we intend to do) we should net about $600/mo after insurance, taxes and our reserves.

My name is Madison Clark, CEO of Loan Market Association, I am a private lender, I am willing to lend funds for real estate deals/transactions and home loans at just 5%,

Email me at madmadisonclark@**** to discuss your real estate finance needs.

Looking for start up but would also do equity partners,

JLS Properties is a real estate investment venture to be formed to focus on the acquisition, renovation, and re-sale of residential properties. We will make essentially all of our revenue by recognizing capital gains on the sale of properties purchased and then “flipped”;

By leveraging industry expertise and performing efficient property acquisition the company is projected to be a very profitable venture returning 30%to 40% returns on investment.

In a direct contradiction to the previous article, an article in the New York Times is predicting fewer first time home buyers for some time to come. The article cites tight credit and eager investors buying up lower priced inventory as two major factors.

A survey of real estate agents indicates that first time home buyers as a percentage of all buyers are down from a normal 40% to 31 percent. Surveys also show that first time buyers are relying very heavily on low down payment mortgages from the FHA, as they can still get a loan for as little as 3.5 percent down. However, fees are being raised for these loans and the financially troubled agency is indicating that fees will continue to rise.

Already have assumable loan in place for downpayment just need the remaining $4.6 Million for Apartment Complex in Phoenix, AZ

Has anyone found a local bank or credit union that will do current market value refinancing with little or no seasoning requirements in New Jersey?

Thank you for your help!

INVESTOR'S WANTED
Hello,
My name is Mike V.
I'm looking for a 3rd partner to invest into my real Estate Company Affordable Homes For You LLC.
The invest level is $20,000. I will REHAB property and sell for a profit.
After the property is SOLD, all expenses paid, PROFITS will be split among the 3 investor's equally.
Then it's onto the next BIG DEAL. OVER AND OVER AGAIN.
THIS IS NOT A HOAX,JOKE OR MISLEADING AD. THIS IS REAL!!
affordable_properties@****