Financing and Credit

Our RE Agent has contacted us stating she and her broker are wary of Coastal Funding and does not trust them.

They have no past experience with Coastal Funding, but feel uneasy putting in bids with a Coastal Funding POF letter. They are not used to our investor process. This agent has been brilliant working with us, but we think her broker is the one with the problem.

No matter what we say, it does not seem we can change their minds on this.

Any of you have any issues like this with your RE Agent?
How have you solved it, without changing agents?

Thanks!
Rick and Dianna Helm

Bought a property subject to about six months into ownership from the previous owner. The mortgage is still in their name. They put a huge down payment on the property, immediately hit financial hardship and I redeemed the delinquent amount and took over payments. Now, it's time for the mortgage interest deduction. It went to the property in the names of the sellers.

How do I handle this? Do I take the deduction? Do I allow them to take the deduction and 1099 them and create a 1098 for myself?

All new to me...

Thanks!

C

Hello every one here I'm again with one more question so please any info will be appreciated, so the question goes like this.Can some one that has a loan with a bank offer owner financing ?
And the question is because I have a friend who just got his loan modified but he has a dilemma his family lives far away from him so he was thinking to have some one taking care of the payment which are incredible low (For this area at list)and also the great low interest whit out notifying to the bank yet until the prospect buyer is in better credit condition or in some how assume the loan or get his own.So That is way I was thinking in owner financing.but every think notarized and legal.

I always wanted to be a private lender, but I just dont have enough funds to give out. They're several investors in my reiclub whose looking for money to fund their deals. If there are any private lenders on this site I dont mind sending one of my buyers to yall. The only thing I'm going to do is to charge a little bit more on the interest rate, so that I'm able to make enough money on the spread.

Is there any Private/Hard money lenders interested?

Looking for any assistance in information/obtaining Fidelity Bond insurance. Please PM me if you know anyone who is in this business or has had to obtain this for real estate investing. We have been approved for a large LOC but need to secure this insurance. Thanks!!

Hey guys im new to the site...Dean's book and investing as well...I just finished Dean's first book and eager to start on his second. Yet i have a question. I have some debt close to 2,300 dollars that i am making payments to to get off. would it be smarter to get this debt payed off first before i start investing? with the little amount of money i make at my job it would take a little over a year to pay it off. but could i even start investing if i have this debt? advice from any and all would be outstanding...

Well, on my year long refinance journey, I learned one very valuable lesson by making a big mistake. A 5th financed property doesn't allow cash out. But, there's a way around that. I did it wrong, or I'd have my $40K out of the house I put into it, but I made one mistake.

What you can do to assure you get paid cash out when you refinance out of hard money is called a wrap around mortgage, or all inclusive trust deed (AITD). BUT, this is where I made my mistatke. I attached my AITD 2 months AFTER I bought the property. For it it be considered a rate and term refinance, and NOT a cash out refinancing, it must be done at the same time you purchase the property.

So, let me ask you a questions to start. How many times would you submit your documents for a refinance if you had trouble getting a loan? Would 10 times be sufficient? 20? 30? 40? How about over 250 times... Well, that's what I had to do to get refinanced out of a hard money loan into a decent rate. I ended up with a 5.375% fixed rate for 30 years. But it was anything but easy.

Hello DG & CO

Here we go again ! Hopefully Phillip will have some more to add to this credit update and what it means for REI. Actually I think its more of a point to tell renters " Hey NOW makeing timly rent payments is a good thing for your crdit score" !

http://www.nytimes.com/2012/01/08/realestate/mortgages-a-good-rental-his...

I am anxious to get started, like everyone else here. So, I have been lucky enough to find three real estate brokers willing to work with me, as well as a mortgage broker. I have my eyes on a couple of properties I'd like to get, so I put an ad on Craig's List searching for investors. I have received SEVERAL responses- now, I'm terrified! How can I possibly hope to persuade people to invest with me when I am clueless?! Any input would probably help ward off the heart attack I feel might be coming!