Financing and Credit

Wrap-Around Mortgage

For veteran real estate professionals the terms wrap-around mortgage, lease purchase and contract for deed are well known alternative finance options. Financing alternatives such as these became common place twenty and thirty years ago during the last down real estate markets when many people were trying to scramble to sell their real property or face foreclosure.

What is a Wrap-Around Mortgage?

A wrap-around mortgage, also known as a “wrap”, is a form of alternative home financing for the purchase of real property. This type of transaction usually takes place between an investor or seller and a buyer. The wrap-around mortgage literally “wraps” around and exists in addition to any mortgages already secured by the property.

I have just completed my first rehab project where I made 30,000 and my mentor has tried to explain to me the short term capital gain tax ramifications that I will receive as a result of this. It is all clear as mud to me because I have never done my own taxes yet. (I am only 22) He said I could face up to 50% taxation on the profit, which is unbelievable to me. He also presented the idea of a 1031 exchange but I do not have another deal lined up just yet. Do you seasoned rehabbers have any way around this or any solutions to offer?

Is anyone familiar with the guidelines of advertising for private money, not hard money. Their is a difference. I am trying to find out under which parameters within SEC regulations can you advertise.

Have you ever heard of an angel investor? These are private parties or groups of people that have their own priovate funds to lend. Traditionally, they are looking to fund business ventures, but from time to time you might be able to get them to fund or partner on real estate deals.

There are a variety of different ways to locate these people. You can go online and search for "angel investor network" or "angel investors". you can go to www.gobignetwork.com, www.angel-investor-network.com, www.fundingpost.com, or www.gaebler.com/angel-investor-networks.htm to find angel investors.

I have found angel investors via business alumni associations, entrepreneur clubs and associations and even via the local chanmber of commerce.

I am a brand new investor with bad credit & limited financing...how do i go about getting financing to jumpstart my business? Any help & suggestion would be greatly appreciated.

thank you,
Alfredo N.

The following information is extremely important!
HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACT
HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator. The proposed HUD Rules interpreting the federal SAFE mortgage act can be viewed at www.regulations.gov Use the search parameter "HUD" and the keyword “safe”. Please review and comment regarding the impact of this broad interpretation of the law.

The following information is extremely important!

HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACT

HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator. The proposed HUD Rules interpreting the federal SAFE mortgage act can be viewed at www.regulations.gov Use the search parameter "HUD" and the keyword “safe”. Please review and comment regarding the impact of this broad interpretation of the law.

I will start this post with a few things, bear with me it will be long and detailed.

Yesterday I sent off 2 dispute letters for Transunion, and Equifax. I will eagerly await the response to see what happens.

I watched the Empowering Conversations DVD with Jeremy Roberts on credit repair. AMAZING!! I learned a few things that deffinently made it worth while for $40 a month!!!!

Okay so lets get this started. First things first YOUR CREDIT SCORE DOES NOT MATTER when it comes to getting a loan. Your credit REPORT and even MORE IMPORTANT is your character, deal, supporting documents, proffesionalism, and bank of educated choice is what gets you a loan.

It is true that the better your score and report the easier the loan process, but NOT IMPOSSIBLE.

We've been hearing a lot about building a buyers list. From Dean.. the empowering conversations guests.. the DG success stories, EVERYONE. SOOO important! But not only does this list supply you with cash investors to PURCHASE your assignments and flips. You can find TONS of private money right in the middle of it. The same guys that want to buy properties, even if one at a time, are the same guys that HAVE or have connections to a HUGE pool of private money to help you KEEP some of your deals if you want to. (We don't have to give EVERYTHING away. )

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Thank You,

Your Neighbor