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Larry Parks


All About lap6771

Name: 
Larry
Location: 
Saginaw, MI
About Me: 

Just read Dean's book and it has really fired me up. I bought 2 foreclosures. One was resold on a land contract in just 2 weeks. Will make $16,000 plus interest on that one. The other I will be taking title in a few days. The fair market value is approximately $40,000 to $45,000. I purchased it for $16,500 and have to put in about $2-3,000 in fix-ups.

I need to re-read Dean's book because there was so much info. I want to use the no-money down techniques, but I didn't mind using the low interest equity line I have just to get started.

Interests: 
Real estate, sunny beaches and my family

Topics I've Participated In

TitlePosterRepliesUpdated
Hoping this will be my first deal... MarkNY814 years 35 weeks ago

Basic Info

Occupation: 
Retired
Children: 
Have Child(ren)
Education: 
Completed College
Status: 
Married

Sites I Visit

Mainly Just This One

Guestbook

On 18:50pm, April 28th, 2010 lap6771 said:

Refinancing

Just purchased 2 properties after reading Dean's book. It has so much info, I will have to re-read it again. I used a line of credit to purchase them, but I will be trying the no money techniques soon.

Please comment on refinancing: The lenders with the mortgage broker I contacted says they will only refi for 85% of the purchase price and not for the closing costs and fix-up that I have into it. Otherwise I have to wait for 6 months to get 85% of the market value.

On 19:06pm, April 28th, 2010 randy428 said:

REFI

randy428's picture

Check with your local banks, The smaller THE BETTER. a LOT OF THEM DON'T REQUIRE SEASONED. good luck>

RANDY

On 17:16pm, May 6th, 2010 lap6771 said:

Double closing

I read in Dean's material about this. Is this the way to purchase a property and have it refinanced immediately by the same lender/different lender? I'm new at this and want to keep purchasing properties and running out of money using a line of credit. I have not found the right lender to allow me to refinance all my money yet, but am looking.

I want to thank randy428 for your input.

Larry