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kocol
telemarketer
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quick finance
Friday, October 13 2006 05:40 PM
I have this house I may like to buy in Wonder lake. The owner needs to sell it quick though. It appraised for a mortgage at 179,000 "supposedly" However when I went to zillow.com it came up as 157,000. Now here's her offer. She will sell it at 146,000 and bring to the table 12,000. What I want to do is take the 12,000 pay for closing costs and repairs and pocket the rest. Then I want to do the repairs and rent out the house. Where do I go for such a loan. I tried my mortgage broker and insists it can't be done! I know there has to be a way.
Henry Kocol
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E. Olson
Property Management
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Re:quick finance
Saturday, October 14 2006 10:13 AM
Is that mortgage broker a true loan broker or just a loan officer in a bank that lends out personal loans? If that person is a loan officer then move on to a commercial loan officer.
Also for $25 you can download the 5 ways to finance your first house and get some answers for pretty cheap! Dont short yourself out of a possible $10k profit over not getting the right info for less then $30 bucks
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kocol
telemarketer
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Re:Re:quick finance
Saturday, October 14 2006 11:34 AM
Ok can anybody recomend someone who can do very quick financing?
Henry Kocol
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Aaron Gallagher
Investor
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Re:quick finance
Saturday, October 14 2006 09:31 PM
The type of financing you are seeking is of a commercial nature. Your mortgage broker most likely only has secondary market loans and won't allow for equity to be used for a downpayment.
Aaron Gallagher
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Randy Hughes
Master Advisor-39 years of experience
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Re:Re:Re:quick finance
Sunday, October 15 2006 09:59 AM
kocol,
Seek out a "portfolio lender." This would be a smaller regional bank (not Bank of America, Fifth Third Bank, Chase, etc). These bankers will be more flexible in their lending requirements.
Randy Hughes
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Marty Couch
Investor
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Re:quick finance
Sunday, October 15 2006 10:52 AM
The method I'm using for a property I'm getting right now is to get a loan for 100% financing for the appraised value, have the seller pay the closing costs on the HUD then have them pay any amount over the $146,000.00 they wanted back to you as an "option fee" for a VERY short term option to buy the house back at the appraised costs (our option will be for 48 hours). When they don't excersize, the option money is yours for repairs, etc. and as I understand it the money passed legally as an actual fee. I know the Hughes Brothers have some info in thier portfolio about options and thier class on options and lease options had alot of info.Hope this helps.
By the way, the other advantage is you get to depreciate the appraiised value over time since that will be your purchase price. You could also make the option back price higher than the actual value and extend the option until after 1/1/07 so that you don't have a taxable event this year. By next year you would (hopefully) have some cash flow on the property as well as an option fee from a lease/option tenant to help with any taxes owed on the money taken out at the closing this year.
Marty Couch
http://www.PPLChicago.com
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kocol
telemarketer
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Re:Re:quick finance
Sunday, October 15 2006 11:41 AM
thank you.
It turns out though according to a real estae agent the market value really would be 146,000. The different ways these houses can be appraised for is nuts! Zillow has it appraised at 157,000 they claim they got it appraised at 179,000 when they refinanced and now a real estate agent claimes against the MLS listings of other houses in the area it would appraise at 146,000. These are major differences! But I still need quick 100% financing next time does anyone do quick financing out there.
Henry Kocol
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Marty Couch
Investor
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Re:Re:Re:quick finance
Monday, October 16 2006 11:08 AM
I really like working with Todd Hague at MFS Mortgage. He's the owner and is a mortgage broker, real estate broker and insurance broker so he knows alot about the business. He is also incredibly responsive and always keeps me in the loop as it were. Todd's cell number is 847-858-7830. As with most loan officers, the cell # is the best.
I know everyone has a favorite as far as loan officers go. I just really like working with him. If you call, tell him I referred you.
Marty Couch
http://www.PPLChicago.com
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kocol
telemarketer
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Re:Re:Re:Re:quick finance
Wednesday, October 18 2006 04:44 PM
Ok I have tried everyone so far. I need to find financing for a 100% Financing for a house at 104,000 plus 10,000 for repaires that will be valued at 158,00 after the project is done. Are there any private lending investors, mortgage brokers, bank officials anyone who can finance my wife and I on this project. If it makes any difference we can put it in our company's name. who would be interested in helping us?
Henry Kocol
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