tonegastone

Keep your head up.

Yep the broker says he can get me 56.7k, that being 90% of 63k....minus the closing costs which he estimated to be 3k and i could net 13k at closing. There's already a renter in there and his rents will cover the mortgage. I'm just looking for some motivation. It's the best house on the block of a "bad" neighborhood. That being said, the problem selling it in the future may be hard but i guess with the tax advantages, and the many people to RTO it to i could pull a few extra bucks and incentive out of it. Whether it's owner occupied or Non-OO i'm imagining the broker may have typed it up as a "non" considering i explained to him what it was i doing....but then again he may have put it in as a "Owner Oc".........none the less what's the difference here?

Ok, I ran it by a broker. Basically what he's saying is he can get me 90% of the appraised value of 63K. Again, the seller wants 40K so I was hoping to get the 20K now and put into the next property. The broker says the most I'd walk away with would be 13K considering the 90%LTV and, yes, my credit. There was a time when I couldn't get any financing so I'm kinda giddy now that I qualify for ANYTHING. So if I'm gonna use MY credit I think I'll hold off on this one and stick to the script. Make my first investment the home I'll live in. THANKS FOR THE HELP!

Good...Yea i was just wondering because her voicemail has been on full status "too full to except any more messages" for several months. It's good to know you or someone has heard from her. She was sort of my mentor....Tell her she has a student here she left hanging!!!! dazed and confused.....

Ok, it looks like I finally qualified to get a loan. The deal goes as such: house appraises at close to 60k, and the seller wants 40k. Can I request a loan for the 60k? Is it recommended to go this route or should I try and purchase at the lower price?

Just wondering if anyone has heard from our friend..... Tony

Thanks for the motivating post. Very inspiring! Nice to know people are willing to reach out. Time to put my preparation to practice.

Keep brain-dumping. I'm new to the business. The inklings are price-less!