Can You Help Me?

I am a homeowner/investor with the following situation…

I bought and closed on a house in Detroit, MI, December 14,2005 (3 months ago). I bought the house for 138k with a 80/20, seller forgiven, therefore financing 110k. I just had an appraisal @ 145k. I am looking to pull about 20-25k out to flip into other properties and pay off any other existing bills. Would I be able to use the original purchase price without having another appraisal? Any type of loan would be fine, (heloc, int only, etc).

But here’s where it gets tricky.

I would like to use the docs of the title company I closed with, back in December, because the city of Detroit is very slow on recording deeds. The property has not been recorded in my name from the investor I bought the property from, back in December, but we always use the same title company, so that deals that we flip to other investors will move quickly. Would this be a problem? I would also like to close as soon as possible (7 days?)

Also, the broker I have been using, to refi this home, is not a very good one, and I am soliciting those that can help me. I could have/should have been able to close on 3-4 investment properties in the last 3 months. But because of her negligence and failure to communicate with me has left a sour taste in my mouth. I would like to work with a broker/lender that can move expeditiously and professionally. Where I don’t have to pre-qualify for every deal that I try to do. I cross many deals and would like to secure them as soon as I have checked their worth. Most range in the 25-45% below market value range, with some having even greater returns. I should mention that I am also a licensed realtor. I would like to start an LLC to help with liability.

When last checked (3/6/06/) reported my scores as TU-643/EQ-651/EX-631. I can go stated/full doc as well. I don’t have a problem with hard money (as far as future investments go, not with the refi mentioned above). As long as I know the terms upfront, I’m with it. Feel free to contact me.

Let me know if you’re the “Chosen One”.

Thanks in advance,


Russ, you do not need hm, neccessarily, but you will have to use the value from 12/05 and you will HAVE to wait until the deed is recorded. For the future, you may want to pay extra to the title company to “walk in” your deeds to be recorded the same or next day. i hope this helps.

keith :slight_smile: