Today I got a deed signed over to me and notorized. By a husband and wife who have abandoned there home and just are dont wanters headed to foreclosure They made pyment arrangements to get it out of foreclosure and made that payment today. I will have it recorded tomorrow with the county recorder. After that Im not sure what to do. My plan is to live in the home, for 6 mo to a year. Then sell or rent out.
Is there anything or anyonelse I need to record it with?
There rate is 8.8% adj. and i want to lower the payments.
Is there a lender who will refinance it now?
Since my credit is poor, can i put it in my brothers name for a refinance? As partners? How should i record it?
All thoughts and answers are welcome.
This is not responsive to salsadunes’s question but it is to everyone else on the site. Real state is sold by the book and tape gurus as a business you can do without cash or credit. That is because there are more of them and it makes an easier sale, but real estate is a business of credit. Doing real estate without credit is like playing football without a helmet. You can do it, but you will have constant headaches. I look at my credit as a tool. Just like you won’t find a policeman loaning out his service revolver I don’t loan out my credit. I just had my eyes fixed. I didn’t put my Lasik on credit, I paid cash. My brother asked me to co-sign a loan for his son. I didn’t co-sign, I gave the kid some money on the down payment and hooked him up with a banker I know that will give him the loan.
salsadunes did everything right but he is going to have trouble doing a refinance just because he started without having the credit required. It doesn’t take great credit, 650 or so should get you enough to do all things required in real estate.
Yes the credit part is huge and has slowed up my REI career with many missed opportunities And with this being my Residence for a time period My credit will again go up with time. My credit is fair but my brothers is great and he likes the idea of an investment for down the road and wants to be a part of my REI. To me as long as I do what i say am going to do. All will be fine.
What is a POA?
If I can weigh in, I have said a hundred times that you should learn to buy without cash or credit… I dont believe I have ever said that you don’t need either of the two in order to run a successful real estate business. You just don’t necessarily need either to buy real estate. If you create a water faucet business then you are more likely to be successful then if you mortgage everything. There is a big difference…
And I have never said that this business doesn’t require some form of cash… Although a lot of us define cash as paper you can buy something with. Some of us when we have a lack of paper cash must replace it with hard work. Hell this is difficult even when you have bucket loads.
And learning to buy without cash or credit is extremely time consuming and for most they will never master that art… Therefore they are left with the traditional method of applying for a mortgage in their name.
With what I have read on this forum probably Propertymanager has a great solution… Buy low enough and have a lender who you have a track record with who will finance your transactions almost at will.
I just like mine of buying with as little cash as required and never signing a note where my credit is at risk.
Hey, M,Quarles, your insight and creativeness to all you respond to has given me new life Please keep it up.To anyone with thoughts how would i line up the POA scenario?
The goal is to lower the pmts with todays rates. Rate and Term.
All parties are informed and see the opportunity to have this be a start for a true REI business. At the same time im paying my bills and raising my scores. Continueing looking for other deals. I love REI.
Thank all of you for your experiences.