Not out of the wood yet and PRAYING to stabilize.
1. got a good prospective tenant for the house.. should know today or tomorrow if Section 8 approved
2. Foundation guy did SHOCKINGLY awesome work.. house looks strong stable.. very pleased ($12k worth of pleased)
1. tree is off the roof ($500) + $1000 worth of damage.. upsetting but done! I have room here to raise rents and it runs very well.. just a hiccup.. I like my property manager!
SHORT REFINANCE-sad news
1. short refinance for $302k fell through. new FHA laws say there is a 3 year waiting period to refinance after a foreclosure... EVEN if you bankrupted out of the homes.. (why did the loan people not tell me this upfront) one of my past homes is still in forclosure and has no sold yet. Expected sale within 6 months. Loan cancelled
2. potential good news. bank agreed via phone (will have in writing next week) that they will STILL take $265k for the house (house worth $400)
3. The difference between my loan from the refi firm ($302k) and the banks acceptance reflects the upfront profit the refi firm was going to take. So if I can get the funds I will actually come out ahead! WAY AHEAD
Now I can (once bank puts acceptance in writing) buy the house for $265k but (due to above) can not get a bank loan (FHA or conventional). I have made several calls and hard money in Illinois on owner occupied residences is hard to get.. very hard.. have not and will not give up.. once acceptance is in writing will approach creative lenders and friends
I CAN buy within a year of the last sale and already fit (credit score etc) the criteria for an FHA loan expect the waiting period. Talked to brokers already
My 2 flat in foreclosure (owned w ex) I can get rid of within 6 months
I am able to pay 2 points and 5-8 percent for a loan for up to 2 years
If you have idea for hard money lenders or finance firms.. let me know.
House worth $400k (firesale), 700 credit score.. can prove income.
I want the home because it is a good deal and I want to settle long term
Put $1500 in the Roth IRA today!
Took entire $12k out of savings so savings down.. but retained entire homes/units emergency fund
PRAYERS the house rents this week!
Been reading Rich Dad Poor Dad and getting more ideas
I need to invest more, get the 6 homes/3 units cash flowing more and cut unnece expenses and make more money
I am 43 and want to be able to quit work in 5 years!
Updates-not out of the woods yet (homes, short refi)