Seller Carrybacks
Are banks still alowing for the seller to carry back a second for 10-20% so I can get around the down payments for investment property? Thanks
Are banks still alowing for the seller to carry back a second for 10-20% so I can get around the down payments for investment property? Thanks
not in the San Jose area of CA.
not in the San Jose area of CA.
you can still have the seller carry just show proof of funds for down, just before closing deposit your down in escrow. Get it right back from your seller when you close.
what entity do they use to pool these $500m funds? is it a trust?
I have a relationship w/ a lender that sells (most often) pools of high interest rate 2nds across the country. These are typically nationwide pools and are 1M+.
Here are a few examples
$6.9 Million 2nd Lien Mortgage Loan Sale
$2.6 Million 2nd Lien Mortgage Loan Sale
$4.7 Million 2nd Lien Mortgage Loan Sale
Have you tried some of the note selling of bankruptcy sale sites?
google pacer.
That is the actual site that has all the BK data.
www.bankruptcysales.com has had some interesting stuff.
www.enoteworld.com
and I have heard of notes on ebay.
Here is my take on the whole subprime mess http://www.squidoo.com/charlotte_nc_real_estate .[ Edited by charlotteinvestor on Date 03/31/2008 ]
Thank links seems to be bad..
Chris
Now that Kurland CFO from Country Wide Fin is now starting up PennyMac (Mar 24) , this is starting to make sense. Look into PennyMac for their new startup, dealing with non performing paper...they saw this train wreck coming years ago.
Mike
thanks cj, i fixed the link, now try it out.
loon,
With all that is going on, somewhere in the back of my mind I was thinking that creative investing takes different avenues even for capitalists.
Reading an article in the Las Vegas Review journal about landlords (in the case mentioned it was a Realtor) collecting rents on properties that are in foreclosure and then seeing a news report on CBS a friend called me and said he wanted to do something about this. I imagine some creative investors are doing the same thing with properties they have, collecting and not paying the lenders.
So opportunity abounds even with the current market, just get creative.
www.checktherental.com
John $Cash$ Locke
[addsig]
http://www.titleprofile.com is free from my title company, and realquest is like 150/mo. 19.95/renter... That is a great ROI![ Edited by cjmazur on Date 03/31/2008 ]
it would be interesting to see what percentage of the sub-prime and flex-arm that that are in trouble have creative investing as a root cause.
cjmazur,
In thinking back I believe I read that 45% was the number of houses owned by investors in the majority of markets.
Of that number pretty sure that the creative community will show up with a high percentile.
Someone is trying to help the creative investors who were caught up in the declining market and sub prime mess.
www.reisurvivor.com
John $Cash$ Locke
[addsig]
That is a loaded question...
A security is definately more than listed exhange stocks and bonds.
LLC interest, JV agreements, Mortgage Investment...any invitiation to deal could find its way into the blue sky law domain.
SEC regs are a minefield for the unwary real estate entrapenuer. Not to mention individual state regulations.
The main watch word is caution with your advertisement. Any advertisement that could be construed as a "public offering" is dangerous.
I would consult a securties lawyer if you plan on seeking equity outside the state. If you do, always try to have a disclaimer on any printed material advising the solicitation is seeking a private placement with a qualified investor or something like that. A securties lawyer could provide boilerplate that you can use.
I hope that helps a little. As a practical matter if you are working a small deal locally probably not a big concern, but anytime it could be cross stateline or national I would be careful!
[ Edited by otter1 on Date 03/28/2008 ]
The key is to not only know the laws, but to know the exemptions. For most of us "small" investors, the exemptions provide ample room to raise capital, even though the money is indeed offered through a "security."