I'll cover the down payment and CC on this property.

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I'll cover the down payment and CC on this property.

Postby ShortSaleDude » Sat May 21, 2011 3:16 am

Hello to those who know me. Hola to those who don't.

I am beginning to buy properties at the courthouse steps, as well as still doing massive short sales.

One of these properties, I would like to hold on to for 5 years. I've just finished rehabbing the interior and it is pretty much an A+ property located in the Inland Empire.

I have been hoping I could sell it for top dollar ($299,000) but the moarket appears to be a little bit "soft" right now.

Here is what I am looking for:

Property is owned free and clear, no loan on it.

I'd like to include a "mortgage beneficiary" (IB) for this property who will get a new loan on it for market value. I will cover all the closing costs as well as what is needed as a down payment. Must be able to qualify for an FHA loan or one that requires only 5% down. If we need to go with a 20% down scenario, then so be it. I have someone who will handle the loan directly.

You will share in the monthly profits generated above and beyond what the mortgage payment is.

You will share in future appreciation in the property when the RB executes their purchase in 5 years.

All you need is good credit to qualify for the loan, don't need to come in with any dinero.

My credit is pooped, but my capital is not, as I am working several personal properties as mods and stopped paying for that reason. This is why I am looking for a partner who is willing to get a loan.

Here is a flyer on the property. All new paint, carpet, fixtures, 20" tile, indoor laundry, 3 car, 2670 square feet, etc, etc. This one is located in Yucaipa.

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ShortSaleDude
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Postby ShortSaleDude » Sat May 21, 2011 4:21 am

Here's the actual flyer pertaining to this...

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