gregorygarver.com

CHARITYG · Joined: 05 Jul 2002 Posts: 9

My husband and I are considering holding private mort.'s. Generally we buy "disaster" properties (cash only deals), fix them up, sell them or rent them out . . . However, with the jumbo loan crisis we're think we'd be better off holding mortgages for Alt A types . . . Any thoughts . . . I've talked with my agent in Florida and she said that homes with privately held mort.'s are the only ones selling . . .

goz11112655 · Joined: 22 Apr 2005 Posts: 2

basically what you are looking at is to be your own little subprime lender, you can make nice monies two ways by selling property at a good price because the people are in no position to negotiate the price and off the interest rate you chargethe only problem is the cost associated with foreclosures if the people default and any possible damage to the property, need to figure out how much will a lawyer charge you to foreclose and how longbut careful screening will hopefully help weed out the potential problem buyers

godged2322 · Joined: 01 May 2005 Posts: 6

Interesting concept. I know there are a few investors in my area that will do owner carry with a good down and 10% interest rate. Not a bad return on your money. But I'd be concerned about foreclosures. You may end up having your own disaster property over and over.Good luck!

CraigH · Joined: 09 May 2005 Posts: 4

I also am a real estate broker in Boise, Idaho and believe that this would make a great investment for you. I would be very interested in speaking with you if you would lend in Idaho. I have many Fourplexes for sale at great pricing that I know we could move a lot faster with this type of financing in place. Please e-mail me for more information.

robert495713 · Joined: 18 May 2005 Posts: 4

I have a lot of opportunities here in Ohio for your funds.This is a typical deal I'm seeing around here:Investor buys a house for $20kRehab costs $15kHouse sells for $80-90k.Investor & private lender split profits.I can see a good market for what you're doing too, and your agent is correct that the homes where you offer financing sell much quicker. I've seen both sides of this, as a real estate investor and as a mortgage loan officer for 10 years. People just can't qualify for a mortgage like they used to.