Rent to owns are rare and even more rarely are they a good deal for the renter/buyer. The vast majority of rent to own renter/buyer's never end up buying the house. They are a great deal for the landlord/Seller as they get to collect large up front deposits and over market rent only to do it all over again in the same house. I consider it basically immoral and predatory in most cases.
Resolving credit issues isn't rocket science and a local mortgage lender can and often do assist buyers with this. Many things you can do yourself, others the lender can direct or assist you with.
Most people in this position are far better off renting the least expensive place they can stand to live in and save up some down payment, get on a budget and fix their credit. Once you are qualified, you can select any listed property in your price range and you've fixed the issues that hurt your credit.... more
Yes you can absolutely do a cash-out refinance up to 85% of the homes value (contingent upon county loan limits). Many of my clients have done this after purchasing a distressed property (foreclosure, short sale) being that the true value was much greater than what they purchased it for; just made financial sense. Please contact me at your earliest convenience so we can weigh out your options and determine which is most cost efficient.
Paul F. Marzolla
Sr. Mortgage Advisor
(201) 957-6768... more
If you know the house needs lots of work, you might benefit from having a pre-listing inspection done on the property to try and get a better idea on what exactly needs to be done. Is it mostly minor things like updated outlets, fixtures, fix a few corroded pipes? Or is there possibly some more immediate and costly issues with the home? An inspection and report could be useful as a marketing tool to buyers so it eliminates some of the concern of the unknown.
Bridgeton is a little bit outside of the area I typically work in, but I know several inspectors in that area and would be happy to recommend someone for you to call if you are interested.
Thank you and best of luck,
Sell the old one and buy a new one.
See if you'll qualify to hold onto the old one while purchasing a new one.
Take an equity line on the old one to purchase a new one.
There's lots of things you can do. Really depends on your intentions/plans for the old.
Good luck!... more
Hi Rich. Good job. Did you find out if the BK is still active or has it been dismissed/discharged? If it was a chap 7 I would think it was discharged by now and the owners are free to sell the property (pending short sale approval by the bank). There's also the chance that the chap 7 was converted to a 13 if the trustee felt that the debtors/owners had enough income to handle the payments.
My guess is that it stayed a 7 and was likely discharged. The owners probably want nothing to do with the house and think they no longer own it due to filing bk. It will be hard to convince them otherwise.
If you're content with waiting for the foreclosure proceedings to complete then your next step should be checking with the county sheriff to see if they have it scheduled for auction. If for no other reason but to keep an eye on it. Once it has sold at auction (especially if it's purchased by the bank which will likely be the case) it will probably take 6-12 months for the bank to list it with an agent. You may want to get a realtor to represent you on the purchase and check the mls regularly for it to be listed. Good luck.... more
How are you doing?
I am sorry, I want to answer your questions, but I am not sure what TV means in abbreviation TVRR.
I may look stupid, but let me know, please exactly where this RR is.
The best and safest area to rent is always a concern of most investors. Of course you want the most ROI. As you look into areas to buy, look at the rental history for the area as well. Check classifieds and internet and more. Areas that are more prone to section 8 are can be select ably desired if you know how to handle a sec 8 rental. Also being approved for sec 8 is also a concern. Sec 8 are not for the faint of heart but not a hard knowledge to endeavor or to conquer as an expert so you will profit from it.
In a sec 8 rental area you may not want to rent to anything but a sec 8 qualified applicants. If you do not want to rent to sec 8 then I suggest staying away from those areas that are more prone to sec 8 applicants. However as an investor in Camden City I have made several rental properties profitable without being sec 8 qualified. My qualification standards for rentals are mostly the same as sec 8 standard except no government backing or propaganda.
I have some specific information that can help you prior to purchasing anything. This will take much of your fears from your investment.
Email me personally... email@example.com This info will help you find a property and provide specific local information to the Bridgeton area as an investor specific. Yes I am a Realtor in the area. Yes i can help you find an investment. But more important is the ability to take fear from your investment. So whether it is I or another that helps you find a specific property to buy, I will at least lead you to the knowledge you will need in the Bridgeton area. Knowledge of investment and rentals.
So as you embark into real estate investing with the intent to rent do yourself a favor and gather your knowledge first. If you think you know it all, I will tell you there are many new situations you will encounter to discuss here in this forum and other forums. You will want to prevent may of them.
There are some very important particulars to pay attention to when making sure you are protected. The info I will give you will help you ongoing.