On Apr 6, 6:28 am, "longshot" wrote:
fyi: i bought a house, did all the work needed within a couple months , had
a buyer & could not sell because the government is getting involved in
regulating any hud, VA , or FHA. loans to force the sellers to hold title
for up to one year. this particular one was able to close after 6 months,
but I had to pay the mortgage, taxes, insurance, & utilities through the
winter. Just thought some people might want to know that. beware.

Rob

The minimum seasoning for FHA is 90 days with 2 appraisals required to
justify the difference between the buying and selling price.

Find an experienced FHA loan originator. Most do not know what they
are doing and muck up investors.

Sounds like you're a nice guy, but still, you *are* in it to make money,
right?
Again, that's not a bad thing.... just not what the FHA loans are set
aside for.

Banty


The loans are made available for the purchaser, I can't see a single
reason
why the FHA would care how long the seller owned the home.


ahhh.. now someone sees my point.... apparently it's about the poor basturds
our tax dollars are paying that have to fill out paperwork. that's the only
thing i could think of

..

You paid cash for the house and fixed it; sold it being aggravated by
government, Why not be your own BANKER?

ties up the cash, i want to do it again....

**although he said he had to pay a mortgage over the winter, but I
guess he means cash he got by mortgaging the house, and used the term
to mean he didn't get an FHA mortgage, which is also a mortgage, and
pretty much like any other mortgage. So I"m not sure what the OP
meant by cash.




equity lines from other properties

"Dan" wrote

On Apr 6, 6:28 am, "longshot" wrote:
fyi: i bought a house, did all the work needed within a couple months ,
had
a buyer & could not sell because the government is getting involved in
regulating any hud, VA , or FHA. loans to force the sellers to hold title
for up to one year. this particular one was able to close after 6 months,
but I had to pay the mortgage, taxes, insurance, & utilities through the
winter. Just thought some people might want to know that. beware.

The minimum seasoning for FHA is 90 days with 2 appraisals required to
justify the difference between the buying and selling price.

The first time I heard of the word flipping (in the real estate sense, heh),
it was in a negative way. There were appraisers and mortgage companies
and some flim flam types in on it. Buying houses and flipping them within
days to low income people. They were getting them those HUD loans/whatever.

Bottom line, they made a ton of money and a lot of people wound up in
houses not worth the mortgage on them. That's why there are rules like
this now. I guess if you want to flip quickly, you can't sell to people
applying
for FHA type loans.

nancy

On Mon, 09 Apr 2007 10:44:05 GMT, "longshot" wrote:

.

You paid cash for the house and fixed it; sold it being aggravated by
government, Why not be your own BANKER?

ties up the cash, i want to do it again....


The TAX MAN tied up bunch of mine. Checks for 25K to him are frowned
upon and deeply regretted. I like the idea of collecting interest, but
I'm not buying or selling at the time. Sitting on my hands.
--
Oren

"I don't have anything against work. I just figure, why deprive somebody who really loves it."

On Mon, 09 Apr 2007 10:45:04 GMT, "longshot" wrote:


**although he said he had to pay a mortgage over the winter, but I
guess he means cash he got by mortgaging the house, and used the term
to mean he didn't get an FHA mortgage, which is also a mortgage, and
pretty much like any other mortgage. So I"m not sure what the OP
meant by cash.




equity lines from other properties


Dangerous turf. The wallet is only so fat.
--
Oren

"I don't have anything against work. I just figure, why deprive somebody who really loves it."

"Steve B" wrote in message
...
That is why there is a percentage cap on what will be lent. If a property
is worth $10 million, all that will be lent on it is six. When that phase
is complete, the property has appreciated because of structures built and
completed on it, and the land is still worth ten,
thus more can be lent to bring in subsequent phases at a lower risk to the
lenders. Every wonder why properties are built in phases? The rate is
determined by the term. Short term loans are always higher percentage.

But you knew that, right?

Steve,

I am not an expert on much of anything, but your contention that short term
loans are always a higher interest rate is not always true. If for example
a lender believes that rates are going to rise they might not wish to commit
their funds for a long term at a rate that they might regret later.

The primary criteria for determining an interest rate is risk, the higher
the risk the higher the interest rate. You are accepting a risk when
lending construction funds. In the event of default by a builder suppliers
are the first in line with their mechanics liens on the property, and you
have no control over the market that may tank dwindling the value of the
parcel of land.

What you are doing is betting that the borrower will be successful in
bringing his development to fruition, selling it and having enough left over
to pay you. I also suspect that your friend with the initials after his
name got his cut off the top after selling you the proposition, making his
risk zero.

I hope your investments pay off, but their aint no such thing as a free
lunch and hocking the family home to lend money to someone else is taking a
risk that can go south, especially if you do not have funds on hand to cover
mortgage payments in the event of default.

Good luck.

--

Roger Shoaf

About the time I had mastered getting the toothpaste back in the tube, then
they come up with this striped stuff.

"Roger Shoaf" wrote in message
...

"Steve B" wrote in message
...
That is why there is a percentage cap on what will be lent. If a
property
is worth $10 million, all that will be lent on it is six. When that
phase
is complete, the property has appreciated because of structures built and
completed on it, and the land is still worth ten,
thus more can be lent to bring in subsequent phases at a lower risk to
the
lenders. Every wonder why properties are built in phases? The rate is
determined by the term. Short term loans are always higher percentage.

But you knew that, right?

Steve,

I am not an expert on much of anything, but your contention that short
term
loans are always a higher interest rate is not always true. If for
example
a lender believes that rates are going to rise they might not wish to
commit
their funds for a long term at a rate that they might regret later.

The primary criteria for determining an interest rate is risk, the higher
the risk the higher the interest rate. You are accepting a risk when
lending construction funds. In the event of default by a builder
suppliers
are the first in line with their mechanics liens on the property, and you
have no control over the market that may tank dwindling the value of the
parcel of land.

What you are doing is betting that the borrower will be successful in
bringing his development to fruition, selling it and having enough left
over
to pay you. I also suspect that your friend with the initials after his
name got his cut off the top after selling you the proposition, making his
risk zero.

I hope your investments pay off, but their aint no such thing as a free
lunch and hocking the family home to lend money to someone else is taking
a
risk that can go south, especially if you do not have funds on hand to
cover
mortgage payments in the event of default.

Good luck.

--

Roger Shoaf

Enter LLC's, corporations and family trusts. Lovely legal protective
shelters. Roger, I've been doing this a while. I have a guy that I trust
200% who does a major AM radio program all over the nation on investments.
This ain't my first rodeo. I'm 58, and fully retired. I do NOT work.

What I do is not for everyone. What I do can't be done by everyone. But it
works for me.

Bottom line is, there are lots of investment programs and profitable
ventures for every pocketbook. You just have to decide whether or not you
want to pay $40,000 for a $20,000 car or drive less and invest more. Goes
down from there to lots of everyday choices from shopping coupons vs. going
out to eat all the time. Even if you just put $20 a payday in the bank at
low interest in a savings account.

All life is choices. No need to be stupid, and get into things where there
is high risk, and the only one who makes out are the principals and the
brokers.

The whole thing started over "flipping rules". What, exactly are they?
Answer ...... there are none. You can make good money, or you can lose your
ass. It's a crap shoot, but only for those who want to take risks.

I love Teddy Roosevelt's quote regarding critics ..........

"It is not the critic who counts; not the man who points out how the strong
man stumbles, or where the doer of deeds could have done them better. The
credit belongs to the man who is actually in the arena, whose face is marred
by dust and sweat and blood, who strives valiantly; who errs and comes short
again and again; because there is not effort without error and shortcomings;
but who does actually strive to do the deed; who knows the great enthusiasm,
the great devotion, who spends himself in a worthy cause, who at the best
knows in the end the triumph of high achievement and who at the worst, if he
fails, at least he fails while daring greatly. So that his place shall never
be with those cold and timid souls who know neither victory nor defeat."

Good luck in whatever you choose to pursue.

Steve

On Mon, 9 Apr 2007 16:34:40 -0700, "Steve B"
wrote:

cold and timid souls who know neither victory nor defeat.

I have not failed. I've just found 10,000 ways that won't work. Thomas
A. Edison

--
Oren

"If things get any worse, I'll have to ask you to stop helping me."