www.flippingsmart.com Dominic Kirchner II and Matt Kearney give a tour of 9 Milford Street, Springfield MA, and talk about what they’ll do to fix it up. How many TVs does one house need?

Answer:

Answer by Leo L
I just did this. Planning is the key. Get a good contractor and make sure all the details get agreed to on paper, before work starts.

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Question: refinance home with equity to pay off liens???
My husband and I purchased a home in TX. When we purchased it, my husband had several liens that transferred over to the house. Our mortgage broker knew this beforehand, and we got into a really bad mortgage situation (we were going to ‘flip” the house, but the liens kept us from doing this). Now, we have over $ 20,000 equity in the home and we’d like to refinance it to pay off the liens. Our credit scores are in the low 700′s and we are self-employed. The lenders that will work a loan require the liens to be paid off first, and the lenders that will refinance to pay the liens deny us. Can we refinance the house to get out of the really bad mortgage and not pay off the liens? Or do we have to pay off the liens to refinance? Ideally, we’d like to pay the liens off (the equity would pay all the liens off plus some) but our ARM is set to adjust in October to an ungodly amount, and we need to refinance. Any solid suggestions would be most appreciated. Thanks for your time.
We do have a proof of income issue. Our CPA does his job a little too well. YTD we have made over $ 85K, but that doesn’t matter. We still can’t get refied. We’d like to have the liens paid off at closing. BOA, where we bank, won’t do it. Do you know of any other banks that may refi us? Thanks again for your input.

Answer:

Answer by jen_ny6
Given the state of the mortgage market these days your going to have to pay off liens before any reputable mortgage broker/banker will help you to refinance. I agree that you want to refinance before your arm resets. When you do refinance go with a fixed rate loan. Good Luck.

Investment Property – How to determine After Repair Value (ARV) in real estate investing that the banks accept.

An introduction to real estate investing fundamentals and strategies. This segment explains what real estate fundamentals are, and discusses how the fundamentals will support or undermine a given investing strategy. The point is that fundamentals dictate your choice of investing strategy.

Question: Can I sell my HUD home if I haven’t occupied it for 12 months?
At the time of purchase, I had no idea that I would be moving within the year. Therefore, when I signed the paperwork I was completely honest when I said I “intended” to occupy the residence for 12 months. But, life happens, I had a child, and moving became the best option. The final paperwork was completed at the end of June 2010. It has been on the market since late February 2011. I may have an offer coming in and I wanted to make sure I was doing everything correctly. When I purchased the home, I definitely did not intend to “flip” the house. After buying it, I did make repairs but the house still isn’t in that great of condition! Just wondering if it’s still okay for me to sell now, considering that extinuating circumstances required me to move before one year passed.

Thanks for any advice!

Answer:

Answer by richard t
I’ll assume you bought a HUD home as an owner occupant and signed a contract that you intend to occupy this home for at least 12 months. Here are some exceprts that I found from a good article (link below)
“Misrepresenting that information can involve a fine of up to $ 250,000 and/or two years in jail,” she added. “We don’t take it lightly.”
However they go on to say:
“While owner-occupant buyers are supposed to live in a property for a year after purchase, Maggiano said it is a difficult rule to enforce. “We probably wouldn’t even know about it,” she said, if the owners resell the housewithin a year. “We don’t go back and check on the occupancy status of each one of those houses.”
I can see where lots of investors take advatage of HUD. You did intend to occupy in good faith and Hud shoudl be happy if they do not take a loss on the property.

flippingsmart.com Dominic Kirchner II and Matt Kearney of Hampden Homebuyers give a tour of the work in progress on 61 Eton St., Springfield, MA on November 15th, 2010. Music, camera and editing by Tom Knight

What are the legalities in terms of “gifting” large sums of money as investment money and being able to receive funds later as a profit?

Answer:

Answer by the tax lady
The IRS calls this a loan or an investment.

It’s NOT a gift.

Put together a promissary note with interest rates and have them sign it.

Question: How to buy my first home? HELP!?
I’ve been doing research on buying homes. I’ve never bought a home before. I have about $ 30,000 saved up to buy a house. I want to invest my money to buy a home, remodel it so I can sell for a higher price. I believe the term is I want to “flip” a house. I’ve been researching for the past few days. I’m really confused. I need “buying houses for dummies”, lol. And yes, I know I have to wait at least six months before reselling. I’m very patient. I can wait years for the market to increase the selling price. I’m in no hurry to sell, but I AM in a hurry to buy. Any advice, web links, phone numbers or anything at all would be great. THANKS!

Answer:

Answer by TB2
Go to Business and Finance and ask there, there is a subsection for Real Estate. You’ll probably get a good answer there.

Real estate training www.yourcoach.com In this video, real estate trainer Tom Ferry goes over the secret he learned from his mentor Mike Vance!

www.Sandidurr.com Tips For Choosing A Real Estate Agent The buying of a home is one of the biggest purchases most people will ever make. The process is complex and is stressful even in the best circumstances. Picking the right people to represent your interests can make a big difference in this challenging process. Sandi Durr (Cynthia Hill Properties) & Mike Durr (The Kingwood Mortgage Guy) came up with five tips for choosing a real estate agent that they feel will help you make a good decision when choosing your Realtor. First Tip Is the Realtor familiar with the area? You should always choose a Realtor that has substantial expertise in the area you are looking in, or trying to sell in. There are a lot of small things about communities that can make a big difference to you the buyer if they go un-discovered. If you are the seller you want to make sure that the Realtor prices correctly, understands all of the positives of the area and makes a point of highlighting the most appealing points of your home but also the area. Second Tip:Does the Agent communicate well? Many Realtors are experts and they don’t mind sharing their expertise. The problem is that sometimes the Agent is so full of themselves that they don’t give you a chance to explain what you are looking for. If you are selling you want a Agent That gives you honest feedback on a consistent timeline. What are the agents and potential buyers who view your home saying about it. This would help you make any …