If you submitted a question to the Ask Ron forums on the Gold Club website, you’ll find your answer from Ron here. This week, our questions covered loans, entities and a few other subjects. Even if you didn’t ask a question to Ron, this information is great to know! Tune-in and see what the Guru has to say.
Ask Ron 2014-09-12
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Thanks Ron,but Elliott did’t word it exactly how I wrote it.Here is original question,and i will omit Bank financing..
Thanks again..
“Dean here in Flatrock Nebraska
I’m prequalifying for a conventional loan,for an investment property I’m interested in.Owner will sell but not real motivated.It is currently rented and I would like to take over the property at a later date if we can agree on a price.I have a self directed IRA and I would be a first time home buyer,but do not have any skin or savings to show lenders for the loan.I plan on living and running my business out of the property once I have it occupied.Any suggestions on getting this property under contract.It is not listed under a Realtor.It is privately owned and everything is up to date,ie no repair work.Is currently renting for 900 a month.”
Thanks
Dean Pittman
Dean, here’s Ron’s reply:
“Dean, you didn’t give me enough info to comment. It starts with a completed property information sheet and a seller willing to give you terms, then you must find out the minimum down payment and monthly requested payments. Only then can you determine if there is a deal. If he won’t do terms, as an investment it’s dead. As a home, it would require a loan, so it comes down to….get terms or it’s dead.”
Guess I caught all that..
Thank you for that response. That clears up my questions on the assignment issue. Thank you.
Always such great info. Shoots from the hip. Easy to follow inst’s. Tx!
ExSELLent Ron always out updating his own material…..what a man………….