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Home Loans |
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You find the deal... we buy the property... we write you a 20-35 year sales contract. You start out paying the equivelant of approximately what the house payment would be, plus an extra $50-$200 per month. 85% of this extra $50-$200 is to build up your down payment, the rest is for our associated administrative costs.
You need little or no money down.
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We make no claim to do this out of the goodness of our collective hearts. We can only offer our service to buyers that find qualified properties. Bear in mind though, our standards are not nearly as stringent as what you will probably find at a bank. For example, what is your credit situation? This is the first question any lender will ask you. Guess what?.... we don't care,... really!! Truthfully though, it's a no lose situation for us... we get to help you get into the property you find, but, on the other hand, if you don't pay, we still win.
I remember several years ago(more than I care to remember(ha)), when I was shopping for my first house... I couldn't believe how many really great houses that I found, for a fraction of what they would bring after a little sprucing up. But of course, there was always a catch... either the house wouldn't pass the minimum qualifications for an FHA/VA loan, and, as is usually the case, the bank wouldn't even consider writing a conventional loan. I believe the quote from the bank was usually something like: "Get a few properties and/or some equal collateral". How could the bank pass up such a good deal? In order to write such a risky loan, the bank has to stick their neck out too far(see **bank risk** below). The banks can't help it... they cater to so many people, that they don't have to take chances. Let's face it, the best buys, (either residential or commercial), are usually the fixer-uppers. Unfortunately, these great buys are usually unattainable to the average real estate buyer,... forbidden to first time buyers. Call on us, You can't lose... and neither can we! Wondering if there's a catch? There isn't!!!!! We hold the deed to the property until the balance is paid. You have the opportunity to transfer the loan to the mortgage company of your choice, or, otherwise pay us off in full once every 5 years. We always make every effort to help people acheive their goals, and in doing so, we ourselves prosper. If we don't get our payments, we don't prosper... which brings us to our most important rule... We need to receive payments in a timely manner. We operate under a three strike policy... If you fall more than 3 months behind on your payments at any time during the term of the loan, you lose the property. We understand that anyone can have a bad run of luck, and as such, have implemented this very simple policy. We always honor our part in any agreement, and, only ask that we be treated the same. Now on to the qualifying of properties. For the property to qualify, it has to be brought in at a price that allows us to make at least a minimal profit. It's a pretty easy to grasp concept... If we can make out, so will you. Please bear this in mind when shopping for a property(think cheap and don't be afraid to haggle). There are plenty of great deals out there. "If you throw enough hooks in the water, you're bound to catch a big one, sooner or later". If you're serious, you should be thinking about looking everywhere(including the newspapers, family, friends, and the people you meet in your everyday life). When you do find a good deal, this is where we'll be. The more information you have for us the faster the process will be. Please contact us by email. If you get right down to it, it's just a matter of a trade-off. If you buy a house using our service, you're going to be paying more than if your were to get a bank loan and buy an FHA or VA approvalble house. The trade-off is that you have to work a little harder. Buying a property that needs repair means that it has to be fixed. Your reward is that you buy a house that would appraise at, let's say $55,000.00. But, once you fix YOUR house up, it will appraise at, again, let's say, $76,000.00. You just made $21,000.00. By the way, it's not uncommon to pick up $40,000.00 in equity on each and every place you can find. Remember, you have the opportunity to pay us off every 5 years. We don't have any fancy formulas to figure interst on the balance at any of the 5 year intervals(most people do it in 5 years... inquire for testimonials). You pay us the balance, plus 13% FLAT RATE on the balance. Good luck in your real estate quest!! **Bank Risk** What if you don't do what you say? What if you lose interest and then default. The guy that writes you the loan gets in trouble, as does the underwriter. It's true that if the loan defaults, the bank has the property back..., but, remember,... the bank is in the business of lending money and collecting interest. Having to deal with a loan default means that they have to fill out tons of paperwork, put the property on the foreclosure list(and all the paperwork associated with that), contract an auctioneer or real estate agent, and then hope the property sells at a high enough rate to get most of the money back. |
| Email: RPT@PlainDealing.net |
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