Chef Jim Posted April 30, 2010 Share Posted April 30, 2010 hehehehehh wow...yeah...I won't even comment there...who am I kidding...yes I will...being rich doesn't make you righteous either... and I'm not in over my head...I'm in over your head...there's a difference...you don't understand how a simple design can work... I completely do not have a plan B...because that would address one thing or another...I do not try to see things coming...I have worked on reaction time...you start and as problems come...as I have said they surely will...you learn to move...you need only one safegard...I will have no debt building up...it is a performanced based good faith payment...I'm getting a headache trying to explain the most simple thing...buy, fix, friggen sell... and if ten percent default...awwwwww...I'm sure there are just not enough people to put back into the homes...you react you don't plan...you cannot, NO MATTER HOW HARD YOU TRY, control what will happen...you can only control your reaction...I have said there will be plenty of bumps and bruises...but who cares?...if you can't take that then you will sit behind your desk all day making someone else money... I still haven't seen where you've mentioned how you're titling the properties. Link to comment Share on other sites More sharing options...
Celtic_soulja Posted April 30, 2010 Author Share Posted April 30, 2010 I still haven't seen where you've mentioned how you're titling the properties. Okay...are you talking details like equitable versus legal and all that crappola?...look it doesn't have to be this difficult to understand...the CDC will have the legal title until it is paid off by the buyer...the contract will be similar to a mortgage agreement...except different stipulations that benefit the buyer...like defaults will be different...insurance mandates will be different...but the concept is the same...you pay this per month, you have this many payments that need to be made...outlining responsibility for damages...etc...but the CDC will be the legal title holder...and will delegate certain responsibilities to the renter/owner Link to comment Share on other sites More sharing options...
DC Tom Posted April 30, 2010 Share Posted April 30, 2010 Okay...are you talking details like equitable versus legal and all that crappola?...look it doesn't have to be this difficult to understand...the CDC will have the legal title until it is paid off by the buyer...the contract will be similar to a mortgage agreement...except different stipulations that benefit the buyer...like defaults will be different...insurance mandates will be different...but the concept is the same...you pay this per month, you have this many payments that need to be made...outlining responsibility for damages...etc...but the CDC will be the legal title holder...and will delegate certain responsibilities to the renter/owner So the CDC buys and owns the house, and rents it out to a renter who, after a certain amount of time has passed/money has been paid takes transfer of title from the CDC. But until they do, they're still renters. And I'd assume there's pesky things like laws that govern the CDC's responsibility as the property owner renting out? And you're going to record all this paperwork without hiring a lawyer? And I assume you're going to do a title search on the properties before you buy them? You know, to make sure there's no senior claims on the properties? Link to comment Share on other sites More sharing options...
Celtic_soulja Posted April 30, 2010 Author Share Posted April 30, 2010 So the CDC buys and owns the house, and rents it out to a renter who, after a certain amount of time has passed/money has been paid takes transfer of title from the CDC. But until they do, they're still renters. And I'd assume there's pesky things like laws that govern the CDC's responsibility as the property owner renting out? And you're going to record all this paperwork without hiring a lawyer? And I assume you're going to do a title search on the properties before you buy them? You know, to make sure there's no senior claims on the properties? Yes, kinda, yes, and yes I am not paying big money for lawyers, but I have prelaw people that know what they are doing...and it's not that complicated to draw up a contract with stipulations... Also...you can delegate responsibility to the renters/owners...it's been done before Link to comment Share on other sites More sharing options...
Chef Jim Posted May 1, 2010 Share Posted May 1, 2010 So the CDC buys and owns the house, and rents it out to a renter who, after a certain amount of time has passed/money has been paid takes transfer of title from the CDC. But until they do, they're still renters. And I'd assume there's pesky things like laws that govern the CDC's responsibility as the property owner renting out? And you're going to record all this paperwork without hiring a lawyer? And I assume you're going to do a title search on the properties before you buy them? You know, to make sure there's no senior claims on the properties? So you're going to explain to people in the 'hood that they're buying houses that they don't own. Yeah, they'll run you out of town in a heartbeat. Link to comment Share on other sites More sharing options...
Chef Jim Posted May 1, 2010 Share Posted May 1, 2010 I can't believe I'm going to do this but here's my honest opinion of what you should do. Start small, one maybe two places and see what interest you get with people wanting to buy houses they won't actually own until the year 2030. Link to comment Share on other sites More sharing options...
DC Tom Posted May 1, 2010 Share Posted May 1, 2010 Yes, kinda, yes, and yes I am not paying big money for lawyers, but I have prelaw people that know what they are doing...and it's not that complicated to draw up a contract with stipulations... Also...you can delegate responsibility to the renters/owners...it's been done before Not "kinda". Either the CDC holds the title, or your "renters" do. Whoever does owns the property. And how are you going to handle the recordation taxes and fees when the CDC transfers title to the "renter"? That's not free, you know. Hell, do you even know what a HUD-1 is? Link to comment Share on other sites More sharing options...
Celtic_soulja Posted May 1, 2010 Author Share Posted May 1, 2010 Not "kinda". Either the CDC holds the title, or your "renters" do. Whoever does owns the property. And how are you going to handle the recordation taxes and fees when the CDC transfers title to the "renter"? That's not free, you know. Hell, do you even know what a HUD-1 is? Kinda...as in...you can be the legal title holder and not be solely responsible for everything that the property is being used for...you can seperate certain rights in the title to different holders...c'mon, you have to had known that buddy Link to comment Share on other sites More sharing options...
Celtic_soulja Posted May 1, 2010 Author Share Posted May 1, 2010 I can't believe I'm going to do this but here's my honest opinion of what you should do. Start small, one maybe two places and see what interest you get with people wanting to buy houses they won't actually own until the year 2030. Good Lord, I almost dropped dead on the spot I actually agree that would be prudent What I was going to do is start with my own home, bought through the CDC to see what pitfalls may or may not befall future clients I don't think the term will be anything to cry about, most mortgages that even average credit rating folks get is 30 years...it's less per month than the average mortgage and the term is shorter...again goes back to the market value argument Link to comment Share on other sites More sharing options...
Chef Jim Posted May 1, 2010 Share Posted May 1, 2010 Good Lord, I almost dropped dead on the spot I actually agree that would be prudent What I was going to do is start with my own home, bought through the CDC to see what pitfalls may or may not befall future clients I don't think the term will be anything to cry about, most mortgages that even average credit rating folks get is 30 years...it's less per month than the average mortgage and the term is shorter...again goes back to the market value argument But once again, why would they pay $120k for a house they could pay $30k for and have a mortgage that is half of what they'd be paying you and it would be a home they actually own. Link to comment Share on other sites More sharing options...
Celtic_soulja Posted May 1, 2010 Author Share Posted May 1, 2010 But once again, why would they pay $120k for a house they could pay $30k for and have a mortgage that is half of what they'd be paying you and it would be a home they actually own. A variety of reasons Why am I going to do it? Buy the home with a CDC, and then charge myself my "made up" market value? To help the city, to rebuild the ghetto, to show everyone that I am real about what I am doing, because a bank won't finance a guy like me for a property like that becuase of my income/credit rating and because of the shape of the property Why will they? Most likely because they can't actually own the home for 30k unless they have it on them in cash. They cannot be financed, the properties aren't going to be financed by a bank, they are unloading the property in the hood because nobody on Wall Street wants it. They have no viable options to sell it to those that actually want it, so they are just trying to unload it to jagoffs like myself. But the bottom line is people will do it because I know how to sell it, and when they see the city changing, will be proud. They are paying less a month to own than rent. It is a win win for the city and citizens. Link to comment Share on other sites More sharing options...
Chef Jim Posted May 1, 2010 Share Posted May 1, 2010 A variety of reasons Why am I going to do it? Buy the home with a CDC, and then charge myself my "made up" market value? To help the city, to rebuild the ghetto, to show everyone that I am real about what I am doing, because a bank won't finance a guy like me for a property like that becuase of my income/credit rating and because of the shape of the property Why will they? Most likely because they can't actually own the home for 30k unless they have it on them in cash. They cannot be financed, the properties aren't going to be financed by a bank, they are unloading the property in the hood because nobody on Wall Street wants it. They have no viable options to sell it to those that actually want it, so they are just trying to unload it to jagoffs like myself. But the bottom line is people will do it because I know how to sell it, and when they see the city changing, will be proud. They are paying less a month to own than rent. It is a win win for the city and citizens. So you think there are no people in your neighborhood that could qualify for a $30k loan? Link to comment Share on other sites More sharing options...
Celtic_soulja Posted May 1, 2010 Author Share Posted May 1, 2010 So you think there are no people in your neighborhood that could qualify for a $30k loan? ehhh...I haven't done credit checks...but the properties they would be getting the loan for...no I really don't...most properties that need work are even harder to secure loans for...I know there are at least enough people in my neighborhood that couldn't though, and that's my market Obviously if there is a better option, they should go for it, but I do not believe there is If there was, they would do it. Who would rent property for 700 a month on the apartment next door when they could own a three family for what 200 a month by calculations of these bankers posting but that is the situation, so it tells me that they cannot secure financing for these properties and the reasons for that is most likely that the properties need too much work or the credit rating is too low, either way I will fix that Link to comment Share on other sites More sharing options...
taterhill Posted May 1, 2010 Share Posted May 1, 2010 Where exactly is your neighborhood? Link to comment Share on other sites More sharing options...
Celtic_soulja Posted May 1, 2010 Author Share Posted May 1, 2010 Where exactly is your neighborhood? Sorry won't post my real information at this time... Link to comment Share on other sites More sharing options...
DC Tom Posted May 1, 2010 Share Posted May 1, 2010 Where exactly is your neighborhood? Not on this planet. Link to comment Share on other sites More sharing options...
Celtic_soulja Posted May 1, 2010 Author Share Posted May 1, 2010 Not on this planet. I thought you'd be in bed by now Tom. Alright I'll give you a hint. It is in this nation. No more than 9 hrs from Buffalo Link to comment Share on other sites More sharing options...
taterhill Posted May 1, 2010 Share Posted May 1, 2010 You could buy about 250 houses all over Buffalo right now for under $10k.... Link to comment Share on other sites More sharing options...
Celtic_soulja Posted May 1, 2010 Author Share Posted May 1, 2010 You could buy about 250 houses all over Buffalo right now for under $10k.... hehehehehe I don't doubt it, but something tells me I don't have a future in politics in WNY Link to comment Share on other sites More sharing options...
Just Jack Posted May 1, 2010 Share Posted May 1, 2010 Sorry won't post my real information at this time... You're in Rhode Island. Link to comment Share on other sites More sharing options...
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