Seeking a private real estate investor

[Buck Maverick]

Does anyone know a private real estate investor they would recommend as a potential partner for purchase of a residential property in The Villages?

[DAVES]

Does anyone know a private real estate investor they would recommend as a potential partner for purchase of a residential property in The Villages?

The fact is the business arrangement most likely to fail is a partnership. The problems are arguments between the people.
I do more than you do and yet you want half of the profits.
I want income and you want to make profit by reselling.
You or the other partner have an unforeseen life issue one needs to sell and the other may not have the ability of desire to buy them out. Real-estate is not as liquid as people seem to think. Have we all forgotten the real estate bubble so soon?

Obviously, all the issues I mentioned above are even more likely to end badly when you are looking for a partner you do not even know.

[Buck Maverick]

Yes. The Reverse Mortgage Company served me with a mortgage complaint for my recently deceased Mother's house in the Alhambra area. The home is worth approximately $210,000- $249,000 and according to the Complaint, the undaid principal balance is ~$87,500. I can come up with some of the unpaid balance, but probably not all of it. And even though there is a good amount of equity and a decent downpayment, I do not believe my credit score is high enough to qualify for a bank loan for the remainder. I thought a private investor may see the investment potential, and may loan me the capital I will need to buy out the reverse mortgage company with the deed to the house as collateral. Thank you for responding. Buck

[TNGary]

Yes. The Reverse Mortgage Company served me with a mortgage complaint for my recently deceased Mother's house in the Alhambra area. The home is worth approximately $210,000- $249,000 and according to the Complaint, the undaid principal balance is ~$87,500. I can come up with some of the unpaid balance, but probably not all of it. And even though there is a good amount of equity and a decent downpayment, I do not believe my credit score is high enough to qualify for a bank loan for the remainder. I thought a private investor may see the investment potential, and may loan me the capital I will need to buy out the reverse mortgage company with the deed to the house as collateral. Thank you for responding. Buck

Buck, please call John Misky at 615-310-2687 he is a legit broker and works very hard to find a package for his clients at very reasonable rates. Good luck, keep me posted thanks

[retiredguy123]

Why not just sell the house?

[Toymeister]

This is a two month old thread, no reason to give the OP any advice, he won't read it

[Buck Maverick]

This is a two month old thread, no reason to give the OP any advice, he won't read it
Thank you Toymeister, but I do read the posts. Still seeking a private investor to assist with getting Reverse Mortgage company out of the picture and using the existing ~$110,000 equity in the house as collateral. My credit score is ~625. I am a petroleum engineer and an attorney licensed to practice law in Colorado. My fiancé is a Physical Therapy Assistant. Primarily trying to see if we can keep the house in the family and possibly retire a bit earlier than planned in The Villages. I think we could sell the house for $210,000 in 30-45 days.

[Buck Maverick]

Why not just sell the house?
See latest post (reply to post) from me to Toymeister. Thank you! Buck

[Toymeister]

No reason to pile on to the OP here, people have bad credit scores for many reasons. Divorce, medical or business bills just to name a few.

Let's be objective here, though. You are a bad risk. Credit score is one element the other is your occupation, more people will distrust a JD then want to enter into a partnership with one. Seriously, people are concerned about the contract and the potential for future litigation.

I am sorry if this sounds harsh, I do believe that you know this to be more true than not.

[Villageswimmer]

You seem to be an honest person but it’s a risky proposition. Might be better to sell the house and invest the proceeds with the plan to purchase in TV when you retire. There are lots of houses...

[dewilson58]

With that equity to loan ratio..........+600 credit score, you can get a loan for it. This way, it's yours and you don't have an "known partner" with you. Mostly for a family assets.


Good Luck.

[ColdNoMore]

A lot of things simply don't add up here. :oops:

Publicly asking for an investment partner, before even submitting a personal application for a loan...raises a lot of red flags in my mind.

I can't help but wonder...if we're not being 'punk'd?' :ohdear:

[villagetinker]

OP, If I recall correctly, there is a company called BridgeWell that specializes in 'bridge' loans, this may work for you. I have no info on the company, I became aware of them as they were offering an 8% return to investors.

[ColdNoMore]

Yes. The Reverse Mortgage Company served me with a mortgage complaint for my recently deceased Mother's house in the Alhambra area. The home is worth approximately $210,000- $249,000 and according to the Complaint, the undaid principal balance is ~$87,500. I can come up with some of the unpaid balance, but probably not all of it. And even though there is a good amount of equity and a decent downpayment, I do not believe my credit score is high enough to qualify for a bank loan for the remainder. I thought a private investor may see the investment potential, and may loan me the capital I will need to buy out the reverse mortgage company with the deed to the house as collateral. Thank you for responding. Buck

Just out of curiosity, why haven't you even applied for a loan yet...before publicly asking for someone to invest? :confused:

[thelegges]

Since this is a few months in, I am surprised the backing bank has not closed on the reverse mortgage. There is enough equity in the home that no matter What credit issues are for you to get a loan, maybe not at a great interest rate, but still a loan.
I am surprised your financial advisor has not told you you need to settle this prior to finishing probate, before you can put home in your hands.
If there is money in estate than this needs to be settled. Being an attorney this should be an easy fix for you. You could not enter a partner until estate has been settled

[Tom C]

... and it seems QUITE STRANGE that you are requesting this of SENIORS rather than partners of business associates... Sorry, with all the inconsistencies here and the options that you have NOT EXERCISED,...

I WOULD STRONGLY URGE EVERYONE TO STAY AWAY FROM THIS ENDEAVOR.....:shocked: :ohdear::ohdear::ohdear:

but that is my opinion, and based upon all the red flags that this posting trail is showing to me.

[ColdNoMore]

... and it seems QUITE STRANGE that you are requesting this of SENIORS rather than partners of business associates... Sorry, with all the inconsistencies here and the options that you have NOT EXERCISED,...

I WOULD STRONGLY URGE EVERYONE TO STAY AWAY FROM THIS ENDEAVOR.....:shocked: :ohdear::ohdear::ohdear:

but that is my opinion, and based upon all the red flags that this posting trail is showing to me.

:agree:...COMPLETELY!

[manaboutown]

I wouldn't touch this with another guy's ten foot pole. The obvious thing to do is to sell the house and collect whatever is left after the loan is repaid. I cannot understand the need or request for a sucker, er partner.