Seeking a private real estate investor

Closed Thread
Thread Tools
  #1  
Old 05-13-2019, 06:50 PM
Buck Maverick Buck Maverick is offline
Junior Member
Join Date: May 2019
Posts: 7
Thanks: 0
Thanked 0 Times in 0 Posts
Default Seeking a private real estate investor

Does anyone know a private real estate investor they would recommend as a potential partner for purchase of a residential property in The Villages?
  #2  
Old 05-14-2019, 10:09 AM
DAVES DAVES is offline
Sage
Join Date: Feb 2014
Posts: 3,337
Thanks: 179
Thanked 1,874 Times in 948 Posts
Default My opinion

Quote:
Originally Posted by Buck Maverick View Post
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.

Last edited by DAVES; 05-14-2019 at 10:10 AM. Reason: typo
  #3  
Old 05-14-2019, 04:33 PM
Buck Maverick Buck Maverick is offline
Junior Member
Join Date: May 2019
Posts: 7
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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
  #4  
Old 07-20-2019, 09:17 AM
TNGary TNGary is offline
Senior Member
Join Date: Jan 2017
Posts: 145
Thanks: 0
Thanked 55 Times in 28 Posts
Default

Quote:
Originally Posted by Buck Maverick View Post
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
  #5  
Old 07-20-2019, 01:14 PM
retiredguy123 retiredguy123 is online now
Sage
Join Date: Feb 2016
Posts: 13,939
Thanks: 2,272
Thanked 13,412 Times in 5,105 Posts
Default

Why not just sell the house?
  #6  
Old 07-20-2019, 01:16 PM
Toymeister's Avatar
Toymeister Toymeister is offline
Platinum member
Join Date: Sep 2016
Posts: 1,680
Thanks: 343
Thanked 2,335 Times in 729 Posts
Default

This is a two month old thread, no reason to give the OP any advice, he won't read it
  #7  
Old 07-20-2019, 09:04 PM
Buck Maverick Buck Maverick is offline
Junior Member
Join Date: May 2019
Posts: 7
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Quote:
Originally Posted by Toymeister View Post
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.
  #8  
Old 07-20-2019, 09:07 PM
Buck Maverick Buck Maverick is offline
Junior Member
Join Date: May 2019
Posts: 7
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Quote:
Originally Posted by retiredguy123 View Post
Why not just sell the house?
See latest post (reply to post) from me to Toymeister. Thank you! Buck
  #9  
Old 07-21-2019, 08:04 AM
Toymeister's Avatar
Toymeister Toymeister is offline
Platinum member
Join Date: Sep 2016
Posts: 1,680
Thanks: 343
Thanked 2,335 Times in 729 Posts
Default

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.
  #10  
Old 07-21-2019, 08:51 AM
Villageswimmer Villageswimmer is offline
Platinum member
Join Date: Feb 2011
Posts: 1,919
Thanks: 2
Thanked 749 Times in 259 Posts
Default

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...
  #11  
Old 07-21-2019, 08:54 AM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 11,501
Thanks: 834
Thanked 9,687 Times in 3,600 Posts
Default

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.
  #12  
Old 07-21-2019, 02:09 PM
ColdNoMore ColdNoMore is offline
Sage
Join Date: Apr 2016
Location: Between 466 & 466A
Posts: 10,509
Thanks: 82
Thanked 1,507 Times in 677 Posts
Default

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

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?'
  #13  
Old 07-21-2019, 03:03 PM
villagetinker's Avatar
villagetinker villagetinker is offline
Sage
Join Date: Sep 2013
Location: Village of Pinellas
Posts: 9,583
Thanks: 2
Thanked 5,996 Times in 2,197 Posts
Default

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.
__________________
Pennsylvania, for 60+ years, most recently, Allentown, now TV.
  #14  
Old 07-21-2019, 03:10 PM
ColdNoMore ColdNoMore is offline
Sage
Join Date: Apr 2016
Location: Between 466 & 466A
Posts: 10,509
Thanks: 82
Thanked 1,507 Times in 677 Posts
Default

Quote:
Originally Posted by Buck Maverick View Post
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?
  #15  
Old 07-21-2019, 03:34 PM
thelegges's Avatar
thelegges thelegges is offline
Soaring Eagle member
Join Date: May 2010
Location: Drayton Plains, MI, Vietnam, Waterford, MI, Pennacamp, Fernandina, Duval, 1 retired in Richmond
Posts: 2,205
Thanks: 12
Thanked 1,587 Times in 566 Posts
Default

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
Closed Thread

Tags
investor, real, estate, private, purchase

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 07:30 AM.