Jeff can I subscride to your news letter?

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2016 Corvette Stingray 2LT
1969 280SE
2023 Ram 1500
2007 Tiara 3200

Talk to a banker like that, and you won't get a loan for a loaf of bread.

It's obvious Carleton Sh!!ts has some devout followers.

Actually I've found that how you butter the "banker" up means little. They only care about the same thing you do. $$$$ they want as much of yours as they can get.

That is not my experience. Bankers are part of the group like everyone else and there is no mystery--they want to get turned on to cherry financial opportunities and maintain social presence and many even have political aspirations, or don't own their own boat and just want to guarantee invites during rock season or on an overnight sailing trip. I deal with 4 traditional banks, and know most of the board members at each. Sure, if I screwed them, the well would run dry, but these people are friends, neighbors and in some cases business partners. They aren't going to lose money on me, but they cut it pretty close, because I take care of their friends who call me, give money to their charities, ect......

This may be the difference between the North and the South

It might be.... though I doubt all Northerners are so hostile toward traditional lenders. Playing those get rich quick in re tapes over and over must alters one's mindset.

The goat is on the barn with a ball of yarn.

"I meant what I said, and I said what I meant.
An elephant's faithful, one hundred percent. "
Dr. Seuss

Before I was a banker my main question was what rate and how fast can you get this done. If people would allocate more time to making money instead of studying the abyss of credit card rates they will find much more money in their own pocket and won't neeed a credit card. When pricing a deal you walk the balance beam of how easy it will be, what the risk will be and potential for future business. I deal with people like gottadiesel but most of them own many properties and finance several times a year and send tons of other business and they get the great rate but when I run into the one time begging for a good rate and thats it I give them the rate and if they come back fine, if they beat the competition up that is even better.


Another troubling thought is these guys are big time investors and want big profits but it is obvious that they don't want the other guy to make a living.

Sorry you're troubled.

You are free to make money -- if you can save me money. Otherwise you have no value to me.

And as *you* indicated already. That is the case.

go to the owner,
buy the thing on a land contract,
If you need one I can send you one.
forget about termites and inspections and all that.
forget about mold....give the 100 dollars and sign the land
contract.... Go down and file it with the court house,
keep copies of your payments, set the payments very low.

Lets say 50k 100 dollar down, interest only payments for
5 years, with a ballon of 50k at the end of the 5 years payments
probably 250 bucks a months or something like that.


Now go into the house and go to work, if you find mold, or termites
or if you find its to much to do just take the key back to the orginal owner and your credit is still ok...

If you can fix it up then go ahead, keep copies of your payments, in 12 months go to a mortage broker... or a bank and apply for a loan... the house fixed up will now apraise for 100k... probably the bank will lend you 80k...

pay the guy his 50k and put 30k in your savings....
a friend of mine has done this 44 times....

That was the best one yet, eh?

I think the original poster got more than he bargained for. I hope he did better on his house purchase than he did on seeking advice.

Hehe. I have to agree. All I hope is that he didn't play with the likes of some of the "Mortgage Brokers" -- I'm sure he knows that 1.99 is better than 6.25 with fees!

Fun thread!

I hope he updates. I think we scared him away!

__________________
2016 Corvette Stingray 2LT
1969 280SE
2023 Ram 1500
2007 Tiara 3200