Good morning everyone- I just logged in as a new member yesterday.
I own 3 parcels,(2) two, I bought in 1999, the first one, I owe about 9K on 3.35 acres of waterfront on what is considered deep water (4ft), some improvements; the second,I own outright, .63 acres, waterview and wooded. The third,I aquired in 2007, which is an old farmhouse that I am now renovating, I own the property, owing about 19K, but do not own the mortgage. The previous owner, who is my sister-it was going to foreclosure following a stroke and loss of employment. We made a verbal deal and after I stopped the foreclosure, she renigged on the deal, leaving me on my own. My credit was poor(low 600's)so I was denied the refinancing into my name, but was told by the bank that after a year of paying on time a refinancing would be possible. However, the bank started shuffling their feet after the year had gone by, they still only wanted to deal w/my sister. It has been 2 1/2 years with the same attitude from the bank.I now have my lawyer, (the same one who wrote the "Speacial Power of Attorney",which the bank did not honor) dealing with this issue. Anyway, I originally bought the raw land to use for collateral to invest in real estate, then found that no banking institute would deal with it (raw land), and now I find the farmhouse needs extensive repairs (pre-1900). I have studied other real estate courses and armed with Dean's new way of looking at things I am ready to try again. I now know some seasoned investors who's brains I can pick, a really good broker and I plan to join the local Chamber of Commerce to network and hand out business cards; unfortunately, I am having to wait a few days, the storm that just came through the East Coast has caused some damage that needs to be address immediately. But then my feet hit the pavement! Thanks for listening. Ruth
I just watched the blog about the Joplin victims, 2 thumbs up Dean!