First Deal Help

First Deal Help

This is my first post. So thank you for any help. I am working on first potential deal. It is a manufactured home sitting on 1 acre of land, and has been vacant since 2006. However, it is in exceptional condition, with some minor patching needed and cleaning. The grass is as high as the house. The porch and deck needs rebuilding. No one has been able to get any information on who owns it. Only a company name and no phone number. After some dilligent digging I made contact with a lady at the company that owns it. It is called Primera Financial Services, she says they obtained the property in 2006 from GreenTree. She says the property has not been for sale because she is waiting on a document from the investor. I am not sure what that means. But she claims that within the next 2 days she should obtain this paperwork and will be able to sell the property. She has no idea what the asking price will be, and states she will put me in touch with their realtor once she gets the document she is waiting on. She has asked me if I know what I could rent it for or if I will be living in it. I explained to her that I would be using it as a flip if I could get it for the right price. I came across with the attitude that it would be possible but not easy to rent or possibly flip it. But, I did not want her to know I have 2 potential buyers that have been interested in this property for some time. My question is have any of you ever heard of Primera Financial services? The BBB claims they are out of business, they don't seem to have a location, and my contact # is a cell number to the lady. All she will say when I asked her if they were a bank, she would just say we own the property. Does anyone know what kind of situation I am dealing with here, it is a bit odd to me? Also, the taxes have not been paid in 2 years. Thank You.



Well congrats on taking action!! Have you gone down to the tax asseors office? That's a way to find out who owns it. I would say wait the 2 days call back promptly and find out the asking price then and the realtor etcc.. Sometimes we instantly shady is going on but u say wait a couple of days and see hat happens. Keep us posted!

God Bless,
Gorgeous Frazier

Deed For Contract/ Finding refinance money

I recently purchased a house with a Deed For Contract and seller financing at a fairly high interest rate. I would like to refinance it as soon as possible. What should I be careful to avoid with this manner of purchase and can I refinance without 12 months of paying? The value of the house is estimated at $52,000 and I bought it for $35,000. I put $1,500 down, about $2,000 for repairs and rented it for $750.00 per month. Is this a good deal?

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