New qualifying rules for bankruptcy and foreclosure people

“Wait Times” for BK and Foreclosure Borrowers:   Qualifying to Buy Again

 Only 1 year is possible with FHA’s new “Back to Work Loan” and a Verifiable “Hardship”  

  • Steady employment in the same line of work for 2 years and the probability of continued employment

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Went to look at an ugly house

Student fix and flip deal

Rehabing real estate is fun

One of  my students just got a deal in Compton so we shlepped out to see it. We asked John Fluker who is a retired building inspector to come out. He is a life saver when dealing with the City inspectors. He can save you mucho dinero. Those city guys can be little Hitlers. They hate the fact that you are going to make more on one deal than they make in one year so they make it tough for you. With John there to negotiate, things go much smoother, I speaker from experience,
I had a deal in compton and every time the inspector came out he found something new. We were going nowhere. I could not get my plans approved. We were taking a 3/1 and making it into a 4/2.

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