POSITIVE CASH FLOW MULTI-FAMILY 15 MINUTES FROM NEW YORK CITY 

 

As most of you on Active Rain know, helping families out of a foreclosure situation is one of my favorite things to do.In most cases we help them stay in the home, but sometimes they want to walk away from it owing nothing. Like this case:

My latest client is foreclosing on this Multi-Family investment opportunity in Bayonne, NJ (15 minutes from New York City). She bought the house for $560,000 last year and after months of negotiation with the bank, they settled on $450,000 (commission included)!!!!

That's all fine and dandy but I am not a real estate agent and need to find a buyer for this home! PLEASE HELP.

 

 

PROPERTY DETAILS

3 Family (3 bedrooms 2 bath, 3 bedrooms 2 bath, top floor is mid construction 2 bedroom)

RENT INCOME: $1,350 + $1,350 + $1,000 (top floor when finished)= $3,700 Monthly Income

MORTGAGE PAYMENTS (standard 20% down) @6.25% = $2,950 (Taxes and Ins. INCLUDED)

Positive Cash Flow of $750/month! 

Waiting list of pre-qualified tenants for the 2nd unit

Rents can be raised. 

Section 8 Approved, checks come every month from the state.

 CONTACT ME FOR MORE PICTURES/INFO

 

 

 

 

My problem is, I AM NOT A REAL ESTATE AGENT. Please tell your clients, family, friends about this opportunity 

A new loan product called the FHA Secure Loan is going to come the rescue of some homeowners who are unable to refinance at this time and to help stop foreclosure for many homeowners who are struggling with adjustable rate mortgages. President Bush announced plans today at the White House to expand the Federal Housing Administration so that an additional 80,000 risky borrowers can benefit from its mortgage insurance program. I believe that this is the first step by the White House to combat the war to help stop the foreclosure crisis.

Bush's plan would allow risky borrowers to qualify for FHA's mortgage insurance even if they have recently become delinquent, as long as they have relatively sound credit. FHA currently does not allow delinquent borrowers to qualify for loan insurance. It would also alter the code to help borrowers refinance their loans with FHA insurance.

Bush said that ``in the coming days'' the FHA will begin a new program called FHA Secure Loan that will permit homeowners who have a good credit rating but can't afford their current payments to refinance into FHA-insured mortgages. ``This means that many families who are struggling now will be able refinance their loans, meet their monthly payments and keep their homes,'' Bush said. ``We going to start reaching out and make sure people know this option is available to them.''

This is great for homeowners who can "qualify" for this program and I am anxious to see what the underwriting guidelines will be. That will show me exactly what this will do to assist borrowers to refinance out of their current ARM and into a fixed FHA Secure Loan.

A lot ( a whopping 1.9 million plus) of homeowners will still be left to fend for themselves as President Bush announced there would be no bail out for borrowers who purchased homes that he claimed they could not afford. He forgot to mention that many of these homeowners were pushed into these loans and properties with the help of these lenders and real estate agents who were just doing their jobs and hell if they could "qualify" for a loan then they can "afford" the home. They were acting on the advice of their "trusted" professional advisors. Isn't that why we have underwriting and guidelines? Isn't that how they determine the affordability or was that all a dream and those weren't really loans at all?

What about these people?

The FHA Secure sounds all honky dory but it will not be the answer to help stop foreclosure for most American's! The only answer is massive loan modifications that the President and Congress need to force lenders in helping their clients.

Did you know that there were 243,947 foreclosures filed last month alone????  In this same month 42,789 homes were actually repossessed by their lenders! Ladies and Gentlemen we are in the middle of one of the largest foreclosure epidemics this nation has ever seen! Middle Class families are being stung with adjusting rates, house depreciation, and a lack of options from the banks...leaving them no choice but to forfeit the place they once called home. 

 If I told you I know a way to save a family from foreclosure (honestly. without charging them) no matter what the situation and make anywhere from $5,000-$50,000 on each property would you believe me? If you answered NO then your wrong! I have taught hundreds of investors, students, couples, entrepreneurs, and everyday people how to become a hero and make a profitable living part-time or full-time.  I have also personally saved nearly 100 families from the unlawful process of foreclosure.  If you are interested in learning more or know a family who needs help please contact me anytime via phone call or email.

 

Anthony Fico

National Currency Resources LLC.

226 E. 54th Street STE#606

New York, NY 10022

off:  718-285-9598

cell: 914-403-0182

anthony@nationalcurrencyresources.com