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Home » Resources » Ask Ron - Q&A sessions with Ron » Ask Ron 2014-09-12

Ask Ron 2014-09-12

If you submitted a question to the Ask Ron forums on the Gold Club website, you’ll find your answer from Ron here. This week, our questions covered loans, entities and a few other subjects. Even if you didn’t ask a question to Ron, this information is great to know! Tune-in and see what the Guru has to say.

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6 Responses to Ask Ron 2014-09-12

  1. Dean Pittman says:

    Thanks Ron,but Elliott did’t word it exactly how I wrote it.Here is original question,and i will omit Bank financing..
    Thanks again..
    “Dean here in Flatrock Nebraska

    I’m prequalifying for a conventional loan,for an investment property I’m interested in.Owner will sell but not real motivated.It is currently rented and I would like to take over the property at a later date if we can agree on a price.I have a self directed IRA and I would be a first time home buyer,but do not have any skin or savings to show lenders for the loan.I plan on living and running my business out of the property once I have it occupied.Any suggestions on getting this property under contract.It is not listed under a Realtor.It is privately owned and everything is up to date,ie no repair work.Is currently renting for 900 a month.”

    Thanks

    Dean Pittman

    • Elliot Land says:

      Dean, here’s Ron’s reply:

      “Dean, you didn’t give me enough info to comment. It starts with a completed property information sheet and a seller willing to give you terms, then you must find out the minimum down payment and monthly requested payments. Only then can you determine if there is a deal. If he won’t do terms, as an investment it’s dead. As a home, it would require a loan, so it comes down to….get terms or it’s dead.”

  2. Tom Holyfield says:

    Guess I caught all that..

  3. Cecil Russell says:

    Thank you for that response. That clears up my questions on the assignment issue. Thank you.

  4. Shay Lance says:

    Always such great info. Shoots from the hip. Easy to follow inst’s. Tx!

  5. Richard Couch says:

    ExSELLent Ron always out updating his own material…..what a man………….

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