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LeeNoga · 04-16-2005

Dunno much about this but I watched my friend go thru bankruptcy and then within the year he bought a house, and I wondered how he did that.

He got an assumable mortgage where the owner was the financer...and it was no risk because the owner held the mortgage, and if Dwayne bailed, owner made alot of money off him...

The problem was he had tho, is he got the house, moved in and then NOBODY would give him home insurance due to BK. That was a major wrinkle, and he had to get Farmers insurance which is out of the world high premiums...

He got the insurance, held onto the house then sold it, and bought another 2 years later, and then sold that one in year, made 40K cash profit and bought another...

He is now sitting pretty financially from buying and flipping the houses, and to think he started with no money, worked in Walmart [still does] and a BK.

04-16-2005	#11
LeeNoga Members Join Date: Nov 2002 Posts: 394	Dunno much about this but I watched my friend go thru bankruptcy and then within the year he bought a house, and I wondered how he did that. He got an assumable mortgage where the owner was the financer...and it was no risk because the owner held the mortgage, and if Dwayne bailed, owner made alot of money off him... The problem was he had tho, is he got the house, moved in and then NOBODY would give him home insurance due to BK. That was a major wrinkle, and he had to get Farmers insurance which is out of the world high premiums... He got the insurance, held onto the house then sold it, and bought another 2 years later, and then sold that one in year, made 40K cash profit and bought another... He is now sitting pretty financially from buying and flipping the houses, and to think he started with no money, worked in Walmart [still does] and a BK. __________________ Please see the sig rules, which is pinned for your convenience.