All Forum Posts by: Alan Brymer

I would try not bringing up an earnest money deposit or proof of funds letter.

If they ask for a deposit, see if a proof of funds letter will suffice. If not, try to get the deposit as small as possible and delay paying it as long as possible (like till there's a signed contract).

If they ask for a letter, provide one.

Since an overwhelming number of people don't take action at all, I would also emphasize to just "Do it" and get started.

BUT also, if something's worth doing, it's at least worthwhile to know what you want real estate to do for you, set some goals, have a strategy in mind, and make a to-do list to guide your actions.

By the way, this could be done in 1 day. Then you get your rear in gear.

I wrote a report on "Choosing Your Niche as an Investor" a while back and anyone here is welcome to download it here:

http://www.alanbrymer.com/blog/wp-content/uploads/2008/04/choosing-your-niche-as-an-investor.pdf

I wouldn't, unless you could get someone else to come up with the down payment, which won't likely be allowed by the lender.

Even if you could, you could only buy 2 houses using that strategy with your own funds, and then what?

Yes, getting loans sucks. Your lender will probably provide you with an estimate of closing costs as well as your total monthly payment (PITI).

I make a list of houses scheduled to be sold at auction and market to them. I assume that the auction goes through on all of them and stop sending mailers, calls, etc on that date.

I guess I could go through the added expense of tracking each house individually to see if it was canceled so I could continue marketing to them, but I haven't bothered.

I don't really care if they go through or not if I'm not buying them. This is usually a concern for the shlubs who attend auctions to bid.

What would you do with it if you bought it?

By "foreclosures," do you mean he is an REO agent listing houses after the auction, or he specializes in helping investors buy them, or do you mean properties in default and scheduled to be foreclosed?

"by using an online website to search for notice of defaults recorded with the courthouse."

Are you referring to some existing website that helps you find homeowners in default? If so, I would go with your plan, as long as the website/service's cost is reasonable.

I wouldn't buy my parents a house either. But if you must, the process is the same as getting any property under market value, with the added challenge of having to meet your parents' preference.

I set out for months to get a deal on our family home but could never find one my wife wanted to live in.

I wouldn't even start thinking about dollar figures and prices right now. What you're trying to do is do a simultaneous close on a house--getting a contract for less than you can sell it for to either a 1) Investor buyer under market value or 2) a homeowner for around market value.

Just look for houses you can buy far under what they are worth, but could sell for somewhere near the median price range in your area.