All Forum Posts by: Brad Stafford

I recently found a property I wanted to purchase, for 50,000, and the person I found it through is  selling it as a, "Contract for assignment." I have did a title search on the property and it does appear it has switched hands to a private party in October

After I approached the, "Assignor," I informed them that I had cash, and would like to move forward with purchasing the property; however, it seems like he is dragging his feet.

My question is this, do contract assignors need to have a contract with the owner prior to attempting to find the buyer? Or it common practice for them to attempt approach the owner, with a buyer, retrospective?

@Lola Omishore, No. I couldn't get any lenders to talk to me except to inform me that they were frozen. 

Its 79,000, for both properties, not 79,000 for each.

I've tried several places, I cant get anyone to give me a call back. I have nearly 25% down now, it seems like the only people that have approached me seem to be almost legit confirmed scammer companies that string you along and never close.

I think my window of opportunity is closing on this deal unfortunately.

Thanks for the replies, everyone.

I have a 720-730 credit rating now, and I also have 20% down. The only thing I don't have is experience. I was hoping to get a commercial loan as the properties are being sold as a single deal rather than two mortgages, is this a mistake?

The deal is for 2 duplexes (4 units) for approximately $79,000 before fees and taxes. They are all rented already with on time tenants. They were all renovated within the past two years with the exception of 1 unit. I've been in 2/4 units to confirm this. Property in this area has never risen in value, with the exception of SFHs in particular neighborhoods, so I doubt property value to go down much. The problem is a lot of population is employed by Honda, and they look to be hurting quite a bit for the foreseeable future.

A representative of, Direct Lending Partners, sent me a PM on here, but a quick search sort of seems like that have a bad history with a lot of people from these forums. I've talked to my bank, who does no investment banking, so it seems like it might be time to switch banks in general. I need this deal to be completed in less than a month, hopefully.

Tried a local direct money lender, who ran my perfect credit report, and now they won't return my calls.

also tried lendingone.com, and they are currently frozen. This is my first investment deal. Anyone know of any lenders that aren't frozen? Or any other suggestions?

I have actually visited a few of the properties, many of which were in decent to good condition. I looked at their locations in there various neighborhoods looked for crime, comps, and various other elements. For the most part it seemed as if everything was pretty sound. I arranged access with many of the sellers, or I was given the information for the lock-box.

The Poi pictures are usually the nicer spots in the properties, but no one is going to try to sell you on the problems areas lets face it.

For instances I arranged access to a medium 2 bedroom property with new siding, carpet, windows and furnace. The property ended up selling for 12,000 and other properties in the area were for sell for 60-70,000 and were in worse condition.

I think many of you read my post wrong,

I'm not looking to buy properties on ebay, I'm trying to figure out how the sellers on ebay found their properties for such great prices. So I don't have to deal with the middle man, I have looked at foreclosed homes, but it seems as if the price of these homes are still way above of what I was looking at on ebay.

The area I am looking in is piqua, ohio. I've looked at a few foreclosures but they are still asking 40-50,000 on them compared to the 5-12,000 on ebay? Do you guys see what I'm saying?

Recently, I was browsing ebay for real estate and just cant believe some of the deals people have on there, many of which have legit sellers.

Many of these properties are not close to my area however. I'm wanting to buy a property in my community college town, that I can live in with a room--mate, and eventually make it my first rental property.

My major question is how do these people find such great deals? many of these deals go for 8-10,000 dollars on 40-60,000 properties.

How would I go about finding these deals without the middle man in the area I'm looking in?

I'm sorry if this has been asked many times, which I'm sure it has but, I couldn't quite find it in the search function and the forum doesn't have a sticky function =(

Thanks in advance.

Thanks for the reply Favian, but I have found a property that I would really love to own, but its currently up for auction.

The seller states that I need cash to close and I predict the final bid to be 4-7k more then what I currently have saved, my real question is how to I go about obtaining the rest of the "cash" money to obtain the property. if I already have 5,000 down.

Hey everyone, Brad again, this is kind of a part two of my last topic.

but here is the situation, I am currently about to enter school for my bachelors. Currently I live an hour from school and I would love to not have to commute or pay 6000 a year for a dorm. There is currently a house for sale in Dayton that is up for auction, I would love to own this investment. Currently the bid is for 5300, and I know it is going to go for around 12-13,000. Hopefully.

I currently have about 5000 even saved, but unfortunately in the auction description it states "This is a CASH AUCTION. When submitting your bid, you must have funds on hand to complete the purchase. This is a speedy closing, and there is no time to arrange bank financing. " What options do I have to go about getting the rest of the funds, that wont hurt my options for getting financially set for school?

Here is a link to the original post in which I took advice the first time.
http://www.biggerpockets.com/forums/12-starting-out/topics/28097

I'm sorry guys, I think my post might of came out wrong, I was merely just trying to express my concerns, but I'm sure the advice that was given was top notch, it was never my intention to sound like I was disregarding the great points several of you had.

I was just a little anxious to get started, and my entire train of thought crashed.

I much appreciate the advice, I'm sure it saved me much hardship.