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How do you continuously obtain credit to buy more properties? I thought generally most investors use LLC's because it allows them the opportunity to buy more properties. For example, if I am consistently obtaining mortgages in my own name doesn't that drop my credit score each time, as well as when credit report is even pulled?

I'm a little confused if you can't tell....

Prohabber,
How do you "sell" homeowners on creative financing? Any specific techniques...?

Hey thanks for the replies, they have really helped me understand things better. Are Land contracts different from subject-to's? I've heard them mentioned several times in the forum, but I really have no idea how to use them....

Thanks Again!

Hey Derek

I know pricing could be (and probably is) much different in the Detroit area, but would you mind sharing your formula...

Thanks

I tis a great show, but they seem to make it look to easy to make a $%#@ton of money....

For instance, on all houses that they have got they have made at least 50,000+ in less three weeks. Is it really that easy? I've heard that competition at auctions is really high and it is hard to find good deals, how do they always seem to come out on top?

If it is anywhere near as easy as they make it look, I am even more inspired to get my foot in the door com next fall....

I am a newbie that plans on getting started int he Fall of '06 (currently a studetn at a University). I am trying to learn as much as possible about RE investing and have a question on seller financing:

Let's say I purchase a property for 100,000. 20,000 down with 80,000 loan @ 6.5%. I then sell the property with seller financing. Offer zero down and 8.5% interest with a sale price of 130,000. From my understanding I will make money on the interest as well as the 30,000 off the top. Correct?

Do investors ever have concerns about the DOS Clause? Also, doesn't the fact that you have a mortgage out hinder your ability to get another mortgage despite the fact that someone is virtually paying you rent?

Thanks for the reply that certainly helps.

All Cash

Do you ever worry about the DOS clause? I hear that mortgage companies generally don't get involved as long as the payments roll in, but what if?

I assume you have cash reserves established, but have you ever had a problem before?

Thanks

The funny thing is..I was coming to this forum to bring up this topic.
What are the disadvantages of becoming a broker?

Despite the time and effort to get licensed I see it as a plus. You don't have to pay 6% commission on your purchases. You have access to the MLS, have access to current real estate forms and you are aware of the laws for your area. You can list your properties, whether rentals or for sale on the MLS, etc.

So exactly what are the disadvantages? I'm sure there are some, but I just don't see them.....

In metropolitan Detroit...

It will buy you a newer 1600-2000 SF SFH.