All Forum Posts by: Chris Holmes

there is a connection between Networth Realty and loans212. Yes their rates are steep, but that's hard $$$ for you. There are more favorable rates out there of course. 

One thing to bear in mind is that if you want first crack at a property offered by Networth, you have to finance thru Loans212. So in a way, they have you all ways. It can get pretty expensive to invest this way. 

That's why I've baulked at using them. Networths ARV and rehab numbers are off IMHO.

But I'll monitor the situation as time unfolds. They may offer a deal that's worth pursuing. That's in Austin, but I haven't seen anything yet. 

If you have never been down there and spent an extended amount of time there, then you don't know what you are talking about.

The oil boom has had nothing to do with the growth of McAllen. I first went down there with my business, well before the oil frenzy took off. I was absolutely stunned how well developed it was. Good roads, great neighborhoods. Granted it's a border town, but you can tell that big money has been spent to make it a desirable place to live. Trucking and cross border freight is a big industry down there. Oil has added to the enthusiasm but was not by all means the cause.  Thus, I suspect there is money down there and it has room to grow.  McAllen, IMHO is a real sleeper.

I would invest there in a heartbeat, and it will be interesting how it compares to where I live in Austin. Austin is a tough market for buyers. Virtually all of Texas is hot right now so you just have to be patient and keep looking.

look for a motivated seller who will let you take over his mortgage. But it all depends on the deal, what terms you can negotiate. I guess this is a general question, but of course you don't have to qualify like you would with conventional financing. If you are really clever, you could do it with nothing down. It's all subject to the terms. 

This is a very good way of buying and renting out or selling the financing with a wraparound. There's lots of ways to structure the deal. Takes knowledge and experience.

Good luck. 

 An old successful salesman once told me years ago that LUCK, stands for 

Laboring Under Correct Knowledge.

Yeah, sounds good to me. 

you are new and I guess you think that a good place to start is the MLS. The way Texas is going right now, that is the last place you should be looking. You will have to go out and beat the bushes. Look for vacant houses, Etc. You will have to generate your own leads.

But right now, it's tough. It's a sellers market. There are multiple offers on most properties. 

You just have to be patient and keep looking. Deals aren't going to fall in your lap. 

I live in Austin. It's the same here, but I'm not worried. Markets change and it's not going to stay like this forever. 

Good luck. 

legalities? Perhaps he just likes to add a bit of drama to the occasion. Hundreds of L/O deals are done every day. You only have a legal problem if you allow it to happen. Rookie investors do dumb things all the time. Or they listen to some know it all and take it as gospel.

Just make sure you have the lease option agreements set up correctly. 

Never ever use a title co to close any RE deal. I don't care what it is. Always use a RE attorney to do the paperwork so any problems can be avoided. My network of friends and I have yet to encounter any problems. But we have been doing it for years. We know all the potential pitfalls. 

He's your safety net, the attorney. He's there to protect you from any kind of dispute that can emerge out of thin air. Americans just love to sue, so just watch out. 

oh yeah, it's not important to make money on your real estate bud! Whether it's the first or the last deal I do. 

I like to work for free too. Wow, what great and sage advice. I thought we were all here to make money on our deals. Gosh....the mind boggles. 

Educate yourself on the nuances of investing.

Diversify. Don't put all your eggs in one basket and believe everything  you read here. 

Good luck. 

that's just another way of describing insanity 

But isn't the price supposed to go down in order to sell it? Not up ! 

alternatively you can neg a 90 day option and market the properties. 

See what the market will bring

no investor is going to go with these numbers. Good luck for her trying to get over $100k down with a 5 yr balloon basically. 

She doesn't sound highly motivated to me. You may have to play a waiting game. Let her sweat for awhile and she can sit on her properties. But keep in touch. 

You could get her full asking on terms but you will have to explain to her that the way you make money is through the down payments, and /or the spread on the payments between what you pay her and the new buyers. You are going to have to get her down on the money she wants. Let's hope you are a good negotiator.