All Forum Posts by: Brandon Yeager

First, I like that you have a plan. Without that, most people do not get anywhere.
However, that being said. :)
I'd vote to go with a more aggressive plan.
Regarding learning to do repairs...skip that. Try to learn how to pay people to do the repairs...however, YES, you need to know how much things cost to have repaired.
Next, don't wait until 2011 to start networking at REIA meetings. Start THIS MONTH. Start rubbing shoulders and meet other people. Find Wholesalers. Read forums. Read articles.
You can do it...I'd just try to have a more aggressive plan and like...move say...your first 4 years of stuff into this year. There is no reason that you can't learn some stuff, and apply it, and have bought 3 to 5 properties by the end of this year.

Brandon

The absolute best way to get REO's before they hit the MLS is to have made offers on REO's previously to listing agents.

You'll find that over time, after they know you are a proven buyer, they will call you directly when a new deal is coming down the pipeline.

Samuel.

Sorry about the confusion. On the contrare....I LOVE homes with 2nd's. :cool:

They rock.

What I meant is that if it was the 2nd that was foreclosing and if that can be determined quickly...I usually pass pretty quickly. I usually don't go after the 2nds if they are foreclosing. I prefer to go after the ones where the 1st is foreclosing and there are juniors waiting to be wiped.

Now, if it is a 2nd that I have a relationship with...I might offer to buy the note off them, or short them if I have the owner on board.

Sorry again about the confusion.

YES, Yes, I love properties with junior liens.

In my area, they post the instrument # of when the people bought the home. This istrument number contains the date. If I see they bought the home in...like 2002 or later...I pass on it right away.

Also, if the mortgage itself that is in foreclosure originated after that date, I pass. it is either a first with not enough equity, or a 2nd. In either case...I pass.

Hey Dustin,
What you are describing is not a sub-2. You are actually buying it and getting the deed to the property (if they take your offer) I have had one with nearly identical numbers accepted before.

Anyway, you'll get a deed and sign a prom note and mortgage at the closing (or a deed of trust/trust deed if you are in one of those strange states. :))

Closing company/attorney can help you with the paperwork.
Yes, you can sell the property then on a contract for deed after you buy. Yes, you can sell outright also if someone has a cash offer.

Q4: NO. You don't have to pay him off. When you setup your note...setup a substitution of security clause and you can transfer the note to another property you may have.

You want to keep that note AS LONG AS POSSIBLE.

Best of luck on the deal.

Brandon