All Forum Posts by: Cecil Russell

Because I don't have any and don't know any yet and because my debt to income ratio is too high to qualify for a loan on my own. It was the owners idea but I thought I should check. I can get the properties for $1,000 down each but the payments are 595 a month each and the rent on the places-because of the age of the house and the neighborhood only runs 600 tops. If I do it this way, 2 long term renters in place with established payment history, amortized over 15 years, the payments would be considerably less thus I would have an income stream of around 600 a month. If I lease to own from the seller, there is little possibility of any income from them at all until they are paid off. Additionally, bought on the LOP, it is 94,000 whereas, if I can get a loan its 75,000.

2 properties for sale in the same neighborhood. 1 is 45,000 the other is 49,000. Tax assessment of both is 10,000 lower that the asking price. The offer made is: He, (the owner) will sell both for &5,000  cash and co-sign a loan for 80,000. After receiving the loan, I give the owner $75,000 and he pays closing. The  extra 5,000 is for general expenses and emergency repairs. Once the transfer of title is complete, I put both houses on the note as collateral and release the home-owner-co-signer. Is that even legal?

John Jackson: Ron LeGrand recommended I look you up and I am on your mailing list. I have the Texas Principles of Real Estate I & II book form. In Ron LeGrands course he says I can't do a lease option from a seller and then to a buyer but then in a video Q&A he says I can and to look up John Jackson.

I realize that it takes time to learn this and I am in no way discouraged but I can recognize flaws in myself especially when other people point them out. The difficulty is understanding proper procedures and learning to make an understandable presentation.

The plan is simple-provide myself with a comfortable income as I reach retirement age that greatly surpasses pre-retirement income. I dislike people seeing me as unprofessional and incompetent which I suspect I may be. The idea of this post is to find a investor who needs a VA or assistant in the Amarillo area so that I can provide myself with a reasonable income while I learn.

The area I'm looking to get into is more expensive homes lease options or free and clear. There are a number of homes in this area above $400,000 for sale but as I do not know what I'm doing I wrote this post. I found an investor in the Lubbock area that is in need of a "bird-dog" and I know you don't start at the top. Its a start anyway. As he looks to the more middle income investments and wholesaling, I can start there.

Having been at this real estate thing now for 2 months with nothing to show for it but expenses. I can see that I need a lot more education. So I would like the opportunity to become an assistant of an Investor that is interested in the real estate market in Amarillo Texas.

This is a conversation that will never end because there are so many variables and ideas. I WOULD point out that all the points presented by Mr. Fisher are definitely good ideas EXCEPT that none will protect a woman alone. Remember, law enforcement knew who the perp was long before they found her body. He evidently did not care that he was known so all of those routes that could have been taken, photos of his car, live cell phone conversation, etc., won't deter a perp. If you HAVE to shoot, the rounds suggested by Mr. Davis, the home protection rounds will in all likelihood not kill per se' LADIES, aim for the crotch area-lower stomach. A round in the floor is good Only if he is a distance away. NEVER EVER fully extend your arm when aiming. Keep it close with the other hand supporting your gun hand. Every shot does not have to kill. Guns do more than kill. With proper training you can just as easily disable as kill. Whatever you choose to do to ensure your safety, remember this. Perps are not deterred by cameras, cell phones conversations, photographs of their car, and/or photographs of themselves. Perps are deterred when they are lying on the ground bleeding.

For the Ladies: My Sensei taught us that fear is a learned response most people are taught from their parents in childhood. There are 1,000's of ways to respond to an attacker but FEW are effective until you learn to control your fear. I know that this is extremely hard for adults already conditioned but it (fear) is an emotion and it can be controlled. Life threatening situations are just like car wrecks-they catch you when you least expect it. A wreck caused by over correction is a perfect example of this topic. Most single car wrecks are caused by over correction. The lack of proper training in situational response. Self Defense is Taught and it is learned through continual practice.
1st) Learn Martial Arts especially those taught by US Special Ops. If you can find someone locally who was Military Special Ops-especially a female-and inquire about either being taught or directions to someone who can. If you can find a "genuine" martial Arts Master, that is an excellent second choice.
2nd) Practice every day-Just as you had to practice to get good in real estate, you have to practice to get good in self defense.
3rd) Get a small caliber multi shot handgun and wear it, don't put it in your purse where you have to dig for it. (Never carry a weapon with a live round under the hammer) If you are afraid of guns, learning to overcome THAT fear is the first step in learning to control the emotion of fear in general.
4th) Carry something as a back-up. Pepper spray works as does a stun gun. Again, No weapon you carry is any good if it is buried in your purse. I carry a barber straight razor with me everywhere. if you opt for some kind of knife, check with the local police. Take the article of the Arkansas realtor with you and explain that you are want to be able to protect yourself. Ask about the local ordinance concerning knives. Get the name of the officer. If you get a gun and permit, keep that article in your car if you get stopped. After the officer asks you for your license and insurance, advised the officer that you are in possession of self defense weapons and tell him what you are carrying. Emphasis on “self defense weapons.”

Ladies, except your assailant is government trained, (rogue) an assailant has little or no training-they rely on brute strength and YOUR FEAR. Training (and controlling FEAR) will be your savior.

I guess I'm not very good at expressing myself. I have a motivated seller who has a free and clear 2 bedroom house that he wants to get rid of asap. The current appraisal on the property is between $45,000 and $48,000. The seller will take $11,900. The house is in good condition, doesn't need any significant rehab. What I am trying to find out is how to purchase the house. Since I do not have enough to pay even a down payment, my quest is to find a way to get a personal loan to buy the house. According to the realtor I have some business dealings with on rehabs, she says that if I can get the seller to sign a sale agreement contract, I can take that contract to the bank and apply for a small short term personal loan using the equity in the house as collateral. With the loan-(which I would make in the amount of $16,000) I pay the seller and the closing costs, (something I agree to because I'm getting the house at such a discount) and pay the realtor I use for her time preparing the sales agreement and doing a title search. Once the house is paid for, I plan to re-sell it at about $32,000 to another investor and use that to repay the loan. That is the plan but I am told that banks won't do that although the realtor I use tells me that banks do make such loans if there is sufficient equity in the house. That is the idea but since I am so green at real estate I'm not sure. Prior to this deal, my real estate experience has been finding rehabs for a flipper and he pays me $400 to bring him good prospects. This will be my first actual real estate venture IF I can find financing for it. I've contacted several real estate investment firms about it and I am told the amount is too little-go to a bank and get a personal loan for the amount using the sale contract as temporary collateral until the sale is complete and then the bank will have 1st lein on the house until the loan is paid off. Finding a loan or investment for such a steal is apparently very difficult.

Its a 2 bedroom in Crosbyton down by Lubbock. Thank's for the link. If I might ask-according to the real estate agent I get rehabs to wholesale, if I get the seller to sign a sales agreement, (and since there is so much equity in the house) I can use the house with the sales agreement as collateral for a loan to pay for the house and closing costs. I certainly hope she is correct.

Is there a specific form to get the seller to sign putting the property under contract. This is my very first real estate deal.

I am looking for financial backing of $16,000 to purchase a decent 2 bedroom house valued at $45,000. The 16,000 covers sale, closing cost, independent secretary, mileage, holding costs. House is to be put on market at $33 to 35,000 cash.