All Forum Posts by: Mark Elliott

hi lucinda. where are you looking to invest? i know many canadians invest in the western new york area, which is where i am. let me know how i can be of help to you

its a pressure tactic. a contract requires 4 elements: offer and acceptance is one, legal purpose is 2nd, competent parties is 3rd, and 4th is compensation. you have an offer and acceptance with the signing of the contract by both parties, legal purpose? well, it is legal for him to sell this house, right? if he owns it, then he can sell it. there is not law that says you can't sell what you own, so you have legal purpose here. competent parties? well, as long as you both are of sound mind, and of legal age, you have that requirement covered. and 4th, compensation. in the contract, if you have stated the amount he is selling it for and the amount you are giving for it, then you have compensation. you therefore have all elements of the contract fulfilled and you have a legal binding contract. if it is stated that you have 45 days to execute this contract, then he has no recourse to start demanding the sale commence within 24 hours. if he pulls the contract in 24 hours, you can sue for breach of contract, and believe me, i would do it. 

hi adam. basically, a mobile home has a title just the same as a car. a house has a deed, a legal description for the land at the county court house, etc. the mobile home is titled like a car and is recorded at the state level, much the same as any motor vehicle. what you need to watch out for is the park that it sits in. what you are talking about doing is called subleting. some parks do not allow it. they will not let you own a mobile home in their park and rent it out to someone else. you need to check with the park on that one first. 

hi james. well, first we need to know a few more details. if it is in pre foreclosure, thats better than foreclosure. in pre foreclosure, you can still buy it from the owner and not the bank. when dealing with a bank, the whole program is totally different. so, what kind of a deal have you worked out with the owner? are you going to catch up his past due mortgage payments and take over his mortgage, if it is allowed, or are you going to sign a land contract with him for the balance? bear in mind, some mortgage contracts has a " due on sale " clause, so if you plan to catch up his back payments and then sign a land contract, the bank may exercize their right to call in the mortgage. you need to check this out. if you are paying off his mortgage and taking ownership of the house, great, its pretty simple. just get a lawyer to draft up the papers and cut his bank a check and its pretty straight forward. give us all a few more details here and we can help you out

there will be a buyers fee and legal fees at an auction. with a fsbo, you can go to the county court house and get the paperwork you need and do it by quit claim deed which costs next to nothing compared to using a lawyer, and a title company and such. basically, and auction site is like a regular closing, but with the added buyers fee

i am a real estate investor in the buffalo, ny area also. please let me know if you need my help. 

hey rowan. you can do that $1000 deposit as many times as you can. usually it is about 5 or 6 times, depending on how many banks you have in your area. you cannot use the same bank, you have to use different banks. here in buffalo, we have about 10 different banks around so it would be easy to do 5 or 6, maybe by you there aren't as many. the point is to re-establish your credit. the best way to repair credit is of course, pay your bills on time. well, at this point, if your credit is bad enough, no one will loan you money, well then, you can't start paying your bills on time then, can you?. you have to set yourself up to where people will loan you the money so you can prove that you can do it. this is how you do it. it takes time, yes, but time is a factor in determining your credit score, isn't it? get checking out that tax sale stuff i told you about. got to the county court house near you and every city government building near you and ask what they do with tax delinquent houses. you are going to stumble upon a deal, trust me. 

hi rowan. well, lets see. you need to take a first step. all previous answers are good answers. lets first look at why your credit is where it is. fixing a problem means first understanding the problem and how you got there. the first thing you are going to want to do is go on annualcreditreport.com. you can look at all 3 of your credit reports here, on line, in full. you need to see what is in there. even if there is a legit reason for the bad credit, you still could have things on there that are not yours. dispute anything negative. it seems unethical, but dispute ALL things negative. the reason being, the credit reporting agency is required by law to check up on anything you dispute. if the creditor that they contact does not answer back in 30 days, the credit reporting agency is required to remove the negative report from your report. thats right, even if it is correct, if the creditor is legit and the debt is legit, if they do not answer back in 30 days, it gets taken off your report. second, go to a local bank. take $1000 if you can. deposit the $1000 in a savings account. a month later, go take out a personal loan from that bank for $1000, using the savings account as collateral. rust me, they will give it to you because it is secured. take the borrowed $1000 to another bank and deposit it into a savings account. repeat the process several times. then when you get to the last bank and borrow the $1000, use that to pay off the first one and repeat that process. make sure you make all the payments along the way. what you are doing here is establishing credit with several banks. after a while, you will have several banks that will be willing to loan you money without collateral. 

then, check with your local cities on tax foreclosed houses. these are houses that the city and/or county have repossessed from owners because they did not pay their taxes. they sell them at auction and usually pretty damn cheap. i have bought one for $500 once, fixed it and sold it. its a good cheap way to start

sounds like they used a breaker that is too big. shouldn't be anymore that a 15 amp, thats why it is not tripping. second, replace that light and the switch. one or the other is hooked up wrong

hi bob. i like your terms. i would like to speak with you more about the lending that you do. i have a couple of properties i would like to finance. one i just got under contract. we are talking much smaller amounts of money that what you have profiled here but the rate of return on investment is 100%. briefly, i have been investing here in the western new york area for 11 years, lived here for 13. i have a good handle on the market here and i am also a licensed home inspector, so i also have a very good handle on evaluating a homes condition and what it needs to rehab. please contact me when you can at  716-220-5207. thank you, and i look forward to speaking to you