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All Forum Posts by: Edwin Brown

Edwin Brown has started 7 posts and replied 127 times.

Post: Chapter 13 Bankruptcy and tenant not paying

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59

So my tenant is 3 months behind in rent. She files chapter 13. 30 days later a new month rolls around and she is still not paying rent. Now, i'm pretty sure i can't pursue her for the back rent, but can i evict or do i have to go through the court system?

Post: Central Texas Investor

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59

Wow. Texas representing themselves well, and very gracious too.

Post: For the guys that own hundreds of properties

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59

Mikey,
If you are a new investor (it sounds like you are) the rules for getting financing will have changed before you will start to worry about where to get financing. Things are changing so fast there is little advice someone can give you that is guaranteed to be relevant in 3 years when you start running out of options. Just get in and start building your portfolio. As your expertise grows you will find ways to fund your deals.

Post: REO Agent submitted other offer after bank accepted mine

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59
Originally posted by John Holme:
Thanks for the input. I called the state licensing office and spoke to a person who hands the Realtor issues. He said basically she can say anything she wants to me to get the sale, or break the sale. If its not on paper, I have no leg to stand on.

I'll mark it as a lesson learned. The part that irks me is that I could have signed it 3 days prior, but she said Monday was fine and I didn't want to make her go out of her way.



In my state you can file a complaint as a consumer and it will cause trouble for her. She'll get past it, but you can cause some grief for what she did. Also never hurts to make sure all your investor buddies know exactly what happened. Tell the story at the local REIA.

Post: Lease options % the SAFEact

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59
Originally posted by Randy Sires:
I am new to investing but here is how it was explained to me.

You are are okay giving a Seller an Option and Lease together, since you are not the one that will be living in the property, so the law won't apply, but you should NEVER give your Tenant/Buyer anything resembling an Option with a Lease, not even if for only 180 days. So, we give the Tenant/Buyer a traditional Lease and a Real Estate Purchase And Sale Agreement. The Purchase And Sale has no contingencies, so it cannot be construed to be a unilateral agreement (Option). It is a bilateral agreement and expires in 180 days, and if the Buyer needs more time to close (for example, more time to obtain financing) the closing date can be extended ONCE only for another 180 days if requested in writing. Since it calls for a closing under 180 days, it is not subject to the Executory Contract provisions of the Texas legislation.



Good info, Randy. Texas sure makes things difficult.

Post: Did any of you start investing in property in college?

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59

I wish I had started investing later rather than sooner.

The mistakes i made by jumping in too fast cost me years to pay off. I'm not saying to not get involved in real estate investing, but there is nothing wrong with working for someone else for a good long while. You'll still learn everything, but the mistakes won't come out of your pocket.

There will always be more deals and ways to make money in real estate. Don't worry about losing out on a deal today. Moving too quickly can hamstring you for a long long time.

Post: Wholesale flip with my last $3,000

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59

The emotional swings in this business are extremely exhausting. You can wake up in the middle of the night in cold sweat and be on top of the world 24 hours later.

Post: Hello from rock hill, sc!

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59

Kevin, before you go spending any money on someone's course, try and find a local investor that will show you the ropes. In return you will need to do some grunt work for him, but it's a lot cheaper to work off your education than to spend your cash, and you will learn a whole lot more. No offense to Larry Goins, from what i hear he is a great guy.

Post: Wholesaling Questions?

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59
Originally posted by Nick Abbate:
Nick- you can go to the teller wherever you bank and ask for a POF (proof of funds) statement right there. If the teller can't do it customer service will.
Many banks have it available online. Just ask the bank.

Ask your agent what they need to present the offer and they will tell you. If you are new, don't be afraid of asking your agent what you need. No shame in being new...AND they work for you. But expect to fill out a pa have copy of emd check and POF statement. Once your offer is accepted they will want the real emd check.

Ryan How does this work, I just go to the bank and ask?

Double close no problem worked it out already.




The easiest way to show a proof of funds is to print out a bank statement showing that you have the necessary cash in your account. I thought you said you were using a transactional lender. If that's the case, they will provide you a proof of funds. Contact them to request one.

Post: The 2% Rule doesn't work 50% of the time

Edwin BrownPosted
  • Real Estate Investor
  • Chattanooga, TN
  • Posts 151
  • Votes 59

It seems to me that there are 2 ways of approaching real estate investing.
The first focuses on using a strategy to create value such as short sale, subject-to etc. You use a creative strategy to create equity or complete a sale and create revenue. It really doesn't matter where these properties are located as long as the strategy can create some sort of value.
The second method focuses more on macro-economic trends such as the ones descibed in this forum topic. It's a bit like floating downstream. It doesn't really matter what type of boat you are using, you will move with the current.