All Forum Posts by: David Styles

Well, I've been working with a buyers agent for close to a month now and he is really, really pissing me off lately. He wont return my phone calls, constantly makes up excuses, lies to me and puts me off when I tell him to meet me for a showing.

I'm under contract with him and I want out. How do I do that?

Thanks

Thanks Wheatie

I got 100% financing on the short sale so I owe a bit under 110K.

70% max cash out refi on investment properties? Yikes! That is good to know.

When you stated to learn and apply the normal rules about rentals, are you just referring to using those numbers associated with rentals as factors when considering overall costs?

Thanks again

Well, I recently bought a house through a short sale for $110k, put 12k into it and just got an appraisal on the property for 164K. This is my first home and I'm really just sitting around grinning from ear to ear as it was only a few months ago that I had myself convinced I'd never be able to afford my own home.

The whole process almost seemed too easy and to tell ya the truth, I left a ton of money on the table, yet still came in ahead. I feel like this experience is entirely repeatable and the next time around the gains will be even greater.

I've been collecting lists of REO properties from an agent friend and there are just tons of deals out there. I want to buy an investment property, but I'm not exactly sure how to go about doing so. I'm almost certain that nobody will give me another loan and private money is kind of out of the question at this point as I do not want to be responsible for anyone elses money but my own.

I'm a total rookie but here is what I'd like to do:

Tell me if this impossible or unreasonable:

1. Take out a HELOC to cover 20% down on a new loan
2. Buy an REO at a great price
3. Rehab it with cash from 0% APR credit cards
4. Get it rented out/lease option
5. Cash out refi
6. Hopefully pay off HELOC and CCs
7. Stupid?

Thanks guys!

Mike,

How the heck did you finance ten properties in one year, let alone 22 this past? Have you been taking them sub 2 or do the banks just really like you? What are the prices of these homes you are buying and do you follow any type of formula when analyzing these deals such as they must cash flow x amount, be located in a certain area, etc?

Thanks

P.S. Had you any prior RE experience before picking up the Sheets program?

Kathy, you're freakin' awesome! :)

What dept at the courthouse will have Title information? If I was wondering how many mortgages and liens are on a property, how would I go about finding this out?

Thanks.

p.s. Anybody know of a good book or course which teaches you how to conduct research at the courthouse?

Anybody ever try titlesearch.com? They have a money back guarantee if you find something listed at the courthouse that isnt sent to you from the search.

For somebody who could waste half a day at the courthouse researching a title for leins and judgements, a hundred dollars may be a cheap price to pay. Anyways, I agree that knowing how to do the research yourself will always provide better benefits towards your investing career.

Thanks Gainesvillej, just a bit of analysis paralysis going on here LOL.

Sometimes I just need somebody to let me know that the world more than likely isnt going to fall apart from one single persons actions.

take care

How does one get around the fact that most states are beginning to pass “good funds” laws that make it illegal for title companys to do a true double closing?

I'm sure it's just a matter of time before it is national policy, no?

Ryan,

Sorry, I feel like one of those little yappy dogs biting at your ankles. But, whay typically do the homeoweners need to settle with the bank once the shorts sale is accepted? Do they need to actually pick up the phone and talk to a rep, or are we talking paper work here?

Thanks again, you're a great help!

P.S. Do hard money lenders care about chain of title issues when lending money like most banks do?