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mike,

quick question for you, or anyone else that doesn't mind. i saw you mention the death of lease options. are these now illegal in texas? i seem to remember hearing this once or twice around here. i didn't pay much attention at the time, but now i'm thinking it could be a good way to quickly sell property. if they're not legal, is there a legal workaround?

thanks for your responses!

-dean

C'mon, it's Bush's fault!? I know I'm a little late to this one, but don't throw people's problems on to Bush or his "puppet" (Greenspan, according to you). I thought Clinton was a terrible president, but you don't see me blaming my hemmoroids on him... It's that kind of bs, spineless, lack of accountability that is really weakening this country from within. It doesn't matter who the President is. Drop your sack, and take responsibility for your actions. Like a man.

I always wonder why people get bent out of shape about "taking advantage" of other people. If I offer something, and you buy it, that's business. If the terms are not favorable, but you take them, that's your problem. If the house has been termite eaten, and I fix the visible damage to dupe you, then I'm an immoral bastard. I get a little bothered when I hear everybody talk about how businesses (and businessmen) "rob" people. Get over it. There are two things that have no place in business: dishonesty, and Socialism. (I made that up. Write it down, and send me a quarter.)

Huntman, thanks for the great post. I'll try and use your advice to make some money, and then I'll put some change in the collection plate to make it easier to sleep at night! :shock:

oftgift,

brother, i swear i almost heard a little bittnerness about condos in your post. you wouldn't be the first one. a lot of people that live in condos with bad management feel that way. my mom has lived in that condo for about 30 years now, so she kind of has a special place there when she's nagging the board. i think the only people that have lived there longer are about to die (sorry guys). anyway, the limitation on rentals they're trying to put in has nothing to do with mortgage companies. in the last few years, the number of rentals has skyrocketed there, and the OO's realized that a lot of people with no vested interest in the property don't take care of the neighborhood, and don't participate in the community.

davebt,

i know a lot of people made a lot of money on interest only loans and price speculation. well, a lot also made a bundle on the dot com stocks - and a lot went bankrupt because of it! probably the only good time to take an interest only loan is for a quick rehab/flip. if you're doing it to live there, you would be better off finding a place you could actually afford... i'm pretty sure i already know what all cash would say.

zeeman,

you'll learn plenty from a realtor that specializes in helping investors. especially if you're investing out of town. you need to find a good realtor in whatever area you're looking at. some of the questions you asked, like about using an attorney to close, are dependent on where you are closing your deal. i don't really know much about it, but i've heard that in some states you use an attorney, some places a title company. you need to talk to someone that is familiar with the laws and customs of your particular area. also, starting out, you don't usually know anyone. your realtor can link you to title companies, re attorneys, home inspectors, etc. then, you keep the ones you like, and network with them for other professionals you might need.
this site is great for the general knowledge you can get about almost anything. sometimes, you get lucky and one of the really knowledgeable posters hails from your state, and can give you info specific to your situation. regardless, anything you learn you need to doublecheck with local laws and regulations from your area...

-dean

zeeman,

the nature of your questions makes me think that you'd be better off using a real estate agaent to get you started. make them earn their commission, and make sure you learn something during the process.

-dean

trying to fair to the 2% guys, i did go to their site, and it looked legit... if they could just explain to me where they get their cut, it would be more believable. tx isn't part of it, so no worries. with the surge of lending changes coming, a foreign 2% loan seems like something to look into.

if it applied to me, i might be motivated to try and get more info straight from lloyds. if they backed the claims, i would definitely believe it.

see josh, i can be friendly... :D

i don't know josh... how about a front-handed slap? i find it hard that their international advertising blitzkrieg hinges on my bad attitude (and the rest of the biggerpockets naysayers). reminds me of that guy that had 2 different accounts, so he could ask himself for loan advice... at least he let it go.

hey guys,

y'all need to leave him alone. that was undoubtably a sincere post.

i find it hard to believe that he's so desperate to sell that money that he advertises it here, but there's no national ad campaign. if it's the "real deal" i recommend your company invest in a little advertising. there'll be a line at your website.

-dean

well, i imagine that trump (and maybe robbins) makes his money on the front end with the vendor fees, probably a % of vendor sales, and of course entrance fees.