All Forum Posts by: Eric Taylor

Thanks for the advice Ryan. I was 90% on leaving this deal alone just thought I would see what other investors thought. Thanks again.

Hi, I recently met with a distressed landlord. She is highly motivated to "get the house out of her hands". The house is ready for move in, it has new carpet and paint. Her house is listed at 100,000 but I believe the ARV to be at 90,000. She owes 78,000. The house is in a nice neighborhood with an elementary, junior high, and high school close by.

I thought about doing a subject to contract with her. Offering her a 3,000 note when I sell the house. One problem is she borrowed 90,000 on a 15 year note so the monthly payments are high. I would probably have to rent or lease to own without a positive cash flow.

I'm leaning towards leaving the deal alone but thought I would ask the advice of the experts.

Any suggestions for a newbie marketing to preforeclosures? My plan is to get the Notice of Default from the county clerks office and send those homeowners a letter. To start out should I print and send my own letters?
A big problem is in the state of Texas you have a short amount of time, 21 days to 3 months, from when the notice of default is sent. I have contemplated using a site, homesedo e.g., to gather pre NOD lists. Any advice?

Thank You.

Agreed! The information on this site beats any book, seminar or course! And best of all it's FREE! You guys rock!

P.S. When I finally get a few sales under my belt I will donate some money to this site.

Nick, does the listing affect your negotiation with the lender? How can you have a house sold without the agreement from the bank? Do you run into a lot of problems with conventional financing?

Thanks

Is it a conflict of interest with the bank if you are selling a home on MLS while still negotiating the price?

Hi, short sale experts. As I have been extensively studying short sales for about a month now there are a few questions that I have yet to find the answer for. When should I begin marketing my short sale property? Can I market it before the bank approves my offer? Can I put it on the MLS? Thanks!

I believe you meant "can't sell a property in 30 days". Good point though. As long as I get the right deal then it should attract enough buyers within a 30 day time frame.

Thanks for the reply Brian. For now I want to assign the contract to another buyer, preferably a cash buyer. I want to option he house for at least thirty days. I meant option, not lease option. From what I understand, an option contract will buy me a little more time to market the house. If not can I just do a straight assignment clause and ask for a 30 day closing. I plan on being upfront about my plans for the property. Thanks again.

Eric Taylor

Before I look at my first house I wanted to know what everyone thought about the best contract for a newbie to use. I was thinking about using a lease option contract so I could have more time to market the house as well as allow the homeowner the security of being able to market the house while i try to sell it. In the contract I would include a right of refusal. My question is, How often is this used and how do most homeowners feel about this method? If not then I will probably just do a straight assignment contract. I really want to keep it simple for my first few contracts. Any suggestions?

Thanks for any help provided.