All Forum Posts by: Eric Foster

Hey, I have an idea…

How about once you find a house, track down the owner and offer to buy it from them? Just an idea…

After all, if you don’t think the owner will ever find out or come around for 10 years, then I would guess they probably would sell…

I know what you are saying... And I hope it works out for you...

And when it does, remember the reason it worked out is because you were the ONLY one who gave it a shot and put in the effort. This is why ALL the good deals get done…

Most will not put forth the extra effort!

[b]Crazy?... No!
Stupid... Yes! [/b]

Come on… So you are saying… Put out thousands of dollars on a house you don’t own or have title to… Then spend more money to make it rentable and fix it up, then rent something you don’t own or have any ownership interest in?

First of all, that sounds real similar to all those “Equity Skimming” transactions that are on Dateline and 20/20 with people being investigated by the FBI and getting sentenced to Federal prison… Now there is a free place to live!

Not to mention if you did get away with it, what are the odds that the owner wouldn’t find out? How about the next time they pulled their credit report… Tried to but a car… Buy another house in 3 or 4 years…

Sorry, but that idea is tied for 1st for the worst “Real Estate Investing” idea I have ever heard…

PS Let me know how many homes you would like to reinstate the mortgage on... I will get the deed from someone in foreclosure, and you can swing on by and reinstate the loans for me...

Thanks for the info…

Now, if I only knew how the read the darn thing and what all the numbers mean…

Confused in Oregon...

I am willing to bet you do not have an account! LOL

Here is what it is, direct from their site…

“What is PACER?
Public Access to Court Electronic Records (PACER) is an electronic public access service that allows users to obtain case and docket information from Federal Appellate, District and Bankruptcy courts, and the U.S. Party/Case Index via the Internet. Links to all courts are provided from this web site. Electronic access is available by registering with the PACER Service Center, the judiciary's centralized registration, billing, and technical support center.

Each court maintains its own databases with case information. Because PACER database systems are maintained within each court, each jurisdiction will have a different URL. Accessing and querying information from each service is comparable; however, the format and content of information provided may differ slightly.

PACER is a service of the United States Judiciary. The PACER Service Center is run by the Administrative Office of the United States Courts.”

Full text here… http://pacer.psc.uscourts.gov/pacerdesc.html

I used to have a PACER account… But I decided to let the title company do it for me (for free) when I needed something…

It can be useful though if you need records all the time!

You are welcome!

I am not sure about the State laws there… But on tax liens the IRS can come back up to 120 days later... That is Federal law not State. Generally in most states city services like sewer and water can also stick.

You may want to double check on that just for safety sake...

Good luck!

I spent 10 years in the mortgage business and lenders always made us have the client deed the property to themselves, then refinance, and then the client would deed the property back to the LLC after funding.

Lenders are concerned with being able to “sell” the loan or the “servicing” of the loan… This is how they get their money back to re-lend it again… Most “regular” residential mortgage loans are for people, not entities.

With that said, yes the loan will be in your name personally and so will the responsibility to repay the loan, but you can transfer it to the LLC after closing…

Again, maybe a local community bank may be able to do it since many do not sell their loans…

I can’t say that I have “completely failed”… But I will tell you some valuable lessons that I have learned as I was having some of those “why did I do that” moments…

1. Check, recheck, and recheck the rechecking…
2. Have a plan A, B, C…
3. Have multiple exit strategies…
4. Be prepared to change your plans mid stream…
5. Have way more cash than you think you need...
6. Plan for the unexpected…
7. Don’t rely on money coming in until the check has cleared…
8. Always be looking for deals to keep the momentum going…
9. Be prepared for problems, they will come…
10. Pass on a deal that you are unsure of…
11. Just when you think you have it figured out, get ready to duck…

Real estate is almost as far from “perfect” as you can get. Always be ready…

I agree that having cash and credit is a big plus…

But that should not be a deterrent to getting started. You can still… Birddog, wholesale, buy subject to, have an equity partner or private loan… There are still ways to do deals…

Best of luck!