All Forum Posts by: Nii Okai

@Derek

Congratulations on your purchase. But if I may ask, what if after sending your letters out, say 2 owners called you to say they want to sell to you, what will be your next step? Do you already have a team to support you? If you do not have a team yet, get one asap. Be prepared before you set your foot out.

Wishing you the best

Nii Okai

@Melvin,

I take this opportunity to welcome you to the REI world. In my opinion, what you need most, is to find an experienced investor to be your guide/mentor. If there is a REI Club where you live, join the club, make friends. Invite a few people to lunch and pick their brains and ask if you could call for advice. Eventually get a mentor Having a guide will boost your confidence tremendously. The guide/mentor will help you create your team (yes, this is a team game) and from there, all else will be easy.

Experience is the best teacher, yes, but not your own. Learn from other people's mistakes.

I wish you good luck

Nii

Oh my! I am not sure you need help. If you do, then you must be upcoming and tell us all about the situation. Giving information in pieces will not help. You need to tell us :

1. What is the FMV of the property, 2. How much is owed on the property, (mortgage, tax and all other liens) 3. How much work is needed on the property, if any, 4. recent comps in the area within 1 mile radius.

With the above information, one would be able to guide you.

Bye

Nii

Da Deep,
Don't walk, but run as fast as you can from this deal. Why?
No1. In a short sale situation, the bank will not allow the seller to walk with any money. For this, you will need to send a HUD1 before the deal is approved.
No2. For this deal to work, you will need to obtain comps for other properties that sold within the past 30 days.
No3. You will need a purchase agreement along side other documentation that the bank will tell you.

As David has been trying to impress on you, you are better off using a professional agent or a lawyer to do this deal- so that you cover your butts - just in case the seller later conveniently forgets and claim that you duped him or whatever...
Regards
nii