All Forum Posts by: Tom Wood

I talked to a real estate agent on the east coast yesterday who does this. She says it works great.

I guess it's legal if you follow the rules that vary by state, but I honestly don't like the concept.

To me it's just gambling, may as well buy a lottery ticket.

The page looks good. The trick is always, how do you plan to get targeted traffic to it. You can use google adwords and craigslist is probably another good source.

Think of the note as a loan on a property. Not really similar to rent to own, I'm a little confused on that question. If you are buying a note you are buying the loan on the property not the property itself.

Points are costs associated with getting a loan. 1 point = 1%, 2 points = 2%, etc. If a loan of $100,000 is going to cost 2 points that means it will cost 2% of $100,000 or $2,000

As far as my volume. I only took 4 listings before I decided it was too much work for the money. Now I offer that service only for friends, I don't advertise it anywhere anymore.

Hope that helps,

I've offered a flat-fee listing service for $500 without doing all the paperwork. I think you should reconsider doing all that for $199. The time involved in moving paperwork back and forth, following up, taking to title company, etc. You'll probably end up making about $5/hour.

Based on your numbers and expected profit. 35K should be your max so you may want to start lower than that.

A short sale is a great way to pick up a property at a discount. You need to have patience as it takes time for all the paperwork and lender approval. Just make sure you stick with your numbers and don't pay too much. Even though the lender is taking a discount, doesn't mean that it's a good deal.

Have you tried calling the "we buy houses" ads? Homevestor franchises, etc.

Yes it's possible, but only if the numbers work for the end buyer.

In this situation, your best option would be to try a do a simulaneous close. You get it under contract and then get a contract with your buyer. Doesn't seem like there is lots of room unless you can find a retail buyer quickly.