All Forum Posts by: Gavin Welch

@johnthedford

I agree typically the "no money" or low money down homes are sold that we because its really the only way it could be sold.  They are usually pigs.. This doesn't not mean that you can't find a diamond in the rough once in a while.

Also, with no money down you have zero equity in the property, which equal tremendous risk, especially if there was a decline in the house market, these people would find themselves underwater very quickly..

This idea seems more like a "pipedream" to sucker in the inexperienced in to buy a course than actual reality.

Daron,  I'm an agent in FL and I wholesale and fix-and-flip also.  I don't see why you can't?? Now on wholesale deals, I have a document that I have the seller sign saying that they understand that I have a re license, but I am in no way shape or form representing them, rather I am a buyer. 

I like the flexibility it gives me with some of the sellers, I say "Do you want full retail for the property or do you want to sell quickly through my established network of home buyers?"

Good Luck

@neal collins  I've had bad experiences doing business with churches.. I don't want to sounds bitter (maybe I am) but I'd look VERY closely into the board of directors.

Typically non-profits and churches have 2 types of boards:

1.  "Yes" men or family members that will follow the leader right off a cliff.. Without questioning a thing.

2.  "combat" board.. They question everything so the leader can't do anything...

Just so I don't sound too crazy.. They are not all like this.  I started and ran a non-profit for 20 years and we had a great board. 

 I have also been on the board of other organizations that didn't want to pay rent, because of the "God" card.. My point this they signed a contract and should honor that contract no matter what.. I reigned after the first meeting..

So, do your homework and look at the board and the people on the board very closely.

Robert, you have the concept and a real estate attorney can draw up the paperwork.  If they don't pay you'd have to foreclose on them just like a bank would.

Are they paying insurance and taxes?  How much down payment?  I'd ask for as much as you think you might be able to get.. 5, 10, 15%?

Here is the numbers

69,000 with no deposit at $1,500 per month for four years is about 2.75% interest.. Which seems low. 

How long has the church been around?  How do their books look?  I'd ask to see them.  If they can't get bank financing there might be a cash flow issue there.  Who is on the board of directors?  Will they co-sign or guarantee the loan?? Things to think about.  Churches can be tricky.

Since you are the bank you can state your terms.

Good Luck..

Genita, I'm not sure that there is a house that is "too bad".  If you can get it at a great price and there is room for the investor to make money, then who cares.. 

I'd take the three you have and look up the owner's information in the property appraiser's website. If your lucky, they will be out-of-twon (absentee) owners and will  have motivation to sell.  Also, find the nicest house and ask them, they have some information on the bad houses.

I'd also go to the city and pull a list of houses with code violations.  Send yellow letters to that list as well.  This is how you really "find" deals.

Start sending out letters or yellow letters

Good luck 

I have used Lloyds of London on a couple of deals as the insurer of last resort.  The price is not cheap.  Contact them and they will give you a quote.

Partnerships with friends nearly always gets sticky.  You need a really good operating agreement in place.  I'd seriously consider going it alone and keeping the friend.

Hey I live in Polk county and I use an attorney out of Ocala named Jon I McGraw.. He's a real estate attorney and is really good..

You could be buying a huge problem and could be on the hook for hundreds of thousands of dollars.. You can have an environmental assessment done to determine if there is any contamination. Without it you did the right thing.. Gavin

Andy Hudgins My answer depends on the reason why you are getting you re license.. If you are going to be an agent full time then focus on that. If you are getting your license because of investing, then start marketing. I was an investor first then got my license, I'm in FL. When I wholesale deals I tell the sellers about the wholesale process, and typically they don't care who buys the home, as long as someone does. I also disclose that I have a real estate license but I am not acting as an agent and I am not representing them or their interest. I have a form I have them sign about me having a license but not representing them or their interest. I hope this helps. Gavin