All Forum Posts by: Jake Andersen

Thank you for your reply. So essentially, If I short a $100,000 second mortgage and purchase it for say $10,000. That takes the $100,000 lien off of the house AND I can continue to collect interest on that note? Who pays the interest? Or is there a way to cash that $100,000 in somewhere? I'm slightly confused on this as you can tell but i'm trying to wrap my head around it. Thanks for your help.

First of all thank you to all of you who respond. I am aware that new real estate laws have been passed regarding many aspects of real estate. I deal primarily in the pre-foreclosure realm and I am just getting started. I have heard of new legislation regarding second mortgages that includes reimbursement from the feds to the lender on a shorted second if they sell the short to the homeowner. any truth to this and how are seasoned investors dealing with this? Also is there any other legislation which is making things more difficult for investors than they used to be? Thanks for all your help. jake

I know that note buyers buy notes.....but what does that mean? what do they do with them once they have them? how do they make money? or what do they get out of it?

Thank you for your advice David. It is agreed that we go out on our own once we are moving forward. We just have a little farther to go. Since I began this they topic I have spoken with them several times and they seem much more optimistic. Thanks for your time and advice.

Thank you for your advice. I have read multiple books, and am currently reading several others. I also have a mentor who is walking me through things. And I am on here daily soaking up all the knowledge that the wonderful investors who blog here wish to impart. Thanks to all of you.

Thanks a bunch gentlemen. thats good advice. im working on that. they have families and kids, I have infinite free time when not at work so its tough to wait. but ill slow down and follow your advice. thanks again.

In regards to that second paragraph, how do I go about that? Where can I get a contract that would work for that type of transaction?

As usual I will begin with thanking all of you extremely generous people who reply with your hard earned knowledge before hand. I started advertising for my business a few days ago and leads are already pouring in. For now we deal solely in the pre-foreclosure arena using sub2, assigning, equity partners, double-closings, and land trusts to facilitate our deals. But whenever I begin to explain what I do to others in real estate or even just friends I am always met with the same "that's illegal" or "you must have a license to do that". I am aware that many people dont understand this type of purchasing. But is there ANY truth to their claims that I will go to jail for doing this? I am an ethical person and chose this specific line of real estate work because I want to help people while I profit, not do so from their misfortune. I am under the impression that im just a guy buying a property low, raising the price a bit and still selling it low to the buyer. Am I wrong? Please help. Thank you sooooo much. jake

First of all, thank you gentlemen for replying. But, whats the difference between wholesaling, shortsaling, etc. I guess I thought that buying homes in the pre-foreclosure stage after negotiating a short sale and then selling below market value but above what we paid was wholesaling.

Thank you so much Dan I sure appreciate the help you have given to me and all the others on bigger pockets. I actually spoke with you via email a few weeks ago regarding one of your products. I just finished paramedic testing last week and this is the first day I have had some time to focus on my investing again in a while. Thank you so much for your help. You guys that come on here and help us newbies are absolutely invaluable!