All Forum Posts by: Joe Ellis

 I never thought of wholesaling it, just because my end goal is to live in the houses that I'm knocking, but I guess if the sales price was right I wouldn't be opposed to the idea. Thanks for the insight! 

Sure enough @Jay Hinrichs, you're correct. He said he's not selling and doesn't know of anyone in the area either. That sucks. Oh well. I stopped and talked to a few of the other neighbors and no one knows anyone it seems. Kinda strange to me. I'll definitely keep my eyes peeled out here though. 

@Christopher Brainard, your comment came through as I was writing my last one, sorry. But yeah like I said the county records indicate that there was a large amount of appreciation between the date that it was sold (2009) and now, so I'm thinking that the guy lost his job or something and just couldn't handle the bills. I'm going to do this and I'll update you all when I get back home.  

Thank you @Daniel Watrous The reason I've been looking into this is because I have less than $5K to spend. I'm currently in the process of changing jobs to a commission based job (hence why I can't obtain conventional financing). I looked into the county records and found no 2nd mortgage. I was thinking that more than likely there isn't more than $3K to get the mortgage back to normal. 

@David Dachtera that is fantastic advice! I hadn't thought of that. More than likely if I do go I'll use this. Thank you! 

I'm looking to move further west (I live in North Las Vegas currently) and I was doing some digging and found myself in the "pre-foreclosure" area of one of the websites. I found a house that looks nice from the outside (Google Mapped it and the neighborhood, yes I know those are outdated) and I was thinking about driving over to the house right now and knocking on the guy's door and just asking him if I could help him prevent foreclosure by essentially buying his house from him. I don't have access to financing so I would have to have him owner finance, but instead of just giving my money to this guy and trusting that he'll pay the bank I will just get in contact with the bank and pay them myself. Does anyone know if this will work? Thank you all for your advice! 

I am by no means a lawyer, but wouldn't that be tax evasion? I am under the impression that unless he spends more than 6 months every year in Nevada actually living and working down here, that he could definitely get hammered by both the IRS and California government. Maybe a tax lawyer or tax specialist can help clear this up? 

Hey there Robert, welcome to BiggerPockets! The marketplace would be a great part of the website for you to search for deals if you're still looking. There are forums and blogs galore that go over everything from landlording to flipping to notes and there is a ton of information out there waiting to be asked about and expounded upon, all you need to do is ask. If you're ever on a drive from Cali to LV make sure to give the podcast a listen, those guys are quite humorous and informative, definitely worth listening to. Good luck with your ventures! 

@Account Closed, I believe you when you say that it takes some time for agents to get established in their work and able to support themselves financially. And i know you're right about lenders wanting 2 years worth of income history because that's what i've been told numerous times over the last couple of weeks. However, I also believe that I will be able to make my goal of 10 homes in 5 years along with becoming a good RE agent, for me it's a matter of mindset. I think that being an agent will give me a leg up on a lot of the deals that come along, whether it be through networking or clients that are motivated. And yes owning my second home would have been ideal but like you said, hind sight is 20/20! Haha. Thank you for your realistic view, I think too many people don't get told things such as that so they end up not thinking of things that others would have and then are surprised when those things happen. 

@Mindy Jensen, thank you for the motivation, welcome, and advice. That's what makes this website so great! 

@Charlie Fitzgerald, thank you for the welcome and I'm excited to get started here in LV! 

@Mark Ferguson, thank you for the welcome and I appreciate all the work you put into your blog. It really was what started me off wanting to be a buy and hold investor! I don't think i'll be able to buy the next house before I get my license just because we're running into some issues with lenders at the moment and I should be testing for my license here in December. 

Welcome to BiggerPockets! 

I am more of a novice than you and I'm sure you could teach me a few things about becoming a landlord which is what my end goal is. I hope that BP brings to you many contacts and lots of information. The best thing I could tell you is to start listening to the podcast while you're driving or when you have a few spare minutes, those guys are hilarious and full of information!