All Forum Posts by: Jon Quigley

Just finished my first deal all the way through to lease!! Purchased a turn key a few weeks back and leased yesterday to awesome tenants for $400/mo net cash flow (SFH). Feels great to have gone through the process. Now on to house #2.

(Side story - the one and same city inspector who just signed off on the house a few weeks back gave me a long list to take care of in coming 45 days.   Is there any objectivity or fixed reference point in the inspection business???).     

Thanks @Steve Vaughan; @Chris Lad; & @Judah Hoover.  Great info.   Any idea on how far behind someone has to be for a bank to file a Notice of Default?  Is there a standard such as after 30 days or does it vary by bank or ?    

Hi.  I had heard in some of the podcasts that there are websites or methods to find names/addresses of people who have fallen behind on their payments, but not yet in foreclosure (or in foreclosure is fine also as long as it's clearly tagged).  Anyone know where to start to find something like this?   Would listsource's database have this and would it be accurate?  Thanks!

Can anyone point to links in BP that contain: 

A) Good scripts for when first talking to a potential seller and 

B) Good examples of what would be written on a postcard for direct marketing? 

Thx.  

Hello

 I know it is illegal to discriminate against disabled folks.  But one question - if we accept a disabled person (which I'm glad to do) does this implicitly mean by law we have to prep the property to be wheelchair accessible and other physical modifications to the property?   Any tips on what we might need to do both morally and legally to have the property be a good one for them?   Thanks.     

@Joshua Chen 6 weeks ago I couldn't spell real estate.  But after reading about 450 blogs and listening to 30 podcasts and reading a few books that is starting to change.  I highly recommend multiple approaches to education:

1) BP blog category "starting out".   Something like 1500 archived blots

2) BP podcasts - 118 or so archived, plus comments and links in /showN

3) Many podcasts have reference to good RE and business books.  Get em & read em

4) Attend local REI club. Google will help you find one. Meet people and ask questions - folks are really helpful.

All is clear.   Your D-F blog was an excellent summary.  Thx.  

Thanks @Brian Gibbons. Yup I'm set for the RMLO/Attorney/RE Agent and will take RE classes in H2 of this year and am a member of local REI. But I'm also wanting to understand the low level mechanics of all these types of transactions (will have 3 day class on lease option soon).

For the #3 "OO sues" question I"m still a little confused. Are you saying that in case of a wrap this suit could happen? Because in a retail purchase by OO (end buyer OO) they would just get a traditional loan and that would wipe out the original lien. So I get what it is now, but now I'm not sure on the exact context of its application. Seems like it would apply only in a wrap scenario not a retail purchase.

@Brian Gibbons - another fast one:  Do you just have an attorney work with you and the sellar to sign papers.  No title company right?  And do you get title insurance under the Special Warranty Deed to cover all but the original lien?  Thx.  

Thanks @Brian Gibbons! It's all clear (well, one question down at the bottom). (On another thread I learned some good things on Sub2 from Jay). The only part of all this sub2 and wrap discussion that surprises me is that there's no written promise to the seller that we'll make the payments - I guess this is because that action would trigger the transaction to be something that requires a whole other level of formality that requires a license or whatever?

One small question - what do you mean by "the OO buyer sues because of ability to pay rules?" Again thank you.