All Forum Posts by: James Harkness

Try doing a search of the forum for Carlton Sheets. I'm pretty sure I have seen this discussion before. General sentiment of the BP community is that these paid coaches are a waste of money.

The assessed value is not an accurate representation of the true value of the property. Never go by that.

In some markets, it will be tough to find a property to fit the 50% rule. I think you would insult the guy if you offered half of his asking price, but do it if you like.

To be honest, I'm not an expert with this, but if I were you, this is where I would start.

In many states, there is a trustee assigned to the bankruptcy. You would want to get your hands on the name of that person, and contact them to see if you can come to an agreement to keep the deal going. Usually they can do something if the debt has been discharged, if not, it can be a waiting game.

Where on earth are you getting appreciation of 1% per month? Thats almost 13% appreciation annually. Are you for real?

It is practically the same process, however the realtor will get the package together in most cases (unless you convince them to let you do it). The realtor will also handle the negotiation (unless again, you can convince them to let you do it). You will just need to worry about the sale contract and make sure all of the proper verbiage is used to allow you to flip it at closing.

I was once a tenant in an upscale apartment complex that had this clause. My monthly rent was $2000. I had just graduated college and moved to this place with my girlfriend at the time. We both signed the lease, and two weeks into it she left me high and dry. I had to give my 60 days notice (still paying $2000/month during those two months) and then cough up an additional $4000 to break the lease. It sucked, but I didn't want to hurt my credit so I paid it.

No chance for the guy to refinance?

If I were your tenant, I wouldn't be too pleased with this arrangement. Things happen, and I have an extremely busy schedule. I would not want to be tied down to having to meet you in person to pay the rent. Why not allow a check to be mailed, or some other option. It is a lot easier to drop a check in the mail than to have to set time aside out of my day to make sure I can meet with you.

Personally, I also travel a lot for work. What happens when your tenant is out of town? Do they have to pay you before they leave, or would you accept "late" rent when they return?

I'm not well versed on HAFA, but if it is some sort of regulation regarding DIL of foreclosure, specifically making it more attractive or forcing banks to allow it, I think you are looking at this the wrong way.

Many banks do not want any more REOs on their inventory. They will do whatever it takes (within reason) to not take back a home/property in foreclosure. Where I work, we RARELY do DILs.