All Forum Posts by: Mary lou L.

I can honestly say I have a 100% response on my mailing campaign!

He called back!

He is interested in selling. He does have other properties so he was familiar with the owner financing aspect. He told me about the house, the age, what was upgraded, general info.

He threw out a  number that he thought the house was worth, but at this point I feel its too high,  he said he was going to get an appraisal so we will have a firm number to work with.

I hope to hear back from him this week.

My mind is going in ten different directions, of course the big one is coming up with the financing. He did throw out a number of 50000 down, which I do not have, but again that was based on his original number, I feel the appraisal will bring that down.

I am very excited at the prospect of completing this deal, Ive been analyzing, reading, trolling, scribbling, thinking, and fantasizing. I kinda feel like the puppy chasing the ball forever and once I catch it its like "ok what's next?"

Again I want to thank everyone on here, because without the knowledge and encouragement I know I would'nt have made it to this point! Even if this doesn't pan out its still a learning experience and I am soo glad for the opportunity!

Google (Name of County) Recorders office, or (Name of County) Tax Assessors office.

There should be a place to find out if records are online, if they are you should be able to input the address and get records or at least the type of records filed. Most only show partial information and you have to go physically to the court house (or hire someone) to get the rest of the info and print out pages if necessary,  If you cannot find it on the website call the offices.

Also just Googling the address might bring up names of residents, one might be the owner.

It really does vary by state and county. Amazing what info you can get!

Good luck and don't give up!!

I would call a professional to let you know what exactly the problem is.  Hopefully the repair wont break the bank. If its repairable Id repair it and start getting quotes and  get the cash/financing to replace in the near future. 

I too am eligible for a VA loan. Still looking for that perfect property. I did not know abount the seller concessions. Did you just ask for them to pay closing and then what ever was left over went to debt?

Thanks!!

Thank you for all the advice! I sent the letter today! 

I hope I get a response and find out more about the situation!

I am nervous as this is the very first letter Ive sent.  But once I get talking Im sure it will be fine...I just see it as a fact finding mission!

Went to the seminar today. I did learn a few new things that I had never considered, Bailbond companies that take over properties as a source, and investing in tax liens.

The presentation was pleasant with no hard sell, with that being said there were a few (at least 5) that purchased the 3 day ($1997) and tax lien program ($997)

It wasn't a large group, under 50 people. Most left after the first presentation, the second was about investing in tax liens.

Oh and no Tarek and Christina, big huge posters of them though and a welcome to the seminar video in the beginning.

I did get a free small mp3 player and a link to download a cd about 50 ways to find your next flip and free snacks!

I am glad I went though just to be around people excited about real estate, and like I said I did get some good info and motivation.

Thank you for the replies! I am ready for some motivation! Yes I'm leaving the credit cards/checkbook at home! I burnt through a bit this month doing some light rehab getting my property ready for the next tenant! 

I had this situation on a deal that fell through (financing)

I wanted to draw up a month to month lease as protection in case anything went wrong with the property. I felt like if they damaged or someone else damaged the property , who would be responsible?  I didn't like thinking like this but I do own a rental property and there was no way they were just going to stay there with no documentation, it is as much for their protection as it was for mine and the property.

If you do this you should call your insurance company to verify that you are covered if there are any problems.

Before we got to the point of signing the lease it fell through so I never went through the process completely, but I treated it as a landlord tenant situation.

From what I read it happens a lot with no issues..but that  1% chance something should go wrong....

To contribute to the education of our young people, most definitely.

I know Rich Dad has a book for Teens, I haven't read it but  I know there is room for more books!

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I saw a video on here where the dad was reading a book about his rehab to his children.

I think it would be fun to have some books that talk about rehab and other real estate concepts,  with more advice and instruction to young adults.

My granddaughter loves Bob the Builder and has "helped" me on a few house projects. mostly spackling and painting, (she is 4 lol)

I think a pop up book with before and after pics of houses, a tape measure that can be pulled out to measure stuff, a piece of pretend sand paper to "sand" a rough spackling job ect.  I love pop up books!

I  love reading to the kids and something like this I think would be fun and educational.

As for the young adults, a book explaining terms, and the idea that you do not have to work a 9 to 5 job to make money. That it is possible to build a career doing BRRR!!!

Just some thoughts!!