All Forum Posts by: Mary lou L.

I got a call from his realtor today. He (the realtor) wants to qualify me for a loan and go through all the bank rigamarole, and getting me into financing with a bank shop the loan around ect.

I told him I am looking to do a owner finance at this point. He said well I could find you another home, as this one isn't painted, needs work ect, I said that's what I want to take it as is. He asked do we understand that it will take money, time, ect. I told him that I did.

I backed it up and wanted to know what the owner was looking for as far as price. That alone will tell me if I want to go through with this.

I really hated to think of it but it kinda sounded like what a car dealer would do, asking what payment can you afford and then doing the deal that way, instead of starting with the selling price and working off that.

Ive read  that the owner may want to run credit like a bank, how do I proceed in this, now that there is a realtor involved?

I do understand that the owner wants to make sure that we can make payments, so I do understand about running a credit check and verification of income and assets.

He said he would call me back with a price. So that is the latest!

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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