All Forum Posts by: Account Closed

@J Scott Sorry, forgot to tag you in the last comment I made. 

@Ned Carey Hello Mr. Carey, 

I realize that there are many different amounts and terms. I was just concentrating on someone saying minimum lending requirements being $50k. 

Hello Mr. Scott, 

You're like a celebrity in the real estate world. I appreciate you taking your time to answer my question. 

I understand that there are lenders that will lend for much more, but when they say for example that the minimum you can lend is like $50k, how does that work? Let's just say its a 75% LTV, so total house value would be $66k. Would something like this occur in California?

Hello all, 

I feel like I've learned enough about wholesaling to get started. But when it comes to actually starting to find deals, I am in a bit of a slump. I want to create business cards, and things of that nature but my issue is a website. I do not have a website, and I was wondering how important it is to have your website on your business cards, or your direct mailing that you send out. Wherever I market my business, I feel like I need to direct them somewhere(website) so they can fill out a contact form so I can reach them. I don't feel like its fully necessary to have a buyer's website when I am starting out, but I feel like having a seller website where people can learn more about what I do, and submit their home is essential. 

Also, if you do believe that having a website when starting out is a good idea, do you recommend not using something like wordpress because I heard google doesn't like templates like this too much. Would you recommend creating a website using e lance? Also, the main reason would be to have people submit their information, so do you use aweber? Is there something that is free or cheaper that I can use that works well?

Thank you in advance. 

Hello, 

So, I've been hearing people say that you can have lenders give you $50k and so on. Since lenders would most likely want to be senior lien holders, how does this make sense? If someone were to give you $50k to fix and flip, how would that work? Coming from California, this doesn't make sense to me because of house prices. I guess my question here is that unless the house is going to be bought for around $50k, what can you do with only that much money from a lender? Rehab money? Can you combine with another loan from another lender?

Hello, 

So I have different processes from different people. Some people are telling me that once you sign the contract with a seller, you take it to escrow with EMD, and then start looking for buyer. As soon as escrow starts, your inspection period starts as well. Then you look for a buyer.

Another person is telling me that once I sign a contract with a seller, I hold it with me until I find a buyer, who will sign an assignment contract. He mentioned that inspection period begins before you even talk to escrow. Then, I take both the seller contract and buyer contract along with both EMD to escrow, and open escrow.

So, you can see my concern and why I am a little confused. Ordinarily, selling a house, you open escrow and then go through inspection period, so I'm a little skeptical about the latter process. Thank you in advance for your help!

@Brian GibbonsYes, thank you. I guess my main question is...why would you want the new appraisal to be of a higher value then before. Then your down payment would be higher, correct? Wouldn't you want the new appraisal to be a lower number? I understand that you don't have any control of the appraisal. 

Can anyone answer on why you would want a higher appraisal value when refinancing from a seller financing? Because if the property is valued higher, a 20% down payment would be more money out of pocket, so wouldn't you want a lower value of the property. Thank you in advance.  

@Brian Gibbons 

Ok thank you so much for your info.

These were just general questions to increase my knowledge in the area. As a Cali native, are there any laws or regulations that come to your mind in this area that you would like to share? Thanks in advance. 

Ok thank you so much for your info. 

These were just general questions to increase my knowledge in the area. As a Cali native, are there any laws or regulations that come to your mind in this area that you would like to share? Thanks in advance. 

Hello all, 

For seller financing, everywhere you hear that seller financing's main risk is if the buyer defaults. But if this happens, can't you take the house back because you would've had a lien on it anyway?

For lease option, since you agree to a predetermined price earlier, can't you wait for the market to go up, and then buy at the cheaper pre determined price, assuming real estate does go up in price?