All Forum Posts by: Yvonne Griffin

Hello hondal,

I know I may be a little late chimimng in but here are my thoughts:

1.)The credit cards that you have now......do NOT put more than 50% on those cards. In other words, if your limit is $1000, never spend more than $500 on that card. Also when you do pay it back, pay a little more than your minimum eaach month. Most consumers believe if they pay the bill off all at once, their score will improve...NOT SO. Lenders see you as a dead beat since you are not exactly building credit.

2.) Pay all of your bills on time. Bills paid more than 30 days late are reported to the bureaus. if you are 2 or 3 or 15 days late, that will not affect your FICO.

3.) Equifax, Transunion, and Experian are all privately owned, for-profit companies. Their job is to report your financial responsibility or lack thereof. Think about that. They are not supposed to report ANY unverified information about you financially, yet they do. What incentive do they have to verify all information, when they are getting paid to report erroneous information? Studies show that 79% of all information found on consumer credit reports are unverified. So, even if you do owe money to X creditor and the bureau cannot prove that you do, the FTC and the FCRA says that they can't. Yet...they do.That is where credit restoration companies come in. Experienced Lawyers fight vehemently to get those pesky negatives off your report.

4.) Lexington law has its hands full with angry customers. I know a few of my mortgage clients that have worked with them in the past and thought that they had had good credit. When I finally pulled their credit reports, alot of times the score were even worse. They have been known to collect their fees and not correspond with their clients or tell them how the process was going. They also have mor complaints with the BBB than I care to mention. http://www.BBB.ORG

I recommend United Credit Education Services. They are GREAT and Non- profit. You can see my profile for the website.

I wish you blessings and success in your credit restoration and business endeavors.

Tricha,

Although I have no significant advice, I do wish you the best and hope that you find a property manager.

I hope so too, Blue. Thank you for all of your input thus far though.

Thank you, thank you, thank you all for your very kind welcome. I appreciate it and very much look forward to learning and sharing.

Hello Blue and thank you for your response.

I have yet to see the inside in its entirety. I did see the inside porch and what looked like the living room though. There is carpet and it needs cleaning if it's going to be kept. The walls were also dirty and needed painting. I am looking for a little more feedback and will probably make an offer on it tomorrow or Thursday. How will this work since this is a foreclosure. Will the bank allow this?

I will posted pictures of the property as well.

Thank you again.

:shock:

I got NO sleep last night because my wheels just kept turning at how much I LOVE real estate and how excited I am to get started in wholesaling. So, today I bought a digital camera and called some realtors. I found a potential deal. Please help with ANY and ALL input.

Single family home
4 bedroom 1 bath
Bank REO
Asking price- 19,900
AS-IS appraisal- 44,000
According to the comps, it could have an ARV of 61,000.

Is this a deal? My fee will be $5500

So far, the realtors have been cool and have not asked any hard questions. Do I tell them that I am a wholesaler? What will the bank think of the assignment?

I will post pictures of the property a little later. I am going to open my new camera and get going. :D

Does this mean that you must tell the seller that you are assigning the contract? If so, are sellers more relutant to work with you?

[quote="REI" If the seller will only deal with the person that is on the initial contract you can not assign.

I am 4 hours north of you in a small town near Canada. Have you ever heard of Canton?

Hello all!

My name is Ebony Griffin and I have been in the mortgage business on and off for 3 years. In that time, I have learned a lot, but learned even less ( if that makes sense) due to the companies that I aligned myself with in the mortgage business. I am now a credit repair specialist ( starting with myself) and am looking into bird dogging to get back in the game after a bit of a leave. I joined Bigger pockets in hopes of finding some investors and mentors to help me spot some great deals! I live in an area that is wayyyy under the RE radar and is about to EXPLODE! There is soooo much potential, I just need some help from people who are patient, ethical, and love helping people. I am looking forward to learning about assigning contracts ( the right way) and purchasing my first rental property. I look forward to meeting you all and learning lots!

Thanks for having me,

Ebony G.