All Forum Posts by: N/A N/A

Sounds like you are a victim of the mortgage fraud scheme that i just read about that was going on here in the ATL. Let me take a guess you bought an in town house???
The problem is you got cash out on the closing. You can complain but you may be held liable for that money. I mean im new to all this but who gets 36k at closing and its a legit deal??? Please someoe correct me if I am wrong Thats a lot of money. Get rid of the house and suffer the loss. and learn a very important concept in anything you do:
DUE DILIGENCE!

Well I surley wouldnt expect a 50/50 split. I know we have more figuring out to do I just wanted some opionions on if I was approaching something I shouldn't considering my situation. Thanks.

So I decided since i have no money and bad credit I would parter up with someone while getting some cash reserves and repairing my credit. My parter has some cash and really good credit. But when we sat down to talk about it he had a hard time accepting that everything would be based on his credentials at first.
My thing is if this is what you want to do then why the hesitation on your part in it? I stated from the get I had no money or credit and I would do the leg work because thats what I am good at and thats what I can contribute.
Plus I suggested wholesaling to start but hes more of the passive type. Rather look for posted deals then have to sit in someone's kitchen.

So my question is am I not in a position to partner up with someone when I dont have cash or credit?

What about having an LLC or at least a business entity for tax purposes? If you do your investing under a biz you have much more tax benefits.

I reread what I wrote and truly I was not agreeing that wholesaling or rehabing is dumb!! Shoot I would not be trying to get into it! Doing both seems like the best choice to make. Again having that game plan. Create a business not a job!!!!

too many days working in insurance. I thought since there is a mortgage on the property the bank would have their hands if not their name on the deed. I see. I learn something new everyday!!!! :D

Excellent! I was at a meeting the other day and the guy speaking said flippers are dumb because they are selling an appreciating asset for some cash for the moment!! That is so true thats why you have to have a game plan. Its good to start wholesaling and rehabing hey thats my plan. But I also look to bigger things that will provide residual income!!!! I 'm picking out the areas I want to own shopping plazas in from now!!!!

Okay but doesnt the transfer of the deed alert the bank??
And how complicated is it to transfer the deed?

Good ole Atlanta GA.

I was out yesterday and started with a list of Foreclosures in MLS. For every house I went to see there were about five or six houses for sale in the same sub division and then another 10 in the areas around it. I was not alwys in the best areas but there seems to be so much inventory out there! And it was kind of discouraging. I spoke to a guy and the houses on both sides of him were empty. Both vacant and both empty for 8 months! And this was a nice neighborhood! :shock:
I may have to look at the buy and hold because with all these houses on the market I can buy at good prices but selling them does not look as promising.
Im going to my local REI club general meeting tomorrow. Ill be interested in what others are saying.
Thanks for the advice!