All Forum Posts by: Corey Demuth

can you make it possible to post pictures in threads rather than having to link them?

man if you think that's a war zone you should take a walk in the bronx or downtown brooklyn. bring your kevlar...

one time i was on a bus in the bronx, and when i go to get off the driver stops me and grabs my arm, gives me a real serious look and pleads with me "honey, whateva you's here ta do, you just get it done quick and be outta here before that sun goes down ya hear? please baby..."

....lmao. I'm not even going to comment on why I was there.

Originally posted by Douglas Christian:

So Corey let me get this right. I am in the middle of NEGOTIATING with a homeowner and I must stop the process in order to go and find an attorney to process the paperwork for me.

no, because that would be retarded. you have them draft it ahead of time, clearly, and you fill in the blanks on the spot. bringing a contract on letterhead from a law firm also makes you look a little bit less like some creep who's going to rip them off. also having a local lawyer do it ensures that your form is applicable to the state you are in. I guarantee you many people new to investing are going to find forms floating around on the internet that may work in the midwest but wouldn't have a prayer of holding up in a NY court. each state has different rules.

Originally posted by Douglas Christian:

With business being done like that, that means know one is making any money up there.

well that's a very generalized statement that doesn't really say anything other than a vague opinion. and... "know one" ? brain fart?

Originally posted by Douglas Christian:

Corey has got me all FEARFUL. Sike, Corey that is to deep for me. There is to much free info out here.

what? what are you even talking about?

Originally posted by Douglas Christian:

If you need a contract pm. But, don't do it until the am.

SUCCESS BREEDS SUCCESS

are you trying to be cute or something? don't pm until the am? also

TYPING in CAPITALS does not make you SOUND MORE IMPORTANT or AUTHORITATIVE.

It just makes you sound like one of the many gurus out there and well... 'nuff said.

I work at a law firm, one of the partners told me they would draft the purchase agreement (including and/or assigns) and then also the contracts for between me and the investor. it's a good idea because a local lawyer should know things you won't even think of (like including a statement that they must not remove countertops or a garbage disposal, things you really may never even imagine but that people will do to screw you out of an extra buck)

meaning the assignment?

I was told that in NY you need to have a lawyer close (not just a title company) so you may as well have them do the contract for you. it will generally be a kind of package deal, talk to a few lawyers and see how much they want.

yeah, if you act like you will be easy to screw over, someone will do it for sure. even decent people can be tempted when you make it too easy.

don't waste 5 seconds of your time working a property if you haven't tied it up yet.

When do you ask for the earnest money?

For example, I have a buyer who told me he can close with cash and he is looking for properties in a certain area (within NY). So if I find a property in that area, at what point do I ask for earnest money from him? Before he wants to go see the property? Or after he sees it and says he wants to buy it?

Be wary of seminars where they make outrageous claims. I know a lot of people on here have talked about getting psyched up from going to Rich Dad, Poor Dad but I feel like some of the things they get into their head are just wacky.

Will you honestly get REO properties for 50 cents on the dollar, or even less? Not likely. Keep in mind you're not the only investor out there; the best REO properties often have investors lined up with cash offers and proof of funds. The banks can afford to be a lot pickier than you think.

Also to be honest with you, you will likely not get a mortgage until you have had a full-time job for several months. Your credit is probably not strong enough yet either. Trust me on this one, I'm speaking from experience.

Hey, I'm originally from the CT/MA border and now I live in NY.

Welcome to the forum.