All Forum Posts by: Motu Lemafa

Thank you all for the suggestions.  I've already added the next few meetings into my calendar and am looking forward to meeting local pros.  Some people are just braver than others. lol 

@Elliot Smith, I'm jealous.  6-8 deals a month here in Vancouver?! That's insane! I feel like I am doing everything that needs to be done to get the leads.  I know for now, I just have to keep sending my DM out and wait for the calls. 

Looking forward to attending and meeting some awesome people.

Nevermind, I just read the article on Subject To and Mr. Van Horn explains the process. 

Happy Independence Day! I just read an article from BP talking about wrap around mortgages.  My question is if the seller has "Due on sale" clause in their contract(with equity), and agrees to carry, how long typically does it take the bank to realize someone is in the equation? And what is the likelihood of them taking action?  

I apologize if this was asked recently.  Thank you in advance! 

@Steve Milford I appreciate the insight.  You're not the only person I've come across to suggest just going out and go through the process to gain experience--it's solid advice for any industry.  I can imagine with forums that there's a lot of redundancy. I'll be a bit more careful with how I word my posts because sarcasm could be mistaken for being unvarnished, especially in a professional-like setting.

Being new, I'm kind of sitting around waiting for REIA meetings, call-backs from yellow letters, writing more yellow letters, driving neighborhoods, doing my own comparative market analysis, tinkering with my website, scheduling meet-ups with other investors/real estate professionals, studying for my Real Estate Licensing exam, setting up LLC, learning from books/podcasts, searching the internet for legitimate resourceful tools, and other stuff I'm sure you well aware of. No excuses of course!

I jumped into this by buying up products that had "invest with little to no money" slogans, without doing much research into it.  After spending x amount of $$$ on that, I started to read posts from BP members who had their opinions about wholesalers and how shady some if not most of them are/were.  I am not deterred by the actions of those individuals and will not go down that path.  Okay, I am abruptly going to end this because when I'm tired I begin typing randomly and this post can go on forever.  HAPPY INDEPENDENCE DAY!!!  

Lol.  No Sir, happy 4th!

If you use Zillow, type in the subject property, scroll down 'til you see Price/Tax History, then look for the 'county assessment' highlighted in blue, and it'll display both property and mailing address of property owner.

@Brandon Battle kind of how I felt.  I appreciate the feedback.

Hello! Seeking advice on how to continue with this lead and I'd like to turn it into a deal if possible. So here's the situation.

3 Bedrooms 

1 Bath 

~1250 Sq. ft

18x30 pole barn

5.7 acres 

Home built in 1910

Issues:

-There was an addition added to the backside of the home(~8x30ft) which serves as a laundry room/extra space?

-There's a small creepy, dark, murky, musty, basement/dungeon with steep steps leading to the main floor.

-Foundation possibly cracked all around the exterior--literally all around.

-Inside, the floors were leaning.

-dated

-Roof is 9 years old, gutters looked as old

-No AC/Central air, nothing.

This lady is moving out of the state and needs to sell her house. She used a FHA to buy the home back in Aug/2013 at $213k. I wasn't able to ask how much was left on her mortgage. I assume nearly three years of payments, she paid about $14-$16k in principal. So at the very most, she owes $198k. She mentioned to me, she would like to pocket $40k and was asking $250k. The property is rural--9 miles out of town. I couldn't pull legitimate comps for this area and prices were all over the place. $210-$800k... but that particular property foreclosed. Next highest would of been $650k, Anyways... I was thinking bulldozer'n the house and dungeon and build a new home(s) would be a better investment solution?(unsure and would appreciate input) 

She told us that there's a realtor eagerly wanting to list the home for $300k.  Being new to this, I thought that was an insane price and he's just wanting the business knowing eventually that price will drop month after month until it got sold. So my question to you is, can we turn this lead into a potential deal?  I'm not licensed so I can't just list it myself(not yet). The property is currently off-market.  I apologize if I've missed any important details.  Let me know!!

Thanks

I just heard about him networking with a broker at the last REIA meeting. Thanks! I'll be sure to mention you if I do get the opportunity to speak to him. Thank you.