All Forum Posts by: Melissa Webb

Originally posted by Jon Holdman:

Perhaps you could offer to pay for movers to move her to a new place.

Otherwise, move on to the next deal.

I completely agree. There are several things you could do to help her get out of the property. But, if she is unwilling, move to the next deal- quickly, don't spend too much time on this. If you have to find ways to FORCE it to work, then it probably is not a deal and there's always money to be found elsewhere. I've made the same mistake on spending too much time on one property to make it work, and lost out on much better opportunities because of it. :oops:

Your numbers may work, Lee. But, if the owner is threatening to not go through with the short sale unless she gets to stay, she may just be taking advantage of you. She must know that if she doesn't go through with the short sale, then her property will most likely be taken to auction and the foreclosure will stay on her record for the next several years, she won't be able to buy another property, and her credit gets shot. You, as the buyer, are helping her out of a bad situation that she put herself in. You've probably told her everything she needs to hear to get the deal and she probably thinks that you can't live without her property, so she is going to dictate the terms: DON'T LET HER! It sounds to me that she is trying to take advantage of you, plain and simple.

Wholesaler (you) keeps the origional, your sellers and buyers get the copies of the purchse agreements you have with them.

You can do either one. It would be very prudent for you to talk to a tax advisor or attorney to find out what type of business entity would work best for you in the future, and set one up. But, you do not have to have one right away. Just remember, in all your contracts, include "and/or assigns" after your name (if the selling bank allowes it-usually will be posted in the listing, otherwise you need to put in somewhere in your addendums). Best of luck to you, and take the other posters advice and look at the wholesale forum. There are some great people out there that provide invaluable information, and the best part, its FREE! (thanks BP!)

Originally posted by Nick Johnson:

I liked the kool-aid man, but when I found these I decided this will be my only avatar from now on.

:mrgreen: must bring back great memories! I miss my 4-wheeling days. On another note, congrats on the 600th post. :cool:

Thanks for the tidbit of info, Nick. I've referred property owners to realtors for the sole purpose that I know that I'll get a small handout, but I never thought of doing it as often as you suggest. In the past, if the deal wasn't there, I moved on. Only when I was involved with an acquaintence did I refer them to a Realtor. Now I know that if I want some extra fast dough, then I can actually look to help the local realtors. Thanks!

P.S. What happened to Kool-Aid? I leave for vacation for a couple of weeks, and everyhting changes. I do like the truck though. Havn't done something like that for a couple fo years.

Laws may have changed since I looked, but from my understanding, it is against the law to allow the previous owner of a short sale to rent/or stay in the same residence. I may be wrong, but I have be taught (and uphold) to never, never, NEVER, allow the previous owner stay or rent the property in questions.

Eventhough I sounded a bit pessimistic about Rich Dad, I don't think that I would be where I am without them.

The seminars gave me a lot of eduction, and gave me the motivation to get out there and start investing. I also have enough information that I can research the topics more. Until Rich Dad, I never new what a wholesale was, how to negotiate with banks for short sales, and never would have heard about Lease Options (which I am still researching), or creative financing.

I just feel as though it could have been more cost effective. But, You can't put a price tag on education, especially if it gives you the knowledge and motivation to have your money work for you.

Thanks, everyone. You all gave me some really good suggestions. I'm getting out there and will be successful!

My husband and I attended the Free information seminar, then attended the $500 seminar which was another sales pitch for their acadamy. I enrolled in four classes plus a weekend mentor (I don't even want to tell you how much that was). I have taken two of the classes thus far, and am about to take my next two, and haven't taken advantage of the mentor.

Eventhough the information was well presented and some questions were answered, I am finding that just getting out there and reading books from libraries, looking up topics on UTube (which somehow linked me to BP), and networking with individuals here on BP, is giving me the same if not more information as the classes.

The classes are beneficial; but I think that you could probably find the same types of classes, for much less $$$.

A plus for the Rich Dad Academy is that you can retake the class once, and you can enroll in OnDemand (which is just watching the class an hour at a time on the internet).

The negative: Once you go to one of the seminars that try to get you to sign up for Rich Dad Academy, you also get another call from their "coaching" system, which is another $$$ (embarrassed to say what it was, because I was roped into this also).

My advice; find out the types of investing you want to do, research those topics, and post your questions and leads here on BP. The knowledge of those on this forum is priceless, and they don't charge you $1,000's (thanks for that you guys, and don't go and get any bright ideas!). And, find a REIA near you and start networking.