All Forum Posts by: Melissa Webb

Moneypenny, the econompy most everywhere on the west coast bites. But you can still find deals that work. If they don't work, then it's not a deal. That's what investing is all about.

congrats NIck, but I agree with Will. Can't beat CA's beaches and fun =).

I have a Q for you Mike, what happens if the owner contacts you? If you don't wan't to pay realtor fees, can you tell them to keep their contract with the Realtor, if they get another offer take it, otherwise when the contract runs out call back?

Thanks for the advice Anthony. $3750??? I guess there is one perk to living in CA, And here I thought that this state was the best in finding ways to squeeze money out of people.

P.S... Thanks everyone for your input and expertise. I really appreciate it. I think that I have a grasp about Sub-2's and LO's now.

I got some more numbers from the sellers today, and I'm thinking that they won't work out. This couple has made some pretty good decisions. They took out a 15 year mortgate last year for 125K at 4.87%. Their monthly payments are $1175. The only reason they want to sell is to take advantage of the market and move up to bigger and better things.

To continue on numbers: Rents in the area only go around $900. They only way this would work out (for me) is if I find another person to lease the property from me for at least $1300. No repairs are needed on the property and sellers are pretty firm on how much they want to sell for... so no good for rehab and sell or wholesale. I'm thinking they should just hold out longer to see if someone can give them what they want.

I guess that this is what I am trying to understand. Both situations (sub-2, and lease-opt) the owners have two loans. If I do a lease-opt, and they just prove that the property is being leased/rented, and the lending company is happy? If I do the sub-2, then I have the deed, and the lending company for the next house should be happy, shouldn't they? Sorry for all the questions, I think that I am trying to make this harder than it really is. I'm just trying to make sure the sellers don't get screwed out of their funding they are qualified for.

This post got a little out of order, two of you posted while I was writing =). But I still have these questions.

I'm making sure it will cashflow before I get into it, but I was worried about the DOS.

So, the lender most likely won't notice until insurance is paid. If you could just clarify about having the seller as an additional payee. Is that on the insurance, or??

If I offer to take over paymens, how do I obtain the deed/title, without triggering a due on sale clause? I have a seller who wants to get rid of their house (for no profit) so they can get in their "bigger, better" house. I want the house for zero down and take over their payments (which the current oweners are all for), and then turn around and lease it out.

I like these ideas much better. I thought that if I were in the situation of the homeowner, I really wouldn't want people knocking on my door, but the idea of actually giving a written offer would work really well for me. Thanks Will and Owen.

I need some input on good door knocking do's and dont's. Even on how to start out, what do I say, how do I approach them, and how do I get past the sick butterflies in my stomach (and how long does that last?)? :oops: . I am looking at door knocking for foreclosures and approaching people who are having problems with code enforcement (if this info helps).