All Forum Posts by: Tom McGiveron

well i dug deeper and found out that a person with the same name (there are four others in the county with same first and last name) as the seller of this lot or god forbid, the seller, has a federal tax lien and abstract for judgement by a telephone company registered with county clerk - sooooo

i'm paying $9.00 for copy of the judgements. hopefully, i can figure this out quick.

i guess a title search wouldn't show any federal judgements, but the county clerks office told me that such judgement could be attached to the property...

we signed an assignment contract for vacant lot in Lago Vista Texas. contract was signed in end of july with the assignor saying it would be a quick closing.

okay, we're going into september. this is for one lot. i had a local developer look at the lot and write up a report on it. it's buildable and 500 ft from water - not in flood zone.

we got copies of the original contract, and i verified that the property is paid current on taxes.

the lot has 80 foot frontage and is 120' deep.

this deal is less than 6000.

so my question is - even though we have signed a contract for a set assignment fee and price of property - can i start to complain to the assignor about the time this is taking and possibly have them lower the price?

should i be worried about the actual deal due to the fact that we're now close to working on 40 days since it was signed? i mean, what could possibly be holding this up - the title company is supposedly processing the paperwork....and if "something" is holding it up...should i be overly concerned?

lastly - even though this deal includes a warranty deed - i attached addition to contract stating clear title and title insurance would be absolutely necessary... - did i over do it?

i did not read all the responses - it's late, but great question.

simple answer for me:

risk reduction/elimination

how?

slowing down
education
building operating funds
approaching rei with entrepreneur attitude.

i'm sure the answer to this question is in the terms of use, but i'm too lazy to read it.

question: can we type in the post - a website referral?

like if i have my own website, can i type it here to refer someone to check it out?

second question:

if i want to put biggerpockets on our site as a link - whom do i contact? or can a moderator/admin just answer my question here.

thanks.

prior to reading rich dad, poor dad - i never knew what a personal financial statement was. i did not understand how such a thing could apply to someone like me - a poor person. i did not fully understand how money can be made if you start to actually think rationally about it.

i still struggle with one thing - personally - i like to eat out. i like to take my fiance out. it's easy, fun and usually delicious. however, i do understand that for every dollar i spend on dinner out, i also spend twice that much in interest on my student loan per month. after reading rich dad, i started doing my OWN personal financial statements. i started calling my lenders every month to map out how i am doing in terms of creating a positive net worth. i have a long way to go, but i also have plans for investing and business operations.

it is amazing what you can accomplish, if you put your mind to it. 6 months ago, i was lost. just before i read rich dad...twice...ironically, i found the most important thing imaginable - the strength of Christ. now i realize that kiyosaki and Christ have about nothing in common, but through my revelations - i have come to understand that Christ rejoices when you work hard and push yourself. Kiyosaki is so successful because he has accessed his Holy Spirit - whether he knows it or not. anyone who is successful - if they have tried their best to be honest and run their investments/business with a sense of integrity - God is rejoicing. whether you choose to be a missionary, helping, living and dying with the poor - or you've purchased your private jet to fly to the special olympics to donate and raise 5million - your hard work is paying dividends that are not measured by greenbacks.

rich dad, poor dad - great book because it's understandable. he doesn't lay out a "strategy" - he tells it like it is and tells the truth about money!

Praise Jesus! :D

i've been in the business of real estate now for about a year. my first deal was actually a family inheritance. my sister "bought" my mother, brother and myself out from my grandmother's home.

actually, from learning the basics of rei - i managed to convince our attorney to deed the house over to my sister and brother in law, then have them refi and split the refi between all the parties.

originally, my sis and broinlaw were going to buy the house from us. this was a big mess that required them to put down a "down payment" which was going to be transferred back to them after the closing and on and on.

i figured that if they refi'd, they'd save some money on closing costs (it turned out they saved about 1000 bucks but hey that's better than having to pay the grand extra) and also, my sis and broinlaw were able to take out some extra cash to put in their pockets.

all tax free of course.

since then, i have slowed up, big time. i'm a very fast learner. and i question everything - especially the late nite guru's.

i am currently developing a site for newbie investors that will feature some forums and information regarding general business practices, asset "protection" and the like. it pains me to read people post about "starting up my LLC" or hear them say the word "S-Corps"...

anyhow, that's where I stand now. I look forward to conversing with you further. thanks for the welcome!

Well, yet another forum. I feel welcomed. Good to be here.