All Forum Posts by: Ron Jones

Hi Rick. The property is a riverfront log cabin style property with water on 3 sides and wrap around porches on all sides. Sits on 1.5 acres. I was being conservative with resale value. Possibly worth 400K with the right buyer. I love the place and would consider it a 2nd home myself. My plan is if my brother moves into the main house and rents from me it will be a second home. Great tips on sub-to and I'll read up on that. Thanks!

Mike you might be confused on my deal. I'm the buyer. The seller would like to stay in the house and become my tenant. Most likely the seller needs their equity now. I would provide that in the form of cash $80K.  I'm just looking for a way to put off the financing of the balance by getting the seller to do a wrap and keep their loan in place. I would be able to finance the loan balance in 18 months. 

Thanks for the reply Mike. Could you explain a little about the lease option you suggested?

Thanks

I'm looking at an investment property in NC. I know the seller. It's a 3/3 house with a 2/1.5 garage apartment. The seller would like to move into the garage apartment and rent it from me and my brother would like to move into the house and also rent from me. So far sounds good right? The house will sell for approx. $300K. The owner has a note left for $220K. I can afford to put down $80K but not in a position at this time to get financing on the $220K. I will be in a year and a half. I was thinking about a wrap note from the seller with a 3 year balloon just to give me a little extra time if needed to refinance. I have not examined the sellers mortgage yet but I'm sure there will be a due on sale clause. Any thoughts on how to do this??

I commented on this thread a few years ago. If you go back and read my post I told a story about a friends sister who is a doctor who wasted 40K on this program. I asked him recently what happened to his naïve sister. He said she went to the top of the mountain with Armando and had spent 75-80K on seminar stuff. Not kidding. In addition to this she invested in a house or 2 out of state sight unseen and lost that money as well. Big sigh. I have a degree in business finance. I minored in Real Estate. I'm a licensed agent. I own a roofing and construction company and also build houses. I say this because you could never swindle people like me with an Armando course. Unfortunately there are many out there that are starting from zero experience that think guys like Armando will show them the way to the golden goose. Armando and guys like him are the best at taking advantage of people with no background in Real Estate. They play the numbers game and are very successful at collecting cash from newbies. It's really sad. No matter how much people like me try and get the word out there will always be uninformed people that Armando will take advantage of. It's terrible really. If your reading this you have made the first step toward a successful career investing in RE. You have come to a forum to learn that will cost you next to nothing. Your doing the research and  not relying on Armando Gurus. Attending seminars is not a bad thing. The problem is attending seminars that are run by scam artist who sell you something for 10's of thousands of dollars with hype and singing and dancing that you can get here for free. Why do you think they start the seminars at dawn and go to midnight? You think it's because they have so much information they need to keep you up all night?? Nope. It's designed to wear you down and break you mentally. Once this happens they get more people to buy the upsell. It works. Do your OWN research and keep your credit cards in your wallet. Best of luck to everyone and Happy New Year!

Chris I will glady buy you not only a piece of gum but an entire pack!

Thanks David. It seems the person that told me they got their passing score was fibbing.

Chris. As we both know it makes no difference. It's my competitive nature I guess. I actually did not get my license to become a real estate agent in the traditional sense. I own a roofing and construction company. I also build spec houses and sell them. The license was to save myself some commission on my own deals. I think it's ridiculous you can't get your score. I don't need to know any secret info that would somehow disclose test info...just a score. I'm glad I passed. I went to college many years ago :). Would it not bug you if your college transcripts said pass or fail? I like to challenge myself mentally and would like to see some feedback on the effort I put in. Maybe I want to make sure I'm not getting early stage dementia :)

Hi Malik. I went the home study online route. The course work is done at whatever speed you want. I did mine over a 6 week period but could have cut the time in half if I worked 4 to 5 hours per day. As far as preparing for the Exam I went through the same home study/online prep pretty fast. I spent 3 to 4 hours a day for approx 5 days. I had the exam scheduled and started the prep about a week before the test and then just went for it while everything was still fresh on my mind.

I sat for my Texas Real Estate Salesperson License Exam last week and passed :). The testing center was Pearson Vue in Houston location. My print out just says Pass. I really wanted to know how well I did but they would not tell me my numerical score. They said to call the main office. I spoke with the main office 2 times and they said TREC set it up that way so all you get is Pass. They said if you fail you get a score. I called TREC and they said all they get from Pearson Vue is Pass or Fail and no score. I was told by another agent who recently took the same test from the same facility they GOT their actual SCORE? Any agents from Texas recently take the test and get a numerical score??