All Forum Posts by: Loretta A. Steele

Thanks Jorge, I was wondering if it was a lack of patience or wrong marketing.

My marketing plan consists of a series of letters that include 7 different letters, 3 different postcards and 2 different flyers.

Persistence, persistence ... I know I can make it, thanks again.

1) Ms. Olden received an option from Mr. New on a piece of property valued at $1,000,000. As consideration for this option, Ms. Olden gave Mr. New $10.00 in cash. The option is:
a. invalid
b. valid
c. voidable
d. unenforceable

Answer: (B)
An option must be in writing and must have actual monetary consideration paid to the owner (optionor). Also, an option is a written, unilateral contract between the owner of real property and a prospective buyer, stating the right to purchase, a fixed price and time frame. The price and all other terms should be stated clearly, as the option may become the sales agreement when the buyer (optionee) exercises the right to purchase.

2) Assume you are in need of money and ask broker John to negotiate a second trust deed loan for you. Which of the following will be the broker,s responsibility?
a. make sure that the trust deed has the proper amount of revenue stamps on it
b. have the broker's loan statement signed by all three parties
c. make sure that the property is appraised to justify the loan
d. see to it that the trust deed is recorded and names the lender as the beneficiary.

Answer: (B)
Real estate laws requires anyone negotiating a loan to provide a mortgage loan broker’s statement to a prospective borrow, with information disclosing all important features of a loan to be negotiated for the borrow.

Good luck, hope this helps.

I am new to the investing world. I’m been working as a bird dog. My problem … I haven’t gotten any deals in the year that I been doing this. I need help in understanding what I’m doing wrong.

I have tried;
1) A series of letters, sent every 2 weeks to pre-foreclosure homeowners
2) Postcards and flyers placed on community bulletin boards
3) Drive by and note homes that look vacant and due research on owners, then tried calling
4) Let everyone know that I’m in business
5) Working on a website to market my bird dog service

What am I missing? After a year of doing this, I though I would have gotten something. I’m not ready to give up. I see others on the forum making deals, I believe I can also. I need some guidance, please advise. Thanks in advance.

Hello all,
I'm a new member working on becoming a real estate investor. I won't call myself an investor until I've completed a profitable deal. Until then, I'll continue to listen and learn. This is a great forum and the members are the most helpful I've come across. With all this great info, I know I'll make it.