All Forum Posts by: Account Closed

if you want the property, ask the owner to take care of the problem or reduce the price of the building. otherwise, go find a better building!

have fun, think it out before you buy  a program, make friends with successful people, ask questions, collect cards, built your master mind group; folks who you respect and who are a proven entity . Listen carefully for Bull Crap, don't drink too much, have lunch with those you respect. leave your credit with your spouse. 

Believe ABOUT 50% of what you hear, don't get overly enthuse. Have a BS meter with you. always ask for details when someone tells you their real estate successes stories. you could learn lots of stuff, put into action the most creditable information you hear and like. Make offers, use a "skinny Contract"  make  offers just for the fun of it. Try verbal offers and trial offers, dig for motivation, always ask for seller financing or possession with a delayed settlement.

• Ask questions about success stories: how much did you net from that deal after costs?
• how did you find this great deal?
• did you use  any creative financing, delayed  settlement, seller take back, subject to, wraps, banking days, possession before settlement, seller refi for take over, hybrid offer or public auction disclosure?
• I am 77 y/o now and use to love attending those meet-up when I started taking courses, seminars, buying programs, books and tapes in my 20's
  
• often times i was asked to speak or hold a class on investing
  
• Write down what questions you have and want answered.
• Tax sales
• What is Wholesale
• how to best negotiate price with seller
• how to control properties with no cash or credit
• forming partnership
• raising private money
• building a REIA
• Before you leave for this program run some ads in the newspapers (WANTED, houses, commercial all real estate, get on the mailing list of all Auctioneers in your area so that you'll have leads when you return to practice what you learnt.
• it is amazing how much money you can make in this business when you are prepared, BE READY with contracts (I like a Skinny form) have your check book in hand, and everything you need to inspect a property. 
• Good luck and success ---- Charlie

Thank you - that was a great meeting, Kirsten talked about wholesaling and her buying systems. 

Charles

Thank you - that was a great meeting, Kirsten talked about wholesaling and her buying systems. 

Charles

you  just might want to use a land representative *they do this stuff all the time for lot less than a lawyer.

feel free to call i will give the name of the service i use and some idea, we manage about 80 of home and COMMERCIAL tenants.

Wish you good luck.

charlie 

There are many ways you can recast this deal. first things first, close the deal with attractive seller financing. ask the seller to add settlement cost into the mortgage. 

consider some of these in your mortgage conditions ( put some or all of these terms in your offer) make sure you understand the value of these clauses - if not, give me a call glad to chat.

1. put a subordination clause in the mortgage, this will allow you to get a new first and have the seller financed in second position.

2. have a pay-off discount of 5-10% so if you get a new mortgage or sell the house you can discount the seller mortgage, this could save you thousands of dollars.

3. have the mortgage secured by another property you own - this will make your property free and clear, now get a new mortgage, keep the proceeds or use it for renovations.

4. have a stutter clause, this will allow you to miss one payment a year.

5. have a first right of refusal in the mortgage in the event the seller (mortgagee) try to sell the mortgage at a discount, this gives you the option to benefit from the discount.

6. the mortgage should be fully assumable without qualification with release of liability. this makes your resale attractive since you have financing built in.

7. ask for a delay in making payments (6 months) this will free up some of your cash for renovations. 

good luck  with it -- Charles

sounds like this could be good for buyer if there is equity

first write the terms in the contract - Seller agrees to finance the buyer (name) at $100,000.00 at (rate 9% ) amortized for 20 years, with payments of ($ ) payable monthly. first payment due 30 days after settlement.

The title company will do the rest; deed, calculate payments etc.

Some things to consider -1 A balloon  payment pay off, 5-10 years?

Addition collateral - this is good if you can get it, in case of foreclosure

A co-signer - if you are not sure of the creditable of mortgagor

get a detailed credit application (you can find that on line)

right to inspect the property (so that waste is not taking place)

foreclosure conditions, due on sale clause

late charges, not to assign clause

all these item can be done by title company, no need to hire an out side lawyer.

good luck, call if you need help

Charles

Joe, I know many lenders, a suggestion try to control, buy properties without the need for out side financing. Creative financing should up you grown your base of cash flow and equity.

Try delayed settlement, with right of possession, subject to mortgage

lease option

management with option

wraps

subject to

co-sign with owners for equity position - split proceeds and control the deed

Control and Roll using auctions

you know you don't need to buy real estate to profit from it. try to do your investing without going to a lender (to be intimidated and rejected), most lenders are not investor friendly - do your deals with out them!

to mention a few ideas.

Charlie

get on the mailing list of all auction companies in your area, attend auctions,deal with trustees on no sales, subscribe to the Legal record in your area, follow tax sales, sit in housing and rent court.

run ads in papers and radio - WANTED real estate, houses, commercial and non-conforming properties, any condition to purchase, control or assign. 

1. you could do a lease option, or  a delayed settlement with right of possession
2. you could give the seller a skinning contract subject n an auction, you keep the overage juice
3. maybe offer to buy the mortgage at a discount
4. you could do a management agreement with purchase option
5. a simple "wrap mortgage" would work
6. possible create an LLC for seller with one asset, buy the LLC

if you take property "subject to", make sure you have the deed signed and held in escrow

have a management agreement signed, so the lender can be notified to communicate with you in all matters related to the property and mortgage  - this will help to prevent due on sale clause

have a written "meeting of the minds statement between all parties to the transaction

make full disclosure

make sure your assignment clause is in order

get a title search

video property before possession

make all mortgage payment on time

if there is some equity you could put together a partnership to rise some cash

canvas all other owners on the street for more deals, 

record the deed and get a new mortgage (but always ask first for a pay-off discount before closing

good luck