All Forum Posts by: Tamarra Banks

How do u classify your assignment fees as income? do you have an llc or get checks written in your name? Ive already had a horrible experience with IRS after winning a vacations prize not knowing it would be added as income and i ended up owing big time. Im just starting to actively pursue deals and dont want taxes to eat me alive,lol

Tamarra

@Rob - I sent you an email.

@Loc - If its a free and clear title,no mortgone and one owner will I need to go through a broker?

I was @ a conference and heard a presentation on creative seller financing. A scenario presented was to give seller downpayment and agree to monthly payment for a specefied amount of time. The presenters talked about the SAFE act that has made seller financing a little more difficult.They mentioned homestead property,using a licensed mortgage broker and other concepts im not familiar with. I couldnt afford to buy their package so can someone help explain the process of seller financing. There's a 2 unit property that i was going to talk to a seller to wholesale but if i can do seller financing,i would buy the property. If i offer seller $8,000 downpayment - $700/mo to have paid off in 4 yrs. Will this work? Who would i get to handle the paperwork? The rent total can be $1400 to $1800/mo when fully occupied. Thanks in advance for any responses.

Tamarra

Ive been on the fence for over a year and Im finally pressing forward to my first deal. I believe i can move this property but i want to price it right.There havent been too many sold properties in the area for a few yrs. However,the rents for the area are pretty decent.So my target would be buy and hold investors or section 8 landlords.Is there a formula using possible rental income to come up with win-win-win price for the seller,buyer and myself?

My focus is still on wholesaling but i'm just curious about purchasing a property at an absolute auction. I have been to several auctions just to see how it works. However, i'm curious as to the entire buying process. Im thinking of maybe this is a way for me to obtain my first rental property. Every wk there are absolute auctions for amounts of anything over $2500,$7500 and $10,000.I have checked previous auctions and many of these properties have sold for only $1k -8K over the starting bid.Yes all of the properties need renovating.Im figuring if i can buy a property for let's say $15,000 then eventually rehab and rent it out. Using the $15,000 as the winning bid,$2500 deposit and no buyer's prem,what other costs are usually involved? Is buying from an auction a good way to acquire properties?

Maybe they've already been available but i'm just noticing tonight.I already loved the site but the improvements Ive noticed are awesome!!! I just noticed the ask the question box and as i was composing this post the related forum discussions popping up when typing a subject. As a newbie, i knew a few of the questions, i asked had already been answered but using the search did not completely help if i didn't use exact words from post.These two features are definetly helpful and very useful to locate info.Hopefully, the BP veterans wont have to keep answering the same questions over and over again. This site has been a definite blessing to me. :D

just noticed the jump to category.Are these new features or did i just miss them because I never logged out but came back to a bookmarked page?

My ultimate and preferred goal is to have several rental properties where the monthly cashflow will allow me to pay all my bills and still have surplus.I see acquiring properties as the end and not the beginning because I feel i need to build a bigger cash reserve.

For those who have responded in this thread, If wholesaling is not the right first step, then what is?
I work full time, so investing would be a part time thing for me now.I have good credit, plan to be debt free in jan 2010 by payin off last cc and have about $8500 in savings.I value the opinion of others and just want to know what you would suggest to someone like me who now has an interest in REI.

I'm a newbie investor and have decided to start off wholesaling. I dont think i'm going to make $50,000 in 30 days nor do i think its easy. I feel wholesaling is a way for me to learn more about REI and make a little money while learning.I see wholesaling as a stepping stone to other aspects of REI. I'm not just looking at the advice from gurus but many here on BP and other investors i've come in contact with over the last few months.

Great Thread!!! Had to monitor this thread so i can come back and read every post. I loooove this site!!!