All Forum Posts by: Priscilla Z.

Dustin Johnston - - As is I might be able to sell it for $100K to a landlord investor who will probably just throw on a fresh coat of paint and rent it. It's in a good area that's very sought after. She's very motivated to sell...she's already out of the property living in another state and just wants some of the equity out of it, even willing to hold the note. I doubt she'll be interested in another property we own with equity.... she just wants some money out of the house and to not pay the mortgage anymore...

J Scott - Yeah, that's an option I'm entertaining. Even though it's in my county, its a good hour away and managing a project an hour away isn't very appealing to me or my partner right now, so we're looking at all our options.

Hi Everyone!! I've been gone for a while rehabbing houses ... now I'm back and need some of your expertise...please advise. Here's the deal:

4/2/2 Frame house in FL
ARV: 150K-160K
Mortgage Balance: 70K with 18 years to go
PITI: 850/month. Seller is not behind on payments.
Rents: 1000-1200 / month
Condition: Good, needs cosmetics, carpet and paint, it's livable, it’s in best condition cosmetically, but structurally it's great.

Seller is motivated, since she moved to another state after her dad passed away. Seller is willing to let someone else take over the payments on the mortgage, but she wants some equity out of it. She is also willing to create another Note for the equity.

Here are my thoughts:

OPTION 1) I can offer her $90K, taking over the $70K at $850/month, and creating another Note for $20K, 30 years, 4.5% APR=$100/month for a total of $950/month. Balloon in 5 years.

Then I can sell it to a Landlord Investor for $100K, 10K down, and take over the payments on both Notes. The Landlord Investor can rent it for $1100/month and cashflow $150 without using a Property Manager. So I don’t know if it makes sense.

If this is my best option, should I do a Subject To and wholesale it (landlord investor taking a risk at due on sale clause)? or a Contract for Deed and wholesale it?

OPTION 2) I can offer her to do a Lease Option for 90K, with payments of $850/month, no rent credits, and let’s say 2K Option Deposit, for 5 years.

Then I can do a Sandwich Lease Option with someone else, for 110K, 12K down, 1100/month, no rent credits, for 3 years.

I know in this Option I can make money up front, in the middle, and at the end. The only thing is that I will have to be involved, and be responsible for my side of the contract with the seller.

What you guys think on this scenario?

OPTION 3) I can offer her $85K, with $15K down at closing, and take over the $70K at $850/month with a Balloon in 5 years.
Then I would market it as a Seller Financed deal for $95K with $25K down, and take over the $70K.

Again, this would have to be for a Landlord investor or Owner occupied.
What you guys think about this one?

Any advice would be be appreciated.

Sorry, I've been caught up in a rehab these past couple of months and haven't had time to be on biggerpockets, but I'm back now!

I never imagined this thread would last so long. Honestly, the reason I started it was because I was looking for a review of IFlip when I first saw Cameron's "infomercial".

I don't think the Iflip system is bad, it just didn't work for me. I've said this already. It didn't work because of two factors. One, I didn't dedicate the time to it that it deserved; and two....my market is VERY competitive. So, when I got a lead from a bird dog about an empty house on a street it was not empty because of it being abandoned, it was empty because the realtor didn't have time to put their sign up or because it didn't last one day on the market.

I have nothing negative to say about Cameron or his Iflip program. On the contrary, my partner and I spoke to Cameron's staff a few times, and the lawyer we have on our team spoke to Cameron himself, and he was nothing but helpful.

I think that after almost 3 years of playing this game and learning, after making mistakes of course, I have gained enough knowledge to make accurate statements.

The truth is that you DO need money to play this game. Whether it is earnest money to put down on a wholesale deal, money to put down on a rehab, or just money to buy bandit signs - YOU NEED YOUR OWN MONEY.

The concept of this? Well.....you put a lot more work into things when you have your hard earned money invested in a project. TRUTH.

It is also said to "Use other people's money." Yep....EASIER SAID THAN DONE. You usually need to invest some of your own money to be able to get someone else to loan you theirs, especially in this economy where people are afraid to invest. Unless you have a friend or family member that is willing to invest with you.

To finish off my ranting and raving....I think Iflip can work in the long run, if you have the time and money to invest in it, or, you can find your own way of doing it like I have.

I don't think we need to depend on Gurus to show us how to do things, but, we need to be willing to spend the time on things ourselves and be patient while we learn. If not...pay the guru and he will teach you his formula and how he succeeded. Simple as that.

Patience is something this game has taught me. They say people give up right before they are about to succeed. I learned to be patient....so I already know what success is and there is no going back for me!

Joshua, thanks again for this great website. I like to thank you as often as I can. I bought my first rehab house through a contact I met here!

Defensive yes, because of the way you generalize and judge in your post.

I still have the ability to use them, and as you said "I run across nice companies that will take your money and return it later all the time.They are very pleasant because you are giving them money even if to hold."

This is how I feel about them. A nice company, and I know that I will get my money back when I'm ready to use them; unlike losing $1K as an escrow deposit on a house you don't close on.

You know what I've learned? Don't knock it until you try it. Like when I was little. I don't want green beans, I don't like them. Well, Priscilla, have you TRIED green beans? No. Well how do you know you don't like them?

In this case, Joel, how do you know it doesn't work? You make good points about gurus, yes, a lot of them do that, sell you stuff and SCAM you. I tried Cameron so I can give FACTS.

As I've said REPEATEDLY on this thread, some stuff worked for me, other stuff didn't. Nope, I haven't closed a deal yet but that's because I'm rehabbing now, not wholesaling.

You say that he holds the $1,000 until you cancel, no, he holds the $1,000 until you close your first deal, where he reimburses it to you. So, if you had to pay $1,200 fee to him for your first deal you would really pay him $200 because he would apply the $1,000 you put down.

As for the $50 a month, thats up to each person to pay it. Unfortunately, I let it go for a couple of months, but that was my own fault, I could have cancelled it before they started charging me.

Let's be real here. There are plenty of gurus and non-gurus out there saying that you DON'T need money to play this game. NOT TRUE. I wasted time because I listened to those people. You do need money, even if it's minimum. When I finally realized this things started happening for me.

Cameron and his staff have been very attentive with both my partner and I whenever we've had problems or questions. I've never felt like they've tried to scam me or get money out of me.

Again, is it worth it for bird dogs and the Iflip system? Not for me. But, it is worth it for me to know that I have transactional funds available for SMALL deals that I need funded. I've looked around. No one wants to give me $30K to flip a house, and at the 3% with no other fees that Cameron charged. Well, that's how low the Florida market is, we have small deals, so this works for me.

Didn't mean to go off on a rant. For the most part I try to keep a positive attitude around here and bring useful information to others, so I don't do well when I see posts like this.

I started this thread over a year ago and I see that people are still posting on here, which means that Cameron is doing a great job of advertising his services.

To resume my experience, I do not regret buying the system, because I have access to the transactional funding for my small deals, as Ted said in a previous post, Cameron's funds work very well for small deals as he only charges 3%.

I've had a very positive experience with Cameron and his staff, they are very attentive and their customer service is excellent.

As far as the websites? Not for me. Yes, it seems "automated" but, you have to drive traffic to the websites in order for them to work. And when they do, the way the information is stored is not useful for me. You can't export the information anywhere, the data is just stored on your account.

Also, I didn't like the $50/mo I had to pay for hosting for the two sites when I wasn't getting anything out of them. There's a website that I've talked about before....HERE COMES THE FREE INFORMATION.... :D
creator.zoho. There you can make your own database form to put n your website and export the data whenever you need it and be able to use the information.

Ok, this post is long already, just wanted to put in my two cents...yet again.

Diedre - I put the price on it myself. I researched the properties in my county that were going into tax deed sale and I sent a $100 offer to the owners of the properties. These owners responded, I paid them the $100 and paid the back taxes (which were very minimal).

Art - it's a residential development. It's obvious that a developer had gone in at one point to clear the land and pave the roads. I'm sure that when the market crashed so did the plans for that development.

Might be normal with that title company. Might have something to do with the bank. We closed a deal on Friday, but didn't get the hud back until this Monday. Then some other paper was needed. To make a long story short, just got the keys this morning. I'm obviously not happy with that title company, only used them because the bank chose them. Had to push them quite a few times, don't feel bad if you need to call and be pushy.

I won't be using this title company again, will try to make sure I choose my own from now on. I just found out you can do this by stating on the contract that you will pay for title insurance. An extra expense but well worth it if you have a good title company.

Short Sale close is same as any other.

Close A-B with transactional funds. Wait until your deed is recorded. Setup quit claim deed with your buyer (have a legal service agency do quit claim for you - or talk to your title company, they might set it up for you). Setup an appointment with your title company to sign/notarize quit claim deed after you closed your short sale. Have buyer bring $ to table, sign quit claim, get it recorded.

Done.

Not as easy as it sounds. Banks are not easy to deal with, always have some sort of issue with some sort of paper. We closed on Friday, just got keys this morning. But, deal is done, buyer is happy.

I lost a deal because we told too much detail and the realtor was too nosey. Unless you are working with a realtor who has worked with investors before, or is willing to learn, don't explain things. Close your a-b with them, that's it.

I found an agent who is learning and loving it. She's great to work with.

I also found a title company that I sat down to talk to, they know double closings, and they will be my title company from now on. Also, how do you choose your own title company when dealing with the banks? Offer to pay for title insurance.....it's well worth it if you find a title company you are 100% comfortable with and don't need to deal with the stuff that some of them bring.