All Forum Posts by: Account Closed

You don't have to comply with all requests . I have never had anyyone ask me to see a title insurance policy before they made an offer. I think if someone did ask me that, I would figure they are too smart for me to do business with. Find another buyer. Tell them no. A potential buyer does not need to see your title ploicy.

Welcome to Bigger Pockets. In Florida, and this is probably true in your state, Recently discharged veterans do not have to pay the $105 fee to the state to get a Florida real estate license. See if that is true for you. Call a local real estate school.
You could not find a better career than selling real estate. Learn about VA financing. You can buy a house or a quadraplex up to $417,000 right now with a VA loan. You do not need to put a penny down. Check with a local lender that understands VA loans.
Good luck to you.

Welcome to Bigger Pockets. If you don't have a Florida real estate license, get one and start listing houses until you no longer need the cash flow.

When you say you are learning the basics, I am not sure how basic you mean. Here is an explanation of pro forma statements and the basic performance ratios. This is for people that are taking the Florida real estate broker's exam. It works the same way in real life that it does on th exam http://www.youtube.com/watch?v=WK_ZAdUvruw

This is simple . If you will put up about a thousand dollar non refundable under any circumstances deposit, Mr listing agent will be happy to present your offer whether you have seen the property or not. Then when Mr. Seller accepts your offer and you back out because who cares why. You have wasted about five hundred dollars of the sellers time and about five hundred dollars of the listing agents time. When you forfeit the deposit , they will be OK. To ask the seller and listing agent to waste their time for nothing is foolish . Put your money where your mouth is.

Since you realize that making offers on other Realtors listings is a bad statagy, what do you suppose would happen if you started spending your time calling FSBO and expired listings? If you approached these people with the intention of getting a listing, but you also kept your eyes open for super bargains. I will tell you what would happen. You would list about five houses a month and find at least one super bargain.

If you are intently studying the kind of information that is on Bigger Pockets, you knowledge level will vey quickly move you to the front of the crowd among Realtors. Ninety two per cent of those FSBOs are going to list with someone. If you don't know how to approach them, watch this video. http://www.youtube.com/watch?v=7BYAiA7ayLw

If you are going to pay your dues to the Assn of Realtors, you might as well do the most productive thing possible. List bargains. You have probably already had this experience and you don't even know it. You see a Realtor's listing in the MLS for $100,000. Your investor offers $70,000. You turn that offer over to Bozo the listing agent. The seller turns it down. What you don't know because you were not part of that conversation is that the seller told Bozo that he will take $72,000. Bozo sells the listiing to his investor for $72,000.

Start listing. You will make a lot more money. You are more in control.

Christopher Find sellers that will hold a mortgage for you. If you have a few shekels to put down, this is not hard to do. http://www.biggerpockets.com/blogs/3840/blog_posts/27179-seven-reasons-a-seller-should-hold-a-mortgage
The secret to finding sellers that will hold a mortgage is to reconize them when you see them. They are heirs. They are older people that want to leave an annuity for their kids. They are people that don't need the money fron the house. They are people that their house is uninsureable. They are CONDO OWNERS that the bank won't loan on their condo. They are people that want to buy a gizmo that costs ten thousand dollars with the proceeds of the sale. It has never occured to them that anything you can buy with cash, you can also buy it with income. You can explain this to them. http://www.ronclimer.blogspot.com/2013/04/seven-reasons-why-i-love-owner-financing.html

There is a very important lesson to be learned here that no one has mentioned. Always talk to the neighbors. They will tell you stuff that no one else will mention.

I assume you were just buying this duplex to rent. If you got it cheap enough, who cares what is next door.

When you buy property from a bank, get title insurance when you buy. The title insurance company will not write the title insurance unless the title is clear. If it is good enough for the title insurance company, it is good enough for me.

The only difference between a quit claim deed and a general warranty deed is the promises made by the seller (grantor). The title insurance company backs up those promises. Either deed transfers ownership.

In Florida (I suspect this is true in your state), when you purchase a tax certificate, you bid an interesrt rate. When the taxes are paid, you receive what you paid for the certificate plus the interest that you bid. You might get paid tomorrow or seven years from when you bought the certificate. Tax certificates are only sold once per year.

If the person that owns the tax certificate wants to be paid, the certificate holder can request a tax deed. Then the property is auctioned off by the tax collector. Since property taxes are superior to all other liens, the certificate holder gets paid plus intererest. If the certificate holder wants to bid at the tax deed auction, they can. The certificate holder is just another member of the public bidding on the property.

In your question, you mention buying tax liens. I assume you are referring to a tax certificate. Taxes are superior to the first mortgage. If you bought a certificate, you would most likely be paid off by the person that bought the house at the foreclosure auction. Your certificate would survive the mortgage foreclosure.

If you bought the property at a tax deed auction, the first mortgage would be wiped out at the tax deed auction. You would own the property free and clear.