All Forum Posts by: Account Closed

Nancy I have two questions for you. How can you live without cash flow? If you are unemployed,what are you doing with all of your time? Are you reading any books about real estate? Are you listening to any audio programs? Do you go to the court house and read foreclosure files and probate files and divorce files. If you have a real estate license, why not generate some cash flow from that? If you called ten foreclosure victims a day, you would find a bargain pretty soon. If you called a few heirs every day it would not be long before you found one that wanted to sale. Offer them the four thousand as a down payment and ask them to hold a mortgage. You don't need a mentor to teach you how to do that. Don't waste your money at scam school. Just get out and talk to people that have property for sale. There is an old Zen saying " When the student is ready, the teacher will appear" Don't go looking for a teacher. When you are ready, the teacher will find you . In the meantime use all that time that you have and talk to some people that have property for sale.

Bob When we hear this story, we don't know for what price the people from California bought the property. Maybe their offer was lower than yours making them the genius and you the nut. It is all about learning. Next time, make a decision and move like the guy from California did. Then people will say, " That Bob either has a ton of money or he is a nut.".

Jeremy Welcome to Bigger Pockets. As I read your introduction, I wonder what you look like. Many others probably feel the same way. Maybe if you posted a picture to your profile, that would make you more warm and credable. That is not so important now as it will be later.You will quiclky notice that BP does not have spellcheck in the comments.

Cory You asked about sending mail to heirs. Stop and ask yourself this question. When your loved one died did you get a letter from a Realtor or a person offering to buy your house? No you did not. Do not hesitate to contact heirs. No one does this and it is a fabulous idea. You will never offend an heir by contacting them. My advice forget the bandit signs and send a simple card to heirs.
You mention that are getting your California real estate license. Check with your license bureau. In Florida, the DBPR will waive the license fee for a recently discharged veteran. Some of my students have told me that the VA will reimburse your real estate school tution.

Ciera A better question would be why would the Seller NOT want to hold the financing.
Most people that own a free and clear house are not worried about where their next meal is coming from. Most of them have money in the bank and a free and clear house. You come along and offer them a small down payment and you offer to pay interest on a mortgage at five or six or seven per cent. Why would they not go for that? Where can they get that kind of reurn on their money? They can't get it at the bank. They can't get it at the mutual fund or stock market. If they do, it is lucky and risky.
What better investment than to hold a first mortgage on real estate.?
Owner financing is a good deal for the seller. It is a good deal for the buyer. Why would you want to go to the bank or mortgage company and beg them to loan you money? They want your life history and your social security number . They want to charge you points and fees. They want the loan to have a due on sale clause. They want to check your credit rating. With owner financing, the seller decides that he likes you. He is happy with the down payment. He believes you are going to pay him. He doesn't want your SS #. He doesn't need to check your credit. He doesn't charge a bunch of fees. You just put down the money and go to closing.
There is no better way to buy a house.