All Forum Posts by: Jerry R.

Joel is correct about the addendums. Often there are statements allowing the bank to do just about anything.

I m surprised you actually got an executed contract 2 months ago. I can't seem to get anything executed until the last day or two before closing. Just to be clear, do you have the banks written acceptance of your offer or just the sellers?

This may just happen after all. My last one closed without me paying for extra closing fees the bank (or maybe it was the title company) tried to tack on at the last minute.

That is right in my old stomping grounds. Not a good area, but if you can cash flow that well it might be a deal if you can find a quality property manager to handle it for you.

Also expect the home to need a lot of work and future upkeep.

Hi Jake,

Great to hear about your successes. Thank you for sharing. I would like to know more on how you got together with the bigger investors/mentors in the area.

I find it extremely valuable as it is the closest thing to MLS access that I have. I know right away when a new property comes on the market.

I rarely look at the comps section, but it is there if you need it and it does help sometimes.

Entrust Freedom allows checkbook control of your SD IRA. I have started looking into this for buying tax deeds. I met with the managers and they told me they can do it, but I have not gone any further than setting up my account yet.

Researching resent sold properties I have found many Fannie properties that do not impose the 20% for 90 days restriction. You can always try to get around that.

I have tried a couple of times, but have not succeeded yet doing this. I did buy a Freddie Mac property without any restrictions.

I have had a bank refuse to allow me to change the name on the contract. Maybe I should have waited until the last hour as I asked shortly after they accepted my offer.

John, Isn't posting ads on craigslist considered a SEC violation?

Maurice, how do you go about presenting a marketing packet to someone you only met once?

That's a good question Tom.

I see some potential problems with the suggestions above. The seller can accept the offer but the bank can take months to accept. In my very limited history, the banks want to know as much as possible up front. So if you register your LLC after your offer is accepted and your LLC name does not match the name on the offer that's one thing the bank might not like.

Also, if you register the LLC and the bank does not accept your offer then you would have to wait until you get another deal to sell your new LLC.

So for the people who use this tactic, do you have a LLC ready to purchase a property under before you start making offers?

I buy all my properties in the name of my LLC and the bank always asks to see my LLC paperwork.

BTW, I have 2 properties right now that I bought from short sales. One has a 30 day limit before I can resell. The other home has no limits.

I am not a pro member and not sure how I would benefit from it. Of course that really is the key (WIIFM).

I like Jimmy's response especially the part of a pro members only section. A free marketing forum I visit often has this for paid members and I think it works well.

Two other things that would add benefit would be to include the ability to advertise on this site - now that is a real benefit. You could easily add a rotating or random ad script that would display ads off to the right.

Another cool benefit would be a free web page with the pro membership - this could be for an extended profile or used however the member wants to use it for such as listing available properties.