All Forum Posts by: Aaron Aaron

Yeah, I kinda figured that was how realtors worked. I am currently located in Greenville, TX.

Thanks Eddie for the info. Is it usual to just ask any realtor for a comp report, or do they expect some sort of return? I would assume that if they do comp reports for you that you try to use them when a realtor is needed.
Also, if I have an established relationship with a local realtor, can they do comp reports for other areas outside of their local area?

Thanks again,
Aaron

OK..I've begun my RE investing education by joining Biggerpockets and visited my first county courthouse. Luckily for me the two courthouses I visited were not computerized so I spent a couple hours familiarizing myself with the documents. Definitely not as simple/easy as I interpreted from others. When I got back to my computer I looked at a county that was "digital", and still found it to be labor intensive (relatively speaking).
So this is what I've gathered at day 3 of "the rest of my life". Please feel free to correct/enlighten me at any point:

1. Joe Doe buys his first house..a "Deed of Trust" is filed with county courthouse. In this deed I found original "Purchase Price".
-- question 1: Is original purchase price significant? I would assume if homeowner wants out it is irrelevant where as the bank wants what is owed at the bare minimum.
2. Joe Doe falls on some hard times and fails to make several payments. An "Assignment of Lien" is filed at county courthouse by the "Grantor".
3. Eventually an "Appointment of Substitute Trustee" is filed at county courthouse. This filing has the data the property will be auctioned off.
--question 1. Is there a specified period of time between an "Assignment of Lien" and "Appointment of Substitute Trustee"?
--question 2. Do I have to contact the "Appointed Substitute Trustee" or the homeowner to make an offer before auction date?

In regards to "Is it a deal" I'll use some numbers on one of the properties I found and ya'll tell me if my logic/thought process is correct...

- Initial loan amount was $119,918
- Original deed was Mar 06 so amount owed is approximately $114,000-116,000 (I just punched in couple different interest rates and looked at amortization from 5/06 to 3/09)
- Looking on Zillow I see houses selling around $105,000..Can I assume $105,000ish would be FMV? If that is the case, I can/should offer 70-80% of FMV. Based on that offer I could make between 21-31K if I had a buyer? If I wanted to rent it I would have to get 1400-1700 (based on 2% rule)...

That is what I've come up with based on what I've heard and been reading.. I look forward to any feedback/suggestions anyone is willing to provide.

Aaron

I just finished the 3 days of "Left Brain - Right Brain" training with the RDPD folks. I was so close to "investing" in my education and signing up for the Advanced Wealth programs they offer. I applaud them for getting folks so fired up and motivated to make a change in their lives. However, my "left brain" started kicking me in the head when they came up with the "increase your credit card limit" and use that increase to fund your education with RDPD.
The major deciding factor for me not to "invest" in my RDPD education was the lack of any substantial testimonial throughout the Internet from folks who have "invested" and participated in the Advanced Wealth programs. One of the topics the coach presented was that in one year RDPD has only 300 BBB complaints. Having taught over 312,000 folks that equated to less than 1% of unhappy students. I know there were at least 10-15 folks in our seminar that signed up for the Advanced training. Why don't I see more folks posting there success on the Internet. These classes have been going on for years. I realize not everyone would do that, but I think there would be more evidence than what I've found so far that would indicate that this is worth the risk.
As many of folks have suggested I've decided to utilize resources such as BiggerPockets, and join a local REIA . It may be twice as hard doing it this way, but I'm pretty sure with the limited amount of education I did receive in the last 3 days, I'll be off to a good start. Hell, the fact that I've come this far is a good start...I look forward to the journey....

Aaron