All Forum Posts by: M. Jones

My 2 cents. I think that what you are referring to is a law to help homeowners with their estate planning. My understanding is that a homeowner can put their property into a LT with a named trustee( usually their attorney) for the purposes of estae planning and avoid the DOS. If you were to purchase the home to stop a foreclosure ( or for whatever reason), this would not fit into those parameters. So the protection of the law would not apply.
I strongly suggest that you investigate the laws in your state regarding Sub-2's. Some states have passed laws making them virtually illegal, and look at them as scams to prey on homeowners in trouble.
If there are no laws prohibiting Sub-2's, then think about it this way. Lenders have the [i] to call the loan due. It doesn't mean they will. It's been a while since I have purchased using a Sub-2, but I would think that banks have enough to worry about right now without enforcing the DOS.

Welcome aboard Chrisy!!

If the candidate I vote for loses, I don't see me doing anything except running my business as always. I do want McCain to win, but only time will tell.
The thing that gets me is that if a Republican mentions National Security he is labeled as trying to instill fear. The only reason it has brought about such a firestorm is because the Obama camp knows they do not have an answer to that. Even the most Socialistic leaders in Europe know how dangerous of a policy Obama has talked about.
As far as a bi-partisan cabinet, I believe it!! And I believe he will take public financing, that noone making under $300K ( I mean $250K, or $200K, or $150K) will pay more in taxes, that he didn't know what was being preached in his church, and that he didn't know Ayers that well after the 15 years they have been associated.
The guy can give a great speech. If he were to want to, he could drive Tony Robbins out of business as a motivator. But look at his record. He has never initiated anything that was bipartisan, and never been involved with something that was controversial. Voting present isn't voting. His own party has pointed out his flaws and the dangers all along.
Last, I don't trust any of them that tow the party line. That is one reason we are in the mess we are in now. A democrat will never call on a democrat to resign, confess, or shape up.
Just my 2 cents.

By the definition of anything under 5% is no money down yes. But absolutely no money down would be a no, unless you talked the seller into paying all the closing costs also.
Attorney fees; title check; title insurance; taxes; in my area the total closing costs usually run about 2%.

I'm not judging you, so please don't take offense. If I contacted a FSBO, and they expressed an interest in listing with an agent rather than sell to me, I would have to second guess my communication skills. If they wanted to list with an agent, why not do that from the beginning instead of tryin the FSBO. If it was me, I would take it as an excuse to get me out of the door. Just my 2 cents.

Alex, now that the 70/30 question is answered, I will try to answer your initial question. There are times that you can wholesale a deal that has less than 30% equity. The best way to do that would be if there was already some type of financing lined up. This would ideally be the seller's financing left in place on the property by buying subject to.
The only other way is to find someone who buys and holds for the long term. The 70% rule gives the other investor the ability to sell at a quick price or to hold long term. By having financing already in place, you take away some of the risk the investor you sell to will be faced with, especially the risk of capital.

Can you give us an update? Did you make an offer? Accepted? Rejected?

I'm in NC, so anything that happens south of the border is kind of foreign, but I do have an opinion. I think the problem you may have is where you are advertising. While the price spread seems attractive, the reality of it is that much more money would have to be invested to build a usable structure on the property. This would probably drive quite a few people away. Just out of curiosity, have you contacted any builders in that area to see if they are interested? I know of several in my area that have over a hundred new homes built and waiting for buyers, while other companies are building more and more everyday. It is military related though, so I guess that explains the discrepancy.
As far as the number of views you've had, I wouldn't let that discourage me. There are a lot of tire kickers out there. And even some legitimate buyers just can't get the funds right now. I do wish you the best of luck in selling though.

In some ways it sounds like a good deal ( seller carried note, 2 properties at one price, decent rental history) and then in other ways it doesn't sound so hot( bad area). But one thing you should learn from this situation is that there is no realistic way to tell if it is a deal until you do some research. Getting your values from Zillow will not cut it. I have seen them list a property way too high and way too low! At least if they were consistent one way or the other it would be useful as either a buying or selling value generator. But please don't get discouraged if it first it looks good, and then looks bad after you have gotten the true comps, rental history, neighborhood background, and repair quotes. It is better to find out it is not a good deal before you sign on the dotted line.
Also worth considering is that I have been approached to buy properties before that I wasn't interested in until I ran some numbers!! Then I was really on board. The trick is to get accurate comps, rental history, and keep a realistic expectation of vacancies and maintanance.
As far as why he is selling at that price, it could be any number of reasons. Just because he is selling low (possibly) doesn't mean it is not legit.
Best of luck to you.

I figured I would go ahead and ask this question, even though the answer seems simple. I have received several e-mails as of late regarding programs that will helo build business credit within just a few weeks.
Is this possible??!?
I am assuming it is not. However, how long does it normally take to generate enough business credit to qualify for lines of credit in the $50K-$60K range?