All Forum Posts by: Lou Croce

Welcome!

Be sure to read up and stay active.

:beer:

Has anyone had any success with buying motivated seller leads or buying into a website that produces them for you?

The market bieng the way it is, I'm also very interested in the most efficient ways of doing this besides bandit signs and other traditional ways I've read about. I'm sure its been discussed before and I've read plenty about it on this forum but can someone who is currently succesful in taking advantage of whats going on in the country fill us in? Some kind of up to date, fool proof guide would be great!

Thanks EyeSore!

My interest rate jumped up to 8.75% but thats fine. I'll still cashflow around $300-$350 / month off this duplex so not bad...

I'm currently trying to get $1000 credit back from the seller because of a fence she put up that is encroaching on a business property next door. My lawyer just made me aware of this today so I figured I would try to use it as a bargaining chip.

The fence hasn't been up for long and the seller failed to get a survey done before it, now I have to deal with it if the property owner next door wants it removed or when they go to sell a few years down the line and the buyer wants it done. It goes 3 feet into that property! I figure $1,000 should cover it, we'll see... :D

Hello and welcome!

Never heard of them but it sounds like a mentoring program. Although I've heard some people become successful using those programs, I do know they can be very expensive (ie. $7,000)

Personally, I'd rather read, study, analyse, network on my own and use that $7k towards a downpayment on a property. Yes it might take longer, and you might make mistakes but its all part of the learning process.

There is alot of knowledgelable people here on this site that can answer your questions just like they have with me.

Hello and welcome! :beer:

Hello all,

Just want to keep you updated as to whats going on. The load officer finally called me today (he was on vacation) and I voiced my concerns. I told him I didn't want to get started off the wrong foot this bieng my first porperty and all. He said he only did it to help me out on the interest rate but he understands where I'm coming from. He kind of acted as though I was bieng too paranoid but oh well, I'm the one that has to deal with the potential consequences, not him. He agreed to switch it to an investment loan and he'll call me tomorrow to give me the details.

My interest rate will be higher but I'm not too worried about it because the cashflow will still be great for a duplex because I bought right :D

Mike and EZ

I hear you both and like I said, I feel VERY uneasy about this. This is how the Loan Officer from the bank structured it though...
If I back out now I will lose the deal, my deposit, the time invested, etc. etc....

Somehow I feel like I got forced into doing this by the agent (an old friend) and the loan officer. Of course they probably want to make a buck and might not be completely concerned about my risk.

You can also think of it this way, if someone has a 2nd home or a vacation home, are they NOT allowed to rent it out on a month to month basis when they aren't present?

Wow Nate, that is a great story and congrats!

I'm wondering how low you bid and also what kind of financing you have in place for this? Also, I'm assuming your paying capital gains tax?

I agree with you both, and I feel pretty uneasy about this.

Then thing is, closing is under 2 weeks away... After talking to different people, I'm bieng told that a few investors have allready done this in the area and the chances of the bank finding out are very slim. I guess they do this to keep the interest rates down??

Another good example of a similar risk is investors bidding as owner/occupants on HUD properties, which I hear happens alot.

I guess I'm going to have to bite the bullet on the risk factor here for my first property and DEFINATELY get a mortgage broker to work on my next one. I have to admit, I've learned a few things so far just doing this one even though there is so much more to do!