All Forum Posts by: Steve Babiak

He's actually not from my area, I think he is out of OHIO. But I am considering using him. I have posted elsewhere that I used Wrenn because they have single month vacant premisses policies for rehabs, and usually the vacant policies run 3 months non-refundable (if you sell in month 2, no refund of month 3). He has a series of articles here on BP, not just that one; I only posted a link to that one becasue it tied to this thread specifically.

Thanks for that link. One idea I sent to Josh is that it should be possible to gather all the knowledge already in the various parts of the site and have the members who are subject matter experts asemble a basic step by step how to guide linking the good stuff together. Pulling all the good sub2 stuff together into one place like that would enable all of those tough searches to be simplified into "just hit that sweet page with everything good". Ditto for Short Sales, Probate, Tenant Screening, Lease Option, etc.

Just my $0,02 worth there.

1 Vote

Will,

Some great posts. My vote button seems to not be working once again, otherwise I would have voted already (I have told Josh of this trouble more than once, but it comes and goes; later on I will probably have no trouble voting on this thread, but for now... )

How about getting "Subject To" property into SDI, any special considerations about that? This idea was tossed around at a REIA meeting I attended earlier this year, so input from the forum experts is welcome.

Also, I was under the impression there are some age related restrictions on certain holding periods - is there any real truth to that?

Thanks.

0 Votes

Originally posted by Dwight Droze:

COuldnt end with that! Here are some responses. im a student right now and i have learned so much! I love thier help line. I went thrugh robert kiyosakis coaching before and his coach sucked! and the help line was horrible!

Dwight,

I just took a look at your profile - ZERO deals. Go do a deal using the "so much" stuff you learned from this coaching operation. Maybe then if you said how wonderful it was, it could actually be believed. Otherwise, it appears that you were filled with "so much" not so worthwhile stuff, since there is no measureable result, AKA completed deal.

0 Votes

Originally posted by motiv8td:

I do usually notify the bank but in a subtle way to not draw a lot of attention to me. Some 'gurus' will tell you to keep the current insurance in the sellers name and get new insurance in your name. I say why mess with 2 insurance companies when their first job is to deny claims and save as much money as possible. I cancel the existing insurance and place my own insurance and I always get the right insurance because this is not the time to skimp out and try to save a buck or two.

When I have my agent send the lender notification of insurance changes(or whatever their official term for that is) I also have them include a letter stating that I'm the one insuring because the seller is selling the property to me with 'some' owner financing and that they will see that they are still fully protected per their requirements.

If you go through some of my old posts, you'll actually find the exact letter/wording I use when I have that letter sent.

As for your recommendation, I would not send them a separate letter stating you are buying it sub2 but at least notify them of 'some' seller financing once they receive the new insurance info.

Nick,

I agree with your perspective on the insurance; an insurance expert appeared at my REIA earlier this year and basically said the same thing regarding a claim when 2 policies are in place.
Conveniently enough, BP has an article authored by that person covering the topic that can be read here:
http://www.biggerpockets.com/articles/607

Nick, as far as finding your earlier post to see your letter, I was unsuccessful. The site search operation works fine for some things (I found that link to the article above in a couple of clicks), and not so well for other things. And forum posts can be a tougher area to search, because there is just so much stuff. Could you help us out by finding your earlier post or re-posting the letter itself? Thanks. BTW - you got my vote :)

2 Votes

Originally posted by Dedric Benson:

I'm been involved in real estate since 01' from foreclosures-preforeclosures-vacants-probates-luxury homes-to now other wholesalers deals. Where can you find real cash buyers for deals as mentioned above?

Dedric,
Not to be a smarta$$, but you say you've been involved in R.E. since 2001. Hard for me to believe that in those roughly 8 years you have not personally met somebody who is a cash buyer - unless you just haven't been networking properly.

Your topic title is 'Where to find sure fire cash buyers?' Make sure you have "sure fire profitable deals", and you'll have much less trouble finding that type of buyer.

Sorry if I sounded a bit like a wise-a$$.

0 Votes

Originally posted by Jeffrey Koenig:

... there will be no guru spin put on the topic or answer to your questions ...!

Well Jeffrey, there are some gurus who are members on this site, and they do participate in the forums.

But one good thing about being here on BP is that somebody is quite likely to challenge the guru statements if it is some kind of nonsense. And those who are new to this can then be a bit more informed as a result.

I wrote a bit on this in another post, so I won't repeat that on this thread; read it here:
http://www.biggerpockets.com/forums/55/topics/37487-my-1-1st-post-and-my-intro-post-a-little-rant-from-s-e-pa-near-phila-

0 Votes

Originally posted by nationwidepi:

Another is contributing to a traditional IRA. This also gives you a tax deduction (although upon withdrawal at age 59.5, taxes are paid then).

Will,
I see you mentioned the traditional IRA. At my REIA meeting last night, I had the chance to talk with a service provider who handles SDI. He indicted that Roth IRA may be the better vehicle, since taxes are paid upfront and the appreciation is allowed to grow untaxed. What's your take on that statement? And how about comparing traditional vs Roth for SDI?

Also, I mentioned that I have an HSA (Health Savings Account), and he said that it could also participate in Self Directed plans. When I told him the funds to the HSA were employer contributed, he said that was even better (free money). Any familiarity with using an HSA in this way, and what types of investments would be a good fit?

Thanks for your contributions.

0 Votes

Wow, that might be a first - where a reply to the thread has out-voted the original post, AND they both hit 10 votes. Great thread, and great to get the feedback as well (IMO).

0 Votes

Rich,

I sent my accountant this link:
http://www.biggerpockets.com/blogs/575/blog_posts/2749-obstacle-4-the-largest-wealth-eliminator-taxes-

I'll have to wait and see what he has to say. Thanks for the ideas.

1 Vote

Two things fit here for me.

1. REO offers now have only contingencies that are needed for comfort, and have EMD amount that will get my lowball offers considered by the seller.

2. I am now seeing sheriff sale starting bids (they are set by the lender where I buy) now start far below the debt owed in many more properties, where a year ago it rarely occurred. Somebody on BP mentioned this about trustee sales where they buy, and I grabbed that and started paying closer attention to the starting bids here (and I am now tracking them to know how much they will readily take as REO).

1 Vote

All Forum Posts by: Steve Babiak

Steve Babiak has started 70 posts and replied 12704 times.

Post: Subject 2

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Post: Where to find sure fire cash buyers?

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Post: has your strategy changed after being on BP?