All Forum Posts by: Tiankhy Hinton

 Thats a good idea to have the seller sign a waiver at closing.  Have you ever had a situation where someone challenged your waiver?  If so, what was the outcome?  

Thanks Robert!  I was sure on how this would impact wholesaling deals.  I remember hearing the podcast where Micheal thought the deal was too good to be true and he morally didn't want to engage into this contract without speaking with a member of her family first.  Found out the Family was surprised that he was willing to purchase his mother's house 15k I believe and she needed to move closer to her family.  

Again, Thanks for your thoughts..... 

I have a question regarding wholesaling in the state of louisiana.  In Louisiana, we have what is called "Lesion Beyond Moiety" which states if a property is sold for less than half of the market value at the time of sale, the seller can sue to rescind the sale for up to one year from the time of sale.  I would imagine this could have some risk for those in Louisiana that are wholesailing deals and maybe subject to's?  How does this affect wholesaling and are there ways to mitigate the risk of the seller rescinding the sale?  

Gerald, thanks for providing input. I would like to buy and hold and maybe generate some rental income. Right now I'm focusing on wholesaling. I'm still trying to grasp the various REI strategies and decide which is the best fit. The amount of information can be overwhelming at times. I'm thinking I may need to invest into obtaining a realtor license before I make a unwise investment decision.

Thanks Chance!  I woul appreciate any and all help. 

Thanks both Wayne and Brooks. How does wholesaling fit into the short sale model?  As I mentioned, at this moment I'm not pursuing this property instead I want to  this as a learning opportunity. 

Has anyone ever tapped into their 401k to begin their career in REI? I currently have a 401k with a little over 100k. The retirement fund is mostly made up of employee contributions, employer contributions and deferred compensation. I'm 100% invested in my 401k and have the ability to withdraw a portion of my retirement to purchase a primary home without penalties or taxation. I don't have the capital nor strong credit to obtain a secondary mortgage or receive additional financing to purchase investment properties.

First, I would like to introduce myself to the BP community. My name is Tiankhy Hinton, married with a child, who is currently 7yrs of age. I'm new to the world of REI and I've been spending quite a bit of time reading various forums, listening to podcast, reading booking "The book on flipping houses", "The book on Estimating Rehab cost", and "The Ultimate beginners guide to real estate investing. All literature I was able to find on this website and I want to say Thank You BP and it's community for providing such great and informative insights.

I currently hold a full time job as a operations manager for a software company that sells software to judiciary entities within the state of louisiana.  I mention this because we have clients in the clerk of court, sheriff's offices and tax assessor's office through out the state.  I believe I am in a prime position as I understand how to research mortgage/conveyance records, tax sales procedures, adjudication processes, civil probates, and value assessments by assessors office to determine the taxing obligations of a homeowner for their property.  Basically, the software we develop help these agencies track and manage their case loads. 

Enough said about me, let me begin. Before I start, the property mentioned in this mock deal is real property (as of this date) and my reasoning for posting my findings is to make sure I understand how to apply the information I learned so far to this mock deal. I understand that I will not have a full comprehensive understanding of all the interworking as I haven't contacted the seller to negotiate any deals. If you are interested in this property and decide to pursue this all I ask is that you help others who are beginning their life as a REI with updates on the processes you experienced along the way.

I recently found a piece of property in my neighborhood that maybe a candidate as a wholesaling opportunity.  The property is in the early stages of pre-foreclosure and I have completed some research on this property.  The property is located at 9306 sandal wood dr, shreveport la.  Its a 4 bed and 2 bath home with 1360 sq ft and was sold to the current homeowner in 2006 for 108K.  Additionally, the home is livable with minimal rehabilitation. The property is located in a good school district and is accessible to various shopping centers. Here is the property description:  "LOT THIRTY ONE (31), PINE FOREST SOUTH, UNIT ONE (1), A SUBDIVISION OF SHREVEPORT, CADDO PARISH, LOUISIANA AS PER PLAT RECORDED IN BOOK 1500, AT PAGES 371-373 OF THE CONVEYANCE RECORDS OF CADDO PARISH, LOUISIANA TOGETHER WITH ALL THE BUILDINGS AND IMPROVEMENTS LOCATED THEREON".  For those of you that are not familiar with parishes, they are the equivalent to a county in other states.  

The notice of Seizure has the balance due on principal of fixed rate note at $116,781.32 with interest from June 1, 2011 until paid in full at 6.5% per annum to be computed interest.  Attorney Fee's are $950.00.  The only information I can find concerning this piece of property is Zillow and they have the estimated foreclosure amount listed as 66k.  The home is good area and is idea for renting, however an experienced investor maybe able to flip the property for maximum profit.  This sub-division the home is located has 3 closely related comps: 

1)  4 bed 2 bath 1517 sq ft sold for 116k

2) 4 bed 2 bath 1608 sq ft sold for 130k

3) 4 bed 2 bath 1608 sq ft sold for 129k

Here is my point of confusion.  For a home that is in pre-forclosure status where the notice of seizure has a listed amount of $116,781.32 but Zillow has the estimated foreclosure amount at 66k which is most accurate?  Can you trust the amount on zillow?  Secondly, if the home is not flip worthy based analyst, I believe it has great rental income potential, how would one leverage this property to an investor and still make a profit in wholesaling?   There are several homes in this area that rent between 950 - 1270 per month.  

Now, based on my understanding, my first course of action is to contact the seller and negotiate a selling price and enter into a contract.  Since there was a notice of seizure filled, is it still possible to contact the homeowner to work out a deal to get her out of foreclosure status or will I need to attempt to negotiate terms with Bank of America?  How would an experience wholesaler proceed with wholesaling this property?  

@Hattie Dizmond - I took your advise and purchased "The Book on Flipping Houses" and "The Book on Estimating Rehab Costs" from BP.  I just finished reading "The Book on Flipping Houses" which provided the insight I was looking for, relative to starting a business in wholesaling and obtaining some knowledge on what to expect in the REI world.  I want to say "Thank You" for your advise on material to read and again on the 7 steps.  :) 

@Michael Faulk - That would be great!  Thanks for your help!