All Forum Posts by: Steve Wood

Michael,

I joined HSA about 2 weeks after it was launched. I have made money with the program and I am having people sign up often. The contracts are updated as needed. The greatest part of the program is that is allows us to offer "owner financing" on our signs. Most of the time you can find a local lender that can do USDA loans or FHA loans with credit scores in the mid 500's and not even use the note buyers. Anyway I am happy with the program.

Tyra,

It's not that hard to do when you advertise your house for sale
"Owner Finance 5% Down No Bank Qualifying". You then do a simultaneous closing with a note buyer. Check out the details below.

Seems like if you are wholesaling properties it would be to investors but anyway I know an R/E in Jackson MS that does this and he never tells anyone he is a licensed Realtor unless they ask. Would using disclosures protect you?

Good choice Pamela, I purchased the same machine. It was a refurbished model and I paid $199.00 for it. Had the same warranty as a new one. I have had it about 6 months and I love it. :wink:

Congratulations Dick,

I think I have about 990 and I will be with you!

Love the GTO myself.

Niche or no niche, I think your exit strategy is very important either way. If you have plenty of cash and you are going to rent the homes, that's one thing.

If you are operating with borrowed money your plans will be different. FHA will only finance 4 homes for Investors. It would be hard to make very much on 4 investment homes.

If you are going to rehab the houses for resale, have you thought about the market coming 10/01/08 when lending standards are going to tighten even more. It seems that we are headed to the point where only "A" credit people with plenty of down payment money will be the only ones you can flip to.

Just be sure you can assist your buyers by helping them find creative financing. It will still be around.

Good Luck

Hi Michael,

I agree with most everything that has been said.

1- I would say that you need to start with the end in mind like Dan says, know you goals and understand why you want to invest in real estate.

2- Always keep in mind the thought of how you can help others in this business. You will get ahead by helping others reach their goals.

3- Learn, learn, learn… because at times you will get advice that may not be correct. For instance, you do not need a pocket full of money to start this business. By that I mean you can buy a house with a contract only, find an end buyer, and collect the difference at closing without ever taking title or putting up any money! Their are many ways to skin a cat.

4- You are entering into a very different market today than many have ever seen. Your exist strategy will be one of the most important tools in your bag so that you don't get stuck holding the bag!

Best of luck and hope I can help some way.

Right on Ben Potter. Term limits are the only way to break up the good old boys club. Frankly, I am leaning more toward McCain because I see a courage in him to stand up to them than Obama. Particularly impressive is his choice in a running mate.

I like J.J.'s comment that as a percentage, gas is low compared to other times. I know I am guilty at times complaining about certain conditions but there is always going to be something like the price of gas, groceries, utilities, etc...... that set us back.

It's a new day! I have decided to stop complaining and just make so much money that prices will not matter!

We live in the GREATEST NATION and the GREATEST TIMES OF OPPORTUNITY EVER! (gosh, I hope the lady that was complaining about people capitalizing words when they shouldn't be, doesn't read this post) :lol:

Let's all just go make so much money that we can give away tons!

And what is so hard to understand were the economic indicators that were released yesterday that were so positive. Interest rates low, unemployment low, inflation down etc.....

Doesn’t' make sense! I am concerned that the new regulator that Bush appointed is going to overreact to the market and make it too difficult for the average person to acquire a mortgage.

I hope Realtors and Investors are looking for other sources of creative financing.