All Forum Posts by: Dustin Lyle

Mike,

I was going to leave that portion unspoken :p

Dustin

Im seeing Gobs of stuff down there on the Countrywide database... Jesus I need to relocate :)

Yes I have checked out the property, And yes it does need some work.. Good thing Im a contractor.. But the issue here is that the asset manager lives a good 60 miles away, over the phone she was insistent that it needed a TON of work.. Floors, Drywall repair, Paint and the rest of the basics aren't a ton as far as im concerned, the foundation and brick show no signs of weakness.
These comps where all sold competitively with few days on the market.. The property doesn't even have a for sale sign on it or a contact number.. I know the person who sold it in 2001, and said that it was bought Cash in hand... So im assuming the buyer Used a HELOC they couldn't pay on.

Mark,

Comps in the area within the past 3 months sold at 112k, 119k, and 127k... This one Could Trump these comps with about 10K rehabbed, But really doesn't need it to run par with them.
That reduced price of 65.9 was from the 68.9k price which I was inquiring to the asset manager about.. That's when she told me it was reduced..

Would i be wrong to offer to take this Attractive, Single, Low 30 Y/O asset manager out for dinner :D

Thanks,
Dustin

FLFlipper,

I just want to go out of my way to commend you on your style and attitude... Exactly how I want every person in my team to feel and act about investing.
It seems most times when someone is explaining their method behind obtaining REOs they go into great lengths about different calculations in hopes of making something so simple seem harder than what it is... As if they are better than most because of some "formula" they have made.. Blah Blah..

You, my new friend, told it like it is. Bold low offers, Verified denials, And keeping a large number of offers on the table. Sounds like my new REO business plan.

I just made my first offer today on an REO. Tell me what ya think.

Property listed with an asset manager for 68.9K, County Deed Book says it was bought in 2001 for 95K. I Called the asset manager and she informed me that they reduced the price to 65.9k... So I offered cash closing within 2 weeks for 43K. Now im just waiting.

I wasn't serious about the "loan Shark" portion... But to simplify.

What is needed to Loan my personal funds, Short term and secured by real estate?

I was just pondering my ability to become a personal hard money lender, and what might be required of me? Now Im not trying to Become a PML investor for another person's company, or use my Self directed IRA... Simply loan my personal funds OR funds that I may have access to. Sort of like a Loan Shark but not really... well yes really... But loaning against Real Property. If anyone has experience in this I am open ears... or in this case open eyes.

PS I've been "google"ing the subject and really all im finding on the specific subject is about how "private" private lending is, thus making the information private or at least, expensive.

Thanks,
Dustin

I seem to have ran into a little mess that I know someone here has some insight on... In trying to make my "breakthrough" into RE investing, I decided that I first need to find and introduce myself to all the people in which I will need in order to make things happen. I was in the process of looking for a Title company yesterday and come to find that there isn't one anywhere around where I will be wholesaling.. It seems everyone in my area goes to the same attorney's office for any title work. The closest place with the word "title" in their name is located 3 hours away. Is this attorney able to do the same things a title company does? Is there an issue in the fact that this attorney is also an active real estate litigation attorney? Maybe im looking into this way too much, but Im not trying to wholesale a property and this old school attorney whisper in my buyers ear that this doesn't sound right. BTW, NO ONE that i have talked to has even heard of wholesaling... But I guess that's good for me. Any help would be appreciated.

Dustin

Happy thanksgiving everyone!

Just wanted to let you know that I am especially thankful to have BP and the community here as a resource to build my Real estate career... Each one of you are a very important piece in making this community what it is. And though I Don't know any of you personally, I am thankful you are here.
Dustin

Congrats!!