All Forum Posts by: Zac P.

You already mentioned it, but Jamie's book "Trailer Cash" was fantastic. Good luck with your search.

Carpet over existing hardwood... In my opinion, this is the unforgivable sin! Haha! Do you all go with hardwood every time? Rarely can I justify carpeting over the super durable hardwood unless the wood is absolutely destroyed. Thoughts?

I have a buddy that unfortunately is losing his house to foreclosure. I am a bit confused (I think he is too), he owns it in full (no mortgage).. He did "rent to own" which ended badly and I believe the foreclose will someone clear the title (he says the past tenant still has rights to the property, but is long gone). He says he believe he will have the option to buy the property back after the foreclosure for next to nothing. I asked him if he would just sell it to me and he said is ok with that, but the title has issues. He also said he would be open to seller financing. This is a very motivated, out of state owner. This could potentially be a great deal, but I am unsure on how to proceed with this... If you guys were in this situation, how would try to cash in on this? I am a newbie as well as this seller. Please bare with me. :)

Thanks guys! I really appreciate all the responses!

What if it is not listed yet? Do I need to contact the bank or have my realtor contact them? It would be an all cash purchase. Not sure if that changes anything.

I have a friend that says he is losing his house to foreclosure. I was going to contact him about maybe purchasing his property. However, I don't know how to go about this... Would I contact the bank and offer them a price to purchase through a short sale? How does this work? Has anyone ever swooped in and purchased a property through this process? I appreciatte any responses!

I have been buying really, really cheap homes. I'm doing pretty well with them. However, right now I'm financing them on commercial bank loans (through my LLC) and ARM's. I don't want to do many more ARM's and the 20-25% down is rough. I know a number of people with money and are looking to park their money in some kind of safe investment. I was thinking of seeing if they wanted to give me the cash to buy these homes in full ($30-50K) and they would basically be the bank... I'd love to get in 0% down with a fixed rate 20 year or so. So basically they would get a "mortgage payment" check each month for 20 years. Has anyone ever structured something like this? If so, what were the terms? Working well? Thanks guys.

My buddy buys large homes on campus and rents them out to college kids. It definitely has its challenges. Not sure if it's the best way, but he has one tenant take care of utilities. That tenant gets the bill and then collects utility money from the others. I would want nothing to do with this setup, but supposedly he makes some good money doing this.

Most things in life become much easier when you have an almost unlimited source of $$$. Be careful, real estate has its challenges.

Through managing many properties, I continually see my tenants turn to renting or lease to own appliances. Not that there is anything wrong with it, but the tenants are basically getting ripped off and end up paying $2,000 for a $400 washer when all is said and done. I figured that I could do the same thing, but offer them a much lower cost and still pick up a nice income. Has anyone ever done this before? If so, how have you structured this?