My guess is that they are using the full value of the property to do the private note purchase with someone kicking back the “questionable†down payment then refinancing the loan at 65% of the purchase price.

I did do a register of deed search on line and found the original mortgage, two others from the same bank, one from another bank plus a mechanic lien all against the same property.

If you do not want to join an agency for credit/background, and pay their fees, there are a few do it yourself ways to get some information--You can require the applicant provide you with their free credit report which they can obtain online--(you would have to know how to read and assess it), also you can go online for public records checks to see about evictions, and criminal public records. and thirdly, the landlord name & reference they provide to you, you can go to your county tax records online, put in the address or parcel # to see if the name on the property address really is the landlord, or just a friend that they have asked to pretend to be the landlord --that happens alot.

Hey Dan,The system that I use is an online service.

if you go on line and review the foreclosures pending in S.C. many of them are Home Owners Associations.

He still would like to purchase one or two houses on our own per year.How it works with the investor is:For example the investor gives $300kWe get 7 rentals x $500 per month $42k per year ($500 is low and this is for 12 months and we know if having 7 properties all occupied for 7 months is VERY unlikely.He gets 12% of the $300k ($36,000k per year) and we split the difference.After 4-5 years - we put all the properties on the market...and say we sell everything for $500k - he would get the $300k he put in and we would split the net 50/50What do you guys think.This is not a person I found online or through the phone...

I read an article that quoted an un-named source saying that GE Capital is trying to get as much money by 12/31 as possible-even giving salespeople incentives to talk customers into refinancing to another company or close accounts--in stark contrast to how they've been trained to get people to borrow more in recent years.

Anyone have any experiance with this company or Michael Kimble, Saw his info online. " the rei marketing guy"?

Why not just integrate online dating features while we're at it, Tim.

Often in these sites you can also join other area REIA groups online and get the chance to discuss issues that come up.