I was playing Halo and wasn't going to pick up!"

Ability to pay applies to all loans.

You may only need to give him a note for 10-15% of the price after the credits are applied.If he doesn't want to do it as a land contract than I would go for bank financing for 75% LTV and offer him a 2nd for the balance left over after credits have been applied.

Thanks for your responses guys, I am not going to let it deter me though, the one on Tuesday will hopefully be a bit like a real meeting, and I will call and quiz the other place to see if the "Membership fee" was for the "academy" or for the REIA, among other curiosities.Keep replying folks, I seem to have cornered the market on small scale gurus here in MD.You know, this guy may have a real good system to share, and it may be worthwhile if applied, I am just taken back by the "club" mentality for lack of a better word to describe.

An amount equal to $___________ of each payment for each month in which rent was paid, will be credited to the Tenant/Buyer and applied to the purchase price of the property in the event that the Tenant/Buyer exercises its option hereunder and legal title transfers.Exclusive occupancy and possession of the property transfer to the Tenant/Buyer on the date under "2" above and remain with the buyer during the term of this agreement and any extensions thereof, unless Tenant/Buyer defaults on any payment required by this contract.

While very few rule of thumb guidelines apply everywhere it has been my experience that the high quality more expensive properties in nicer neighborhoods cash flow less but are easier to manage and appreciate in value better.

Or do you need to have the deal first and then go apply?

He was a real estate superstar, but more than that his principles worked.I just took some of those things and applied it to real estate investingTry this!

Sure this person can cheat the IRS but when they applied for a loan personal or business there is no income to qualify them, because lender will go off the tax returns.

What do you guys think about applying all your profit from one year of rental income to the your mortgage with the highest interest rate the following year?