All Forum Posts by: Stephen James

My name is Stephen James, Jr. I'm an agent and investor here in Atlanta. I'm here to meet new people and make business connections.

I love motorcycles. If any of you here are in Atlanta and you ride, then you have an instant friend in me. Motorcyles and real estate whoo hoo!

Presently, my main focus is real estate notes. I've hooked up with some people here in Atlanta who have some great success and contacts in that arena, however it's up to me to find serious buyers.

Life is not about the destination, it's about the ride! I enjoy this and I hope you all have a great weekend!

We're still seeing a lot of foreclosures here in Atlanta. There were a lot of subprime loans here. I've seen the most activity with first time homebuyers. The upside is that the foreclosures present some great deals for investors.

Stephen James
SWG Realty

Does anyone who can do land trust in Georgia?

This will only work well if you are buying right (from an investor's point of view). Buying right means buying at a maximum of 65% of after repaired value(ARV) minus the cost of repairs. If a house is 100,000 and needs $20,000 in repairs, then you can only pay $65000 - $20000 = $45000. Obviously that takes some shopping, but these deals are out there in this market.

If you buy a house for $100000 and it appraises for the same, then you will NOT get your money back. Buy low, fix it up, and refinance. Just make sure he house has equity as mentioned above.

Wells Fargo has loans that do not require seasoning as of 12/07. Haven't closed anything with them since then. You may have to take it off the market to refi, but some lenders won't touch it if it's been on the market recently. Sorry you learned that the hard way.

Good luck

I want to buy totalnotesolutions premade newsletter, but there's no answer to jtheir 800 number and they are not answering their email. Also the links on the site are broken in several places. Allcash, do you have their contact info or the newsletters. I want to pay them. They are not asking a lot, but I don't see any point if they are no longer in business.

Are you sure this marketing is worth it?

What I've seen is that there are a lot of so-called consultants here in Atlanta that will want to charge up to 10 percent of the line's limit after they get it for you. So if they get you 250K, they want 25K. I think that what this person is talk about. Would you let someone do that with a credit card? And if it's more money, does that make it more or less stupid? Caveat emptor.

If you were selling a property and had enough equity, couldn't you create a note that paid off your existing loan. This means you don't have to own a house to do owner financing. What percentage of the face value are investors paying these days for unseasoned note, btw? Anyone know?

I don't see a signature. What web site is this. I'm interested in the same thing?

Do MikeOH's due diligence process. Use your gut instinct. This is only going to be effective if you get to know the person. I'm very friendly with them because I'm trying to get them to let me know what's going on in their lives. That said, if I approve them, I let them know that I need my money just like they need theirs, and if they don't pay, they don't stay. No excuses. This conversation is done before they move in, and after building rapport and due diligence.

You want to be nice, but let them know you're not a pushover

Thanks,

Stephen