All Forum Posts by: Morris Lucas

Jay Henrichs;

Curious, are you referring to buying redemption rights to a seller's property that was sold at tax sale OR normal bank foreclosure? If the latter, i didn't realize normal bank foreclosures had redemption periods, at least not in GA...

haha, i used to do the car thing as well, I feel there is way more risk there, as you have to put way more cash upfront, especially if you want substantial monthly profit. As oppossed to spending money on marketing, down payment, etc in RE, Wholesaling or flipping to me is better. I am interested in your plan to do foreclosures, i thought many of those were under water and didn't work for flip strategy unless you do a short sale. 

Yea, i was thinking that as well, too much debt on it, thought maybe a lease-purchase oriented strategy, but i'm not really versed in how to structure those.

Hi, i had seller call from my mail campaign on a townhouse in Autumn Chace subdivision in Sandy Springs, Ga, a suburb of Atlanta.

Actually it is someone close to the sellers, who they have asked to help them through their situation. They have a 4 bed, 3 bth 1800 sq ft townhouse that has a home equity loan lien on it for around 150k, plus back taxes and HOA fees of roughly 18k. Looking briefly at the area, looks like those homes are going around 230k. The sellers are broke, and don't know where they would live if they sold, so they are looking to sell and get a decent place somewhere else they can afford. Any decent way to structure this deal?

I was considering this strategy, as there was a recent article on neighborhoods in P.G. County that have lost their value after the housing bubble, and have not, and probably won't ever appreciate again to what the loans balance is. This PHIFA law is definitely making me think otherwise, not worth the risk if it is criminal offense, don't wanna have to go to court to explain I was only an investor doing a short sale, lol

Bro you have a set of brass ones, lol!!!! That's 700 you could have lost if you didn't get a buyer, but hey, no risk, no reward, right?

Funny, i just told my VA i want her to post my deals on Postlets and FB, also wanna use Ebay for some land deals.

She knows how to target certain demographics on Facebook, which i wanna test for finding sellers as well.

Good job man, i don't know if i would have to guts to risk that earnest money, but you pulled it off!!

Are the 2 deals you have pending now off HUD as well?

Nicely done my friend! i assume you had to use your cash upfront to buy the place...where you concerned you couldn't move it, since you didn't have an end-buyer already...or was your exit plan to just rent it?

I just locked down a condo contract, and was thinking of using Craigslist for buyers....so you found it to be effective for finding buyers in this case you would say?

I'm sorry, but PLEASE do not give these people your money!! There are TONS of investors who will give you hands-on, real-life information that will propel you 10X faster than a generic guru program, some even on this site...If you take HALF of what they want for that course, you can probably close 5-10 deals from marketing efforts....seriously, most wholesalers on this site would kill to have 10-20k in marketing  dollars to deploy!! 

At the very minimum, if you want to pay for mentorship, get with a proven investor who is actively doing deals and maybe work out 1-3k for maybe a week long one-on-one with them. I remember this one wholesaler in Birmingham would actually come to your town and teach you hands on for a couple grand!! Either way, there a ton of options you can do that's WAY cheaper and yield better methods to gain hands-on practical knowledge!!

Can you share the numbers, how you found the deal...got buyer, etc?

Sure, Robert, send me a PM!