All Forum Posts by: Edwin Brown

While that may be the case, you could just sign a second mortgage with the private lender. Then the bank would be in first position.

Sean,
I personally called the Real Estate commissioner in my state and and he told me that this practice is totally acceptable. Each state has it's own rules, but basically an option gives you equitable title. That title allows you to market the property. If there is any question as to legality its probably good to consult an attorney, but it is a common practise.

I just had a buddy to the exact same deal here in my town. He got an option with a local bank and found a buyer. He screened the tenant and cleaned up her credit and then got her a loan to purchase the property. He made over $12,000 on the deal and no one is even thinking of calling it illegal.

One of the reasons that there is not a lot of discussion on this topic is because there is not a lot of discussion on this topic. It is a huge opportunity for real estate investors especially established profitable ones. As taxes continue to go up, self directed IRAs will become more and more popular.

The absolute best way to get top dollar for your property is to offer Lease to Own. The buyers are in a much weaker position to negotiate. You may be asking for too much down if you are not getting any response to a Lease to Own add.

Originally posted by Bryan Coomer:

This market is a joke so I've decided to do rent to buy on these properties. Any tips on being successful with rent to buy deals?

Bryan, all we do is lease to own/rent to buy and we use credit repair on every single one of them. We have a very high close rate. I'd love to give you some pointers. The most important thing to know is how to screen clients on the front end. If you know how to screen properly you can put clients in your properties that have a 75% or greater of cashing you out in 6 months.

I forgot to ask you. Have you tried selling to your tenants? Are they just too low end for being able to try that angle?

We use credit repair on almost every tenant we place. You would be amazed at how many of them get qualified to purchase the property from us after being in a good credit repair program.

Originally posted by Bryan Hancock:

Edwin:

What is the most effective way to:

1. Remove inquiries
2. Fix your job title and/or incorrect addresses on your reports

?

Do certified letters work? If so, do you need some legal letterhead? I am thinking of paying my attorney a few bucks to let me use his letterhead to dispute some things that are a bit inaccurate on my report with regard to current employment and such.

Ideas?

I hear a lot of people say "why pay someone to do something that you can do yourself?"
You can represent yourself in court, but most people hire a lawyer.
If you cut your finger off, you could sew it back on yourself, but i wouldn't recommend it.
I guess no one has told people that you can change your own oil in your car, because they just continue to pay someone else to do it.
Point is you want to hire someone that is an expert and pay them for their service. I would definitely pay the lawyer to help, especially if he has any experience in the matter.
Yes, we do recommend certified letters. It keeps the bureaus honest.

We do a lot of credit repair for our clients. You can definitely raise someones scores in 90 days. I've raised a client's score 43 points in 7 days and closed a retail sale with them 45 days later. There is a lot of garbage out there in the Credit Repair industry, but there is also a huge opportunity for real estate investors to take advantage of it.

I have a friend who just made 12,000 on an option because he new how to use credit repair. He tied up the property then found a buyer and cleaned her up and closed the deal. The whole thing only took 60 days.

Why do you need your credit to go any higher? I think once you top 740-760 you've pretty much reached the best finance rates available.

Good to know. I hired a guy from India to build a website for me and in his profile it said he was a master of Ruby on Rails. I thought it was a bollywood dance move like you see at the end of Slumdog Millionaire