All Forum Posts by: Dennis Dahlberg

It all depends on how much you have invest.  Today there is a lot of money out there and people (including my wife) that want to invest.   

If you are new to real estate..go get your real estate license,  

You should first look at what your lease says for repairs.  Hopefully it says repair not replace...Most property managers have a person that works for them directly.  They have vented out these 'handy man' and will use them for the maintenance.  My leases say that the renters has to cover the first $50 in repair costs.  I did this when I had one renter demand that I come out and change a light bulb......

Not enuf moola... I suggest that you first get your Texas Real Estate License..  Start there.....

Maybe,,but it depends on the instructions the seller gave to his agent.  Agent MUST DO what this clients says.  But technically the agent is bound to present all offers unless instructed otherwise.   How do you know that the seller is not the agent?

When in doubt put everything in writing..

Not a bad plan,  its legal, but the note (current loan) may have a due on sales clause.  

But my biggest concerns are:

1. Will the current legal owner sign a grant deed to you? Before you shell out the moo-la?
2. Are there any other liens on the property?
3. Are there any IRS tax liens on the current owner?
4. Who is going to pay this nice agent(broker) their commission?
5. You are going to have to march down to the trustee and make the payment physically to them..will the do it? Legally they should, but some trustees will not work if it is that close to foreclosure.
6. Is there a title report available?  Get one...
7. Do you have cash to start making the payments.
8. Make sure that all recorded owners are willing to sing the grand deed. Ex wife may refuse....

Even though you make the loan current and you now own the property, the seller is still on hook for the loan........

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Most people are purchasing for rentals...with the hope of hyperinflation.

The flippers i meet have the following situations.

1. They are licensed real estate agents
2. They are taking on projects that require major rehab work.
3. Or the are doing wholesale work.  

The days of buying at the court room steps and making moola past by a few years ago. That's why I became the opposite, I became the lender.

I suggest before you do anything you get your RE License.  

First get your Real Estate License.....

Lately the homes on the court room steps are going close to retail and sometimes more.  There are a lot of eyes looking at the same property.

You will make the check out the the beneficial or the Trustee, the company doing the auction will tell you,  and usually you have till 5 PM the next day to come up with the funds.

Most auctions will require you to put down a cashier check around $10,000 when you win the bid and pay the balance within 24 hours. I use to keep cashier checks made out to cash, and then endorse them when I won the bid.

The trustee will issue a "Trustee Deed"  to you when you win the bid.

Close of escrow is up to you (the buyer)..   Usually you need to do an inspection, and the title report needs to be completed.  Some title companies can get it done in a day.  How fast (the amount of risk you are willing to take) is up to you.  

Is this truly an all cash offer?  If so the seller will want to close fast.  5 days is an acceptable time offer, but be careful your earnest money will go hard and you could lose it if you don't close.

Don't waist our time doing this.. they will do an appraisal.  

What they are really going to need to see as 

• lease agreements, 
• your bank statements show the income and
• your credit.

Loan amount is going to be based on total rental income.