All Forum Posts by: John Rooster

I often get calls off my craigslist ads for people wanting a short term rental and are willing to pay over what I am asking for rent. Too labor intensive for my business model, so I pass. Although this could be a scam, I don't necessarily think it is just based upon what was said in the original post

Since you are so new, advising her that filing Bankruptcy is an effective means of delaying a foreclosure sale would be the single most helpful thing you could do. And I think you mean her house is scheduled to be sold in January, or her court date is in January, if she has court papers, she is already in foreclosure.

I do not need to know any more about them than the name to give them the thumbs down. They are selling the sizzle not the steak

There are a lot of good reasons to keep a non real estate related job for a few years after starting in real estate investment. But if they are still working full time for someone else after ten years then I can think of only two reasons:

1. They are in a job which is unsupervised so that they can conduct their real estate investment business unimpeded during 'paid working hours'.

2. They are not that successful and real estate investment is more of a hobby

I don't know you, so I do not know if that is a reasonable goal for you or not. My estimate would be that only 1 person in 10 that tries wholesaling full time ever makes more than $100,000 in a year from it.

eta: I doubt every wholesaler in Portland OR put together, including the Wesen, make $600,000 in a year wholesaling. Your projections are wacky

@John Beck You might want to modify your screen name or post a pic since there is (I assume he is still alive) a well known real estate attorney guru named John Beck

I would not be that surprised it they had someone that does annual checks to make sure the property is owner occupied (knock on the door, check phone listings,etc)

I have seen situations in CO where the owner did not file a notice of intent to cure at least 15 days prior to the sale, the foreclosing lien holder refused to delay the sale, and the owner had to go to the sale and bid on the property. I can imagine other such scenarios involving multiple owners, and one of the owners allowing it to go to sale, so he she could own it alone.

State specific question. I'd say generally yes, but junior liens would certainly reattach if one did that. A none State specific solution would be that the owner could buy the property in the name of an LLC

As has been said, the upfront fees on credit card cash advances are killers these days. That was not always that way. Ten plus years ago I funded many a house on credit card cash advances. Then I was able to get cash advances, depending on the card, of $5,000 to $15,000 for something like the lesser of either 3% or $50. So only $50 for a typical $10,000 cash advance, which would be 1/2 point. Now I believe the terms are something like the greater of either 3% or $25. So $300, 3 points, for a typical $10,000 cash advance.