All Forum Posts by: Eric Medemar

If I were you I would learn to write my own. Get yourself a good dan Kennedy book on writing sales letters, or you can get prewritten letters in many of the foreclosure books out there.

you can do do document loans that will not check income, but you will pay a penalty of higher closing costs, higher rates, and higher down payment

Your wifes credit should not matter if you are not putting her on the loan. It does vary depending on what state you are in.

I would put as little money down as possible because whatever money you put down on the home has an oppurtunity cost equal to your interest rate less tax deductions.

Lastly keep an eye on the market and make sure you don't buy in the middle of a property downturn, try to buy when the market hits rock bottom.

Good luck

I am both an agent and an investor, I have lost a couple of deals because I was an agent and needed to help out clients but I get paid either way. So it seems to always be a win win.

As a real estate wholesaler I have put far more emphasis on finding good buyers rather than finding good deals on property. Good deals on property seem to be popping up all over, while good investors seem to have gone the way of the dinosaur.

I have bought dozens of properties from Realtors and I am a Realtor. I pay the other agents as if I weren't Realtor to encourage them to keep the good leads coming.

From my experience I would never recommend ruling out any person who has the possibility of bringing you a lead.

I see investing like a big wrestling match and the more moves that I know the better my chance of winning. Every exit strategy and every contact is one more move in my arsenal of getting paid.

Don't discount working with Realtors, I have picked up dozens of properties that were listed with Realtors. Find out who the main Realtors are in your area that carry foreclosures, ask them to call you if the asset managers get desperate and need to sell.

Since bankers work in monthly increments, I have picked up many fantastic deals at the end of the month. One of the homes I picked up from a Realtor went into foreclosure at 92k was listed at 48k and I got it for 12k.

Also try running your own ads on craigslist seeking out people to call you. Offer a free report on how to sell your home in 7 days or less and let the people come to you.

Good luck

In order for you to know where you should go, you need to find out where your at. Meaning what are your current resources? Do you have great credit? Do you have money for down payments? Do you have access to cash from somewhere?

What are your goals as an investor? Immediate cash, long term equity growth, or cash flow.

Find out where your at, then find out where you want to go, then success will surely follow.

Good luck

I am an agent and an investor as well, yes it does help to have your license but in many cases I pay the other agents all of the commission anyway. On any deals that I find for myself I will keep the commission, but if any agents call me with good deals I let them keep the full commission as an incentive to bring me more good deals. Another thing that I have run into in my market is that foreclosures that are listed state in the listing agreement that agents acting a principal buyers don't get to keep their commission.

I have found there are some good advantages to being an agent as well as some bad. Many sellers have a tendency to believe that if I am an agent that I am somehow going to magically rip them off.

To get beyond the punches, another thing that you can do to increase the effectiveness of your signs is to ad a website address to them. Many people are uncomfortable with calling other people to say they are in a bad situation, but they will visit a website and input information to the website. It creates a low resistance entry point for motivated sellers to contact you. I have had much more success with my site than with my vanity number.

Just curious how much did you pay to get licensing for that number.

A great rule to keep in mind during conversations at REI meetings is that you have 2 ears and 1 mouth for a good reason. Listen twice as much as you talk. People especially investors love to hear themselves talk, get them talking about what they do, how they got going, what keeps them going, etc.

Don't come out and ask rookie questions until you have built a certain amount of rapport.