All Forum Posts by: Felix Goldstein

@Joe J., i would respectfully disagree that you buying a house FOR CASH, fixing up with YOUR CASH then going to a bank and borrowing to pull all your cash out is no money down.  Most banks would do that.  They would do an appraisal of the property or have you do one.  and would loan you a percent of that appraised value.  if you bought right that should be way higher then the money that you have in the deal.

With that being said i like your original post.  i think its very informative. and unlike some people on here, i did not think that you were pitching a product.  i have had the same experience of posting on this site, and getting people posting negative critical things about what i posted.

to me no money down means i sign for keys. meaning i buy a property without writing a check. those deals are hard to find but they are out there. you just need a seller who wants out.  or a lenient lender who will loan you all the money.  Those lenders are out there.

I just had a seller tell me that if i buy his house he wants to meet me in person and give me a hug.  i also had this happen.  i meet someone to look at her house to buy it.  we had no contracts signed yet.  when we meet she takes the keys to the house out of her pocket and tosses them to me.  as she was doing that, she said "here, its your house!" it's hard to find a seller who just wants out, but they are out there. anyways, there are hard money lenders that will loan someone the purchase price and fix up costs. so that person is buying a property with no money down.  a good lender is recasa financial out of Columbus, Ohio.   They loan in Ohio and a bunch of other states. no i don't work for recasa i am not expecting anything for mentioning them on here.

Its interesting that i find this post now.  I am reading "The Art of the Deal" by Donald Trump.  In Chapter five (pages 70-80), he writes about how he purchased 100 acres of waterfront undeveloped land for 62 million dollars in Manhattan for no money down! (page72 last paragraph).  This was in 1973.  He ended up selling the property to New York City to build the convention center on some of the property.  By the way, he was 27 years old at the time.  He never built anything at that point.  He did own property though.  He owned property when he was going to college.  He just read in the paper that the Penn Central Railroad is declaring bankruptcy.  So he called the person responsible for selling the railroad companies assets and told them that he wanted to buy the land.  The rest of the book is fantastic.  Trump takes you through some of his deals and writes about how he did them.  A must read for all real estate investors.

@David Roberts, i would agree. most agents lie and break ethical principals.  that's not to say that all agents are terrible.  i have found some great agents out there.

i've had a broker who was representing the seller tell me "I cant in good conscious let you buy this property without a phase one study." he was representing the seller that i wanted to buy the property from! he said that because there was a gas station next door to the property that i wanted to buy.  

for this other property, i had this one agent say that i can send the property to my list to find a partner, and he would tell them that i have it under contract. when i really wouldn't have it under contract.  

as far as the OP, just be honest and competent and, in my opinion, that will get you referrals and repeat biz. good luck

@Priscilla Z., cool. it sounds like u did good research abt the cities planns to expand. not like ...  i can find u houses where the seller is asking $0!! i can go to the city and they told me $500 for a lot. if i wanted them i can probably talk the city into giving me the land. actually they wouldnt sell to me unless i own the property next door.  

@Mark Updegraff, as far as UFO land, i know where to buy that. u just need to ask google.  google "real estate on mars" 

interesting forum, if u know something about development in an area then it seems worth it to buy land.  i sent out a letter to someone that owned land,  i wanted to  buy his neighbors property and needed more land to do what i wanted to do

congrats! the first one is the hardest.

i remind myself that if i dont make offers noone else will make them for me.

my two cents is ask your landlord. i would do it when u are handing him the rent check. also i would look for a rent to own deal or owner financing. i would ask this current landlord to change your arangement and either finance the house or do a rent to own.  you can start building equity instead of just throwing away money on just rent. when u decide to move, sell the house and use the equity check that u get to buy another house. thats my two cents.

@Karen Bickford, no i would say you are not a predator. for the most part the people that sell to me either dont care about their property, or made mistakes in management or they ran out of cash. either way they just want out. that is why i had a lady on the phone wanting to sell her house. when i asked her abt price she saiid make offer. i said how abt 1000. she started heming and hawing. i said well how muchdo u want she said 5000. we settled on 2500 for a whole house in cleveland. she just wanted out. if u want to meet somepeople that wholesale try going to your local reia group.  if u are working with preforclosures, u are giving people a chance to walk away with cash in their pockets. without u buying their house, they are going to get nothing. gordon gekko was breaking the law! as long as you are not breaking the law, i would say dont feel like a predator.  i see nothing wrong with having valuable information, provided u got the info legally.  also, the price of a house opinion not fact. i had a house under contract for 11k. that deal feel apart and the person sold it for  60 some thousand!  houses go for arnd 70k in that area.  so i came along and thought the house was worth 11k but someone else thought it was worth over 60k! also profit isnt a bad word. this is america hoome of capitalism. 

@Christopher Brainard, the nevada statute talks about title or posesion of property transfering. neither of which is happening. so that statute is irrelavent here.

@Ken Graham, i was just going to ignore chris but since you posted your last post. now he is just being ridiculous.

@Christopher Brainard i would agree with you that my contract is more or less an option.

@Christopher Brainard

NRS 113.040 reads the following:

"NRS 113.040Rights and duties under contract for purchase and sale of real property when property destroyed.

Any contract made in this state after July 1, 1977, for the purchase and sale of real property shall be interpreted as including an agreement that the parties shall have the following rights and duties, unless the contract expressly provides otherwise:

1.  If, when neither the legal title nor possession of the subject matter of the contract has been transferred, all or a material part of the subject matter is destroyed without fault of the purchaser or is taken by eminent domain, the vendor cannot enforce the contract and the purchaser is entitled to recover any portion of the price that the purchaser has paid.

2.  If, when either the legal title or the possession of the subject matter of the contract has been transferred, all or any part of the subject matter is destroyed without fault of the vendor or is taken by eminent domain, the purchaser is not thereby relieved of a duty to pay the price nor is the purchaser entitled to recover any portion of the price which the purchaser has paid.

(Added to NRS by 1977, 659)"

the underlined parts are mine. that statute doesn't apply to wholesaling. that just talks about if a property is destroyed or taken by eminent domain then the purchaser has right or doesn't have right to get his/her money back. my contract actually addresses taht. how does this statute apply to wholesaling?

@Mitchlyn D., no problem. try realtymogul.com. they are a lender. they loan on commercial and residential properties. 

i had a realtor tell me "you can get a fake pre-approval letter" meaning something where you just go on their site and you can get a letter if you type the right info into the form. it doesn't mean you actually have hte money in the bank, etc. i called on a commerical property today (a little strip center here in the Cleveland Ohio area) when i asked the seller how much his tenants are paying, he said he doesn't disclose that that is private. since i know the market that didn't matter to me. i just saw a FSBO for lease sign in the window of hte property so i called the owner. and i told him that i'm an investor also and maybe he wants to sell me some properties or maybe he wants to buy some of mine. he said well you can buy that one that you drove by. so he really wasn't looking to sell. that might be why he didn't want to tell me how much teh tenants are paying.

yeah i wouldn't give you financials for a residential property.  they are all pretty much the same. you can guesstimate the expenses.