All Forum Posts by: Alfred Green

Mike,

I'm sorry I never responded earlier. I've been researching funding myself, and isolating it to just locals isn't absolutely necessary, IMO. I say that since when it comes to funding, people primarily ask one question: what's in it for me?

I learned that from 2 different sources lately.

What are you trying to fund right now?

I found 2 different Craigslist ads recently proposing 20%-36% ROI, which are obviously tax lien properties in various states.

I've considered seeking private investors to fund this while making a small percentage off this myself. The main question I have is this:

Is this legal?

I'm aware of the SEC protecting people scamming them, but I am not aware of the actual boundaries. Can this be done? I'd like to know if this is something worth pursuing--or if it's illegal.

Thanks Jon. Those numbers are actually what I needed since speculation, for me, is a time waster currently.

I originally saw this as an Assignment of Mortgages deal, using Phill Grove's system. I've been looking over the blogs here only since they speak of risks to the investor.

Risks to the investor. Are there any? Mind you, legalese blurs my eyes after a while :-) Any simple answers? LOL!

FYI, I'd be splitting this with a team who actively do AMPS deals. They insist on full disclosure to all parties, even closing with a lawyer.

My main obstacles are the potential buyers currently who are the tenants. It's two middle agers living off one disability check and a wealthier elder vet with dementia. My wife shared when he dies, they'll have it rough, as they're not good time or money managers. That---is my main concern in this.

Would you even touch it?

Jon,

So this is not a good choice for investors? I ask since you see possible deals everyday. And I'm picking your brain to learn myself :-).

Thanks for the help.

Update: I just looked up realtor.com, and 2 houses are for sale on the street. It's a cookie cutter townhome community.

One's gong for $165,000, and the other for $169,000.

Jon,

One last key question:

I've been looking for a good program/guide/mentor to follow, have contacted a few in the last week, but replies have been very sparse.

Besides doing cold calls, how could I learn part-time how to do deals? There are loads of options---and I'm prone to information overload---so I'm wondering if you have any good, tangible ideas.

For one, I'm willing to do a few splits initially if I had a good investor to learn from. I know the first deal carries the most apprehension.

I found out from my wife today they do have it listed.

Knowing local realtors are geared to local buyers, I shared that investors abounded much more than local buyers. And that's my fuel for pursuing it.

I found out rent was $950 a month, but I still haven't found good comps yet. On realtor.com, it showed roughly $130,000 to $180,000.

I checked it on realtor.com.

This house sold for $210,000 in 2005. A home right on the street sold for $115,000 in January. Hmmm....

I'll ask a realtor I know. But no wonder my inlaws haven't sold yet.

Jon,

How can I find the market value for this?

I know it's a real newbie question--and I asked it. Where/how can I find this out?