All Forum Posts by: Account Closed

it depends on where you are in the country. I'm sure my bill will be different from yours, but it included doc fees, filing fees, title insurance. but certainly less than a full purchase with a loan.
Geoff

find a good escrow company that provides discounts to investors and ask. If they say "huh'? then keep calling. The prices vary across the country. You'll also need to make sure the escrow co knows what they are doing - subject to's can be tricky.
Geoff

Here is one that doesn't happen every day but will if you look at enough real estate.

In 2004 I purchased a home "subject to" with a loan balance of $179,000. The house was worth $239,000. I put nothing down except I paid closing costs of about $4000. I lease optioned the property for an option payment of $5000 so I was positive cash flow with about $50,000 in equity the day I bought it. I sold the property in April of 2007 for $295,000.

Net income to me? approx $100,000 after expenses.
Geoff

I think you have the step 16 way too far down the line. You need to start analyzing deals as soon as possible. Everything else will start falling into place after you are used to looking at opportunities.

Remember - the quality is in the quantity

I look at about 100 deals, make offers on about 5 and buy one, maybe two from the original 100. With the steps laid out you are going to go through a lot of effort before you even analyze one deal - you'll get discouraged easily.

Also, looking at deals and asking the right questions like - what am I going to do with it after I own it - will help define who else to get on your team besides the basics.

Geoff

I got started in my investing career buying hud foreclosure properties. Unfortunately the broker I was using was a crook and turned even worse after my deals where purchased. He essentially was overbidding on properties and of the 10 bids I submitted, 7 of them were accepted! I was in trouble. Fortunately for me the rental market was strong at the time and could get the payments covered by renters that would fix them for me for a reduction in rent. This guy is now serving 20 years in a fed lockup for fraud! The bottome line? Make sure YOU know the value of properties you are buying - don't rely solely on somone elses "opinion?

Geoff