All Forum Posts by: Gary Dezoysa

Thanks; I had the same reaction. I don't hang out with scammers though so I doubt the friend of a friend was doing anything wrong, but you may be right. What really struck fear into me was the detail of her age allowing her to play dumb and void the agreement in some way.

If anyone knows anything about that detail please let me know what special protections very old or handicapped buyers have (if any).

These are the details given to me by a friend of a scam that happened to his friend (not recently):

- Friend of my friend buys a house from an 82 year old lady. There were terms but I don't know what they were other than owner financing was involved.

- The lady wants to stay in the house for a while longer, which is fine by the buyer. The buyer proceeds to work on house to the tune of $10,000 in work, while the seller still lives there (this was his big mistake).

- On the day of the moveout the buyer goes to the lady's house and sees her still there, on her porch. He brings up the agreement and then she says "what agreement" and then shows him a legal book of some sort. The buyer realizes that the old lady is trying to swindle him and leaves the property.

- Upon consulting with a lawyer he learns that he has no recourse due to the lady's old age.

Does anyone know how this swindle worked? It seems to have an age component.

Thanks Matt; to clarify, I wanted to know the point where the seller can no longer turn over the loan to me (the point of no return in the foreclosure process) I don't know when the seller's interest in the property is lost and/or the bank is no longer willing to accept further payments from him because things have moved too far along.

Hi all;

I'm not an REO investor and that type of investing falls outside of my skillset right now. What I am moving into is Subject To [existing fnancing] investing.

At what point am I no longer able to help the seller by taking over his financing?

Thank you

A much more experienced investor than me gave me an interesting strategy: Charge a standard assignment fee + a percent of profits over a target amount based on comps.

Why? Because 1) It discourages buyers from grinding you on price 2) It makes you more money.

I know the rehabbers in the room won't like this idea :) But seriously, what does everyone think of this?

Thanks

Hi everyone;

I've heard that selling a rehabbed house on a lease option (1 year or more option) allows you to do a 1031 exchange because the intent was to hold onto it more than a year. Is this true?

Hi;

If I were to pool investor funds together to loan out as a hard money lender, are there any special regulations I must follow? At my REIA club, another investor was putting together a fund for personal investments, which was subject to SEC regulations. Is this the same requirement for HM Lending?

Thank you

Thanks! For this thread I want to focus on services only (they suit me well)

Hi all;

What is your favorite service for getting sales comparable data--BESIDES the MLS?

Here's a list of services posted elsewhere on this website;

Free:
Cyberhomes
Domania.com
Eppraisal
Property Shark
Real Estate ABC
Realtor.com
Zillow.com

Paid:
Home Smart Reports
RealQuest.com

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I'm also open to other services whether free or paid. The goal is not to save money on the service--I'm after 1) Accuracy 2) Comprehensiveness 3) Time savings

Hi everyone;

I'm looking for a good course on how to find private money lenders, does anyone have any good suggestions?

PS I should mention that I have a hard time learning from forum searches, and am glad to pay for the organization & depth of a good course, thanks