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All Forum Posts by: Jim Wineinger

Jim Wineinger has started 22 posts and replied 1256 times.

Post: Assigning a Contract to End Buyer that has FHA loan ...

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

Considering the area that I have to assume from what is posted, the only real reason to bring religion into the conversation, especially in limiting the area of concentration, is on that brings up concerns of a cult nature.

Those who participate in these practices also discriminate in several areas. It may not be a scam, but often the due diligence is very difficult to do because of the closed society nature of those who would bring religion into the picture where is does not belong.

That means that you should proceed cautiously because you could be dragged into something unawares if you do not make sure everything has been fully disclosed to you and you also fully disclose everything.

These deals are doable but may not be for first timers.

Laws are continually changing about using the end buyers funds to purchase the property.

I will let others answer the rest of the questions as what I do mainly uses my own cash and does not involve all those contracts of assignment, ect.

Post: Favorite Quotes That Motivate You To Succeed

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

"Talk is cheap, because supply always exceeds demand".

Post: Assigning a Contract to End Buyer that has FHA loan ...

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

Several red flags here.
First the question says the buyer already has a FHA loan. This would be a second?

A realtor cant find a house? How good is the realtor? Can you rely of their word? Which puts into question the prequalification of the FHA loan. If they dont work in that area, they dont have contacts within the realtor industry that do work in that area?

There are no religious reasons that changes any qualifications of a FHA loan. So forget religion, it has nothing to do with FHA.

Red flags galore here as to how good the information is that you have been given and the reasons behind the information given.

Get past those red flags, verify all information and you will be ok.

Post: florida tax deed auctions

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

There are many ways this can be accomplished. Since you just attended an auction, did you notice who is was that was bidding?

Find the names of the most active investor and take him/her to lunch. Then ask them over lunch the questions that you have. They are the ones that best know what the local process actually is.

Make sure you know the differnce between tax lien sale, tax deed sale, redeemable tax lien sale, redeemable tax deed sale, and of course the different types of certificate sales.

I do believe that FL uses both deed and lien sales.

If you have bought from the county, the homeowner does not pay you, if he redeems. He would go into the county and pay his bill there, which includes the state required interest rate that you are to recieve.

You then come in to the county and sign a release of lien for the county and recieve your check.

If they do not pay, then you foreclose and get the title to the property. If they still occupy the property you may have to evict them.

Post: The Joke Thread

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

His request approved, the CNN News photographer quickly used a cell phone to call the local airport to charter a flight. He was told a twin-engine plane would be waiting for him at the airport.
Arriving at the airfield, he spotted a plane warming up outside a hanger. He jumped in with his bag, slammed the door shut, and shouted, “Let's go!â€
The pilot taxied out, swung the plane into the wind and took off.
Once in the air, the photographer instructed the pilot, “Fly over the valley and make low passes so I can take pictures of the fires on the hillsides.â€
“Why?†asked the pilot.
“Because I'm a photographer for CNN,†he responded, “and I need to get some close up shots.â€
The pilot was strangely silent for a moment, finally he stammered, “So, what you're telling me, is…You're NOT my flight instructor?â€

(Life is short. Drink the good wine first.)

Post: The Joke Thread

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

"Talk is cheap, because supply always exceeds demand".

Post: What is it involve in an owner financing, this is my first one

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

I guess, Bill, that in all reality seller financing is based upon two different factors.
1 The pool of buyers is increased by the seller not being as strict in his qualification requirements as the conventional financing would be. And in return he gets his higher price to boot.
2 The realization of the seller, acting as investor, that he can get a higher price and also collect all the interest that would normally go to the conventional lender.

It seems to be a win win situation at first glance, but many get strapped and wish the buyer would refinance. And many do not realize the headaches of the accounting paperwork that must be maintained and again wish the buyer would refinance.

But another whole group think they can avoid all the fees, realtors commissions, appraisals, ect and therefore pocket more themselves.

I think this was the main driving force when the economy was good, but those other accounting costs over the years have those people rethinking things.

Post: GHOST STATE MICHIGAN

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

Ryan, I do not care how much in price they continue to drop as long as I can purchase AND FIX the homes for less than what they are selling for.

Since it looks like it could take some time for a steady job transition from automotive to service or other industries, I would look into tax sales in your area.

This area allows you to purchase a whole lot less than even the normal discounts of short sale or buying distressed from homeowner.

It does have it problems which are cash at auction required which does not come back to you until EITHER the homeowner redeems the property OR you recieve title to it at the end of the redemption period then you fix up and hold or sell.

This means a long term tieup of your monies so HML is out, but long term profits are greater, if you can wait. And you may have to wait a long time there in Detroit anyways.

There are other possible problems with tax sales as well so look into your State laws concerning them very, very carefully before going that route. I posted a Blog about tax sales a while back you might want to look at.

Post: Leaking hot water heater - help

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

I voted you up for comming back and telling us the conclusion of the matter without being prodded to do so.

Too many only ask the question, get the answers, and never respond back.

Thank you Jet