All Forum Posts by: Johnquel Jones
Johnquel Jones has started 11 posts and replied 73 times.
Post: Looking for Single family homes in San Antonio, TX
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
Are you looking to flip these homes?
Post: Seeking Properties
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
Would you be interested in New Orleans and the surrounding area @Trottie McQueen?
Post: Atlanta Wholesalers: I Need 3/2's w/ $850+ Rent, $100K ARV
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
If only you were willing to invest in my state
Post: Seeking wholesaler/motivated sellers for investors
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
I am trying my hand at wholesaling and am in the process of developing a buyer's list. Are your buyers willing to invest in the New Orleans area?
Post: Hello! New Member from New Orleans, LA
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
Welcome to Biggerpockets!
Post: Becoming the "bank" for Pre-forclosure Homes
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
Yes sir
Post: Becoming the "bank" for Pre-forclosure Homes
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
Thank you @Bill Gulley . You are right though; I do not have the slightest clue. But, I am learning so I do not make a mistake or at least a smaller mistake if one is made. I saw that you posted about the "Tic Tac Toe" approach to doing deals. Would you mind if I messaged you and asked for some insight? I am always looking to learn new, legal, and simple ways of going about real estate.
Post: Becoming the "bank" for Pre-forclosure Homes
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
Originally posted by @Brian Gibbons:
Beware of asking tenant buyers to not be tenants and to be owners
The IRS will nullify the lease option paperwork and declare it a disguised installment sale, a court judge could also.
Keep a lease and option seperate.
@Account Closed
@bil
What if they are already owners? Are you able to buy the note from a bank?
Post: Becoming the "bank" for Pre-forclosure Homes
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
Tons of information in there. And, I'll take your advice on looking into lease options. I was wondering if there is some sort of way where I can just buy a Pre-forclosure home from the bank, and then make my own rules for collection in order to keep the tenant afloat, continue to receive payment, and not have to worry about expenses regarding the home because the tenant owns it and is thus responsible. Obviously, I'll save some money in case a foreclosure actually occurs. I'm curious as to if what I'm saying is a fantasy or something that is plausible...I might be explaining another investing method in disguise.
Post: Real Estate Owned Foreclosures - Pricing
- Wholesaler
- New Orleans, LA
- Posts 77
- Votes 13
Originally posted by @Brent Coombs:
Originally posted by @Johnquel Jones:
Originally posted by @Derek Montes:
I am an REO asset manager and Eric is spot on.
How may I go about figuring out what offer a bank may accept?
That's backwards thinking, isn't it? What's the point of being accepted - if it's not a "deal"?
Calculating your "deal" price should come FIRST! Then, if it's not accepted, who cares? Move on...
I just think it might be good information to know how banks operate. How are they determining their ultimate selling price? In this way, you may have a better picture as to what banks would go for compared to what works with your "deal" and to from there