All Forum Posts by: Joseph Ball

Invest in Debt

I heard you could buy a property in Detroit and go downtown to have utilities turned on, and "No one is home." That you can't obtain basic services.

Is that true? 

Doesn't seem so, because people actually live in Detroit (I guess?).

I am curious. As a newbie, what has attracted you to wholesale? Why not some other venue, such as buy, rehab, and rent, or other?

Have you heard something, attended a seminar, read a book?

Do you have a real estate license?

Just curious.

Scrub the wholesalers from your list. Daisy chains or newbies. Don't give them another chance. 

In future, ask for copy of executed contract or option to purchase. 

After you have done title work, give him $3K. Assume the taxes until you can rehab, rent or sell.

I think I might run, like my hair was on fire.

I am Retired Navy 26 years. I think you need to be on shore duty to do real estate properly. I recommend read a lot of books, join local REIA if ashore. I certainly wish you well. Stay in Reserves, if you leave active duty.

A note buyer may not be comfortable with your assurances that payments were made on time. Even bank statements can be manipulated. Third party servicers give an added measure of security.

You can furnish all of these conditions or none. The more you supply, the lower your discount may be. 70% to 75% of loan balance after 2-3 months may not be a reasonable expectation. Much depends upon how many conditions you can meet.

i think it is often preferable to sell a portion of an income stream, rather than all of it.

Look for "LIS PENDENS"

Certainly. I buy frequently. Some factors I consider.

Are payments collected by an independent third party? Is there title insurance on the note? How is the note secured? Is the note seasoned? Are the note documents properly prepared? And of course, how much do I have to pay for the note?

Hope this helps. There is more, but this is a start.