All Forum Posts by: Linda Sandoval

Please someone / anyone just push me over the edge. We have study, research, observed, you name it we did it to educate ourselves in real estate investing. Now we are at a point were we just keep hearing the same things over and over. But I have this fear something is not going to work out and we will end up losing earnest money that really can't afford to lose. I have what I believe is a great deal. ARV 140k 15k repairs Cost 80k 30 days to close Could rent for approximately 1500-1600 should we decide to hold. Problem is saying 'this is my first property' I think scares PML so it has been difficult to find the funds. Anyone know of a PML willing to take a chance?

Thank you all for your input. I thought at the least I could physically confirm the address that was given to me. I'm glad to say that I was not scammed. The address given to me with the floor number was not valid. I went there and come to find out that particular floor is under construction and has no current tenants.

Jon Burns Thank you for your input. You did jog my brain as to somethings I did not ask. Very helpful. 👌 Rick Pozos I would think that those who invest their money into others would have a lot more info than what was offered. And experienced lenders would be more business mannered. Thank you for your insites and the recommendations

Hello from Houston, Tx. I have reached out to a private money lender for the first time. Being the first time, I am really skeptical, I don't want to be scammed. For those who have experience or are private lenders can you tell me if below is the norm. I have been asked to pay for loan insurance and send the payment to a personal bank account. I have confirmed the account has been opened for more than 36 months. In our repayment agreement it states an attorney will handle the insurance but I have not been able to confirm this person is a lawyer. The lender states it is. What are some questions I should ask? Has any ever had experience with Mason Private Lenders? Thank you in advance for any wisdom.

Hello All, Has anyone ever heard of Gateway Realty or Common Goal Solutions. The individual has a mentor program with a fee of course but a very reasonable fee. I have looked on line for ratings of some sort but could not find anything other than the website. Just a little skeptical, do t want to be scammed

Hello All, We are fairly new to REI. We have numerous hours of reading, research, seminars, meet and greets, and the list goes on and on. We have begun to make calls and speak to cash buyers, realtors, and sellers. Not making any kind of offers just yet, just looking for what these specific individuals want when it comes to their role in real estate. We have visited properties to get the feel of how to estimate the repair value cost. Now we are ready to create our own strategy to make offers and build capital. As my husband and I speak about what our strategy is going to be I know I want it to be in the area of pre-foreclosure. I want to help individuals prevent foreclosures being on their credit (sometimes we just need a real second chance available). Please give me your thoughts, questions, comments, and constructive criticism for our beginning strategy below.

We market to those properties in a pre-foreclosure status.  We will offer to take the property off there hands by catching up on their late payments, offering them a percentage based off of the amount of equity minus repairs in the home, and allowing a 30 to 60 day period to move. Of course, all this would be under a real estate attorney oversight (any recommendation in Houston Tx area). Our first couple of deals is to solely build capital. We would wholesale the property to cash buyers.

We have thought extensively about that 30 to 60 day period to move. What if they don't move in that time frame? That would be for the cash buyer to deal with, how do cash buyers feel about this? Yes we would definitely include that in the contract sold to them. I think allow them this time to get their finance together to find a place to live will give them some sense of relief and will be willing to sell the property at a cost below market value.

Now, I have not talked to an attorney just yet, that is the next thing on my list. Like I stated above, please give me your thoughts, questions, comments, and constructive criticism.