All Forum Posts by: Account Closed

The best one is "making Big Money Investing in Foreclosures withour Cash or Credit" I saw it for 10.57 used on Amazon.com, after I had paid around $25 for it at Borders! Also the other one is "Making Big Money in Real Estate Without Tenants, Banks or Rehab Projects" - Saw it for $2.49 on Amazon.com used. Mike

Hello Dylan,

Just FYI, I am new too, and in reading the posts and perusing bookstores, I discovered that you can go onto the Amazon site, and specify the title or author, and many times you will be given the chance to buy used copies of the books you want, rather than pay the new copy price. (Maybe tyhis is old news, but i enjoyed some good savings, so I bought several books for the price of one retail book! This BP site has many suggestions as to what to read before plunging into "real world". Good luck!

Peter Conti has a good boook that goes into great detail about working with pre-foreclosures and other investing, using the "subject to" technique, and this is a popular technique in wholesaling properties, because you can buy without obtaining new financing, tie up the property until you can identify the buyer who has financing. He also has a pretty good philosophy as an investor, to go for profit but in an ethical way. Mike

Hello,
I would suggest putting together the most reasonable deal you can offer after taking into account all of the advice you have been given here, and then create a comparison grid of some sort on Excel that will be presented to the old lady seller. It should show three scenarios: 1)what the numbers will be based on her doing it her planned way, 2) What she would receive if she sold it to you with outside financing as you have suggested, and 3) what she would receive if she carried the financing. You might be able to make a convincing argument for her to carry it, if she is shown to receive guaranteed monthly P&I payments, as opposed to vacancy and iffy rents. You could even write her a letter of intent to show that you are serious. Then of course you have to see that she gets it through the nephew. Better if you could personally present the offer to her. Just some thoughts. Good luck!

Yes, I wondered that myself. Maybe a guru can help. I have thought that I would like to work to a certain extent with realtors, but can't expect them to work for free. Would like to come up with a win win with a realtor who can do research for me, help with short sales, finance their commission on a marginal deal. Also, a realtor here in Twin Cities told me that banks are not likely to accept short sales from anyone other than licensed Realtors. Wondered if anyone knows if that is true?

Hello,
I am not sure if the author meant that he was going to try an dgo around the realtor and make his offer to the seller directly, or if he was going to go through the realtor like any other market buyer, but be making a low ball offer. If the latter, the agent may offer some resistance, and may insist on using the Realtor contract, etc.

Hello,
I am not sure I can help with your perticular issue, but could you help with identifying the following?

-real estate attorney adept at creative ins=vesting
-title company with the same knowledge as above, top provide quick service, double closings, etc.
-single family financing for investors - hard and soft money

Thanks if you can help.

Hello,
I am also thinking I need to have a "stable" of hard money lenders, even though I want to wholesale, just in case I do a really good deal on a propety that has high equity, and I am able to do a short sale, and buy the property quickly, later either reselling to a retail buyer, or refinancing it for a long term hold. What about that? Thanks, Mike

Hello,
I went to a REI club today, and was met by very nice people, but investors who apparently view wholesaling as an oddball activity, bordering on predatory. I have not done it yet, and am just getting started in REI here, but I think of hwolesaling as a creative way to get into the business, and one that does not necessarily mean total "equity stripping" of the seller. Maybe I am naive, but it seems like an ethical investor can go in, get a contract on the property, and if there is enough equity, strucurte a deal wherein the seller might receive a portion of their equity, leaving the largest share for the buyer, and you, the wholesaler receive a relatively small portion of the equity as the wholesale fee. Like say $2-5K. Of course, there may not always be the opportunity to leave the seller with much, but even if they get nothing but moving costs, that could save their credit and having to pay a difficiency judgement or go BK. What are some other ways to creat a win-win-win situation from pre-foreclosures?

I have heard that there is another REI club or group in town, I will try them later in the month when they meet. My goal is to find others like myself that are wanting to get into pre-foreclosures in an honest and ethical way. To find real buyers, lenders and hard money lenders so I can know I can move properties quickly. Right now is probably a bad time for financing, what are some other solutions?

Thanks for any advice you can give. Thanks, Mike

Scott,
Thank you for your reply to his request. I also bought two of the Peter Conti books recommended by a Bigger Pockets guru, which were very good. I too am new to my latest incarnation of REI. I have bought several houses in the past (Seattle) and still have two properties there. I moved to Minneapolis last year, bought a house to live in and am now getting motivated to really put my all into investing, in addition to my full time job, perhaps through wholesaling at first, then buying for my own. I enjoyed reading your articles on your website. What would you suggst for a newbie like me who has alot of the basic knowledge and experience, but who has not actually done a pre-foreclosure deal? Thanks, Mike