All Forum Posts by: Eric Mitchell

Great job! Hope it works out well for you.

@Shari Peterson , thank you for the info. Your web page simplifies everything.

@Harry Neakok

  Hello. I would offer to split the equity 50/50, their share being cash and my share being equity in the home. I would find out what the average comps are in the area based on similar beds, baths, and sqft. I would offer 87% of that price and out of that pay all debts and liens to get a clear title on the home. What ever amount is left over, I would split that with the homeowners. For example:

Avg sales price of homes in area:                    $ 400,000

Your offer would be 87% of $400,000:            $ 348,000

Amount of debt and/or liens for clear title:       $ 250,000

Subtract $250,000 from $348,000:                   $98,000

Split 50/50 with homeowners:                           $49,000

The homeowner walks away with cash without the debt of the home following him/her

You purchased the property at a $52,00 discount plus another $49,000 cash at closing.

All you would need is a good RE Agent,and a title company that specialize in this type of deals, and of course cash and/or financing. Everything will be done by the letter of the law and you wont have to worry about being sued or taken to court. I hope this helps.

@Corey Boone

CONGRATS !!!! I knock on doors and send certified letters. You will get a deal soon. @Sean Edgar told the truth about doing more than most investors. Keep up the good work!

@Daniel Smith

Hello. I would suggest that you be completely upfront with the homeowner. You would have to lay out your plan in full detail so if by chance you are taken to court, like @Jeff B.warned, your contract would be your best defense.

@ Micah Copeland

Thank you for the info. I will search around and see which one's will do it

Hello BP Family. I recently passed my RE test on April 6th. My goal is to own a mortgage brokerage company. California law require that I work under a RE broker for 2 years before becoming a broker myself. I have a full-time job and I work the grave shift. My plans are to keep my job and do RE on the side. My question is will RE companies allow this and if so, who is best suited for my situation. Thank you in advance for your replies.

@Andrew Fingado 

Great advice! I am a newbie and after reading a post on BP titled "Truth on Wholesaling" I have decided to choose wholesaling as my REI vehicle based on the content of the post. I would suggest that all newbies read it and take a good look in the mirror before choosing wholesaling.

@Phil Strickland , Good luck my friend. I hope you will be able to do something for your friend. Keep us posted.

@Scott S. Great advice

Thank you Wayne.