All Forum Posts by: Tom McGiveron

what do you mean by "saturated"?

ryan, a realtor in NC told me that assignments are illegal in that state.

i never verified that because it's not my thing.

i'm sure he's thinking along the lines of what you said about FRAUD.

or is it true that NC has made assignment contracts illegal. i know they passed some screwy laws down there. overreactionary legislating and such. nothing new there.

that's a really good question.

i think the standard is like 30 days. because credit bureau's update every 30 days, but i'm not entirely sure.

what an experience!

i got to meet Robert Kiyosaki.

and i'll say these two words....

T O N Y R O B B I N S - awesome!

i'll post more on this later (it's late, just got home) but it was incredible.

prowler,

what are you thinking of posting? numbers on a property?

post where ever you want - the moderators will move it if they need to. i wouldn't think posting numbers on a property in this "Starting Out" forum would be bad. especially if you're "starting out."

you know i keep running into this tax lien thing.

but when i start to read about them, it's like woooooowwww - alot is involved or at least it appears that way.

what do you mean - know the company? you mean the company selling the property? or property management company?

here's what you need to buy property out of your area.

1. distressed property/seller
2. CASH/FINANCING
3. local real estate attorney who can do your closings
4. title company
5. inspector
6. contractor (if you won't be doing repairs)
7. information - from local businesses, chamber of commerce, local developer who knows the area
8. a realtor who can possibly hook u up with looking at other properties in the area
9. plane tickets to go view 30 - 50 properties over a few days.
10. CASH/FINANCING
11. realtor who will sell your investment property
12. options/flexibility to help sell the property quick.

my friend just bought a rental 8 hours away from where he lives....it's "cash flowing" for 300 a month so far (been 1 month). i'm not so sure how much of the travel he's figuring into his "cash flow" charting - he's been up there twice already. long distance rentals are tough.

guru, i think she was a one-hit-wonder

shep,

wholesaling involves 3 parties...the seller, the assignor and the assignee (eventual buyer of property).

assignor contracts to purchase from seller...and then assigns the contract to an actual buyer who's going to actually purchase the property. assignor makes money basically from finding the property, tying i tup through contract and then by selling it (the contract) to a buyer.

make sense?

i email a bunch of businesses. talk to people at some local chamber of commerces. i email local developers (they'll know the history of the area).

if you don't ge cooperative person first time or two, keep calling or emailing, you'll get cooperative people. most people like helping others.

i'd say, hit up a few businesses in area, chamber of commerce, etc...BEFORE you talk with a realtor.

remember, asking a realtor if it's a good area to buy is like asking the barber if you need a haircut... 8)