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I agree with everyone else in that it will change the way you think about making money. my favorite line "poor dad told me, go to school , get an education so you can get out and go to work for a good company". "rich dad told me, go to school, get an education so you can get out and buy good companies"

I'm making my 16 yr old stepdaughter read it now because i'm hoping it will help her think about her money, investing in her future and not make the same mistakes that i made

well in this case, it's a friend of mine who i used to work with for years and i've know for about 10yrs. otherwise i would withold a good portion of that info. i just wanted to know if that is the type of info an investor would need from a bird dog

i've been researching pre forclosures in my area and I wanted to find out if this would be the proper info to provide to investors

example:
property address: 1234 main st, city, zip
owner contact : john doe , mailing address, phone
property info: 2500sq ft, 3 br, 2 bath, .56acre
purchase price/year: $100k 07/2001
assesed value : $110k
mortgage company info

woah, chickie....amazing job on that place. you were right the floors look great hope one day i'll be able to knock something out that looks as good as that, thanks for the pics

good questions marvin, a bird dog FAQ would be great

speaking of assigning a contract, what is your out and how long do you have to assign the contract before it's null and void? I'm still confused on contracts
since i have never bought real estate before.

So let me be sure I have this straight, you find a property you want, approach the seller with an offer and negotiate a contract of sale...in the contract you stipulate "yourself or assigns to" as the buyer then you try and wholesale the property and charge an assignment fee for being the matchmaker and you assign the contract to the actual buyer, correct?

what happens when you cant find a buyer? do you have an out clause in the contract where you can cancel the sale?

Mike,

this is for a home for myself, the lease/purchase scenerio is in the case that I'm unable to get a conventional mortgage and instead have an investor friend of mine do the purchase with a hard money loan and then give me the lease/purchase agreement for about 6 months so I can work on getting my credit score to a better level.

lesson learned, bad credit is a killer. Once I get my credit straight I'm hoping to learn to do some flips. I'd like to be able to sit back one day and say remember when I couldnt even get approved for a mortgage and now I own x number of properties and can get as much cash as I want.

ok I have this place that I'm looking at for my own personal home.

it's REO and listed with an agent, they are asking 197k for it.
its 3br/2ba, 1660 sq ft...theres confusion on that too I've seen an old mls from 2002 stating it was 1800sqft tax roll shows 1660 2br/1 bath

the property is another issue, this broker says it 1.1 ac, the prop survey is showing 4.5ac, an old mls has it as 3.5 ac...so it really needs a survey to be sure. i know for sure it's much more than 1.1ac

anyway, its a modular home, either 1994 or 1999 depending on who you believe. it needs some repair, new air unit for sure (3k), new kitchen (3k)
probably carpet, paint, mostly cosmetic. so i figured 15k for conservative figures. comps in the area are going for about 190-230k in full working order. it's tough to calculate ARV when the surrounding area varies from 80k to 1.5mil

so this is what i calculated.....
195k and its an REO, so 30-40% off or 70% or arv = 136.5k - repairs (new heat/air 3k. carpet 2k , paint 1k , kitchen 3k, 9k not including what I havent seen) I figured bout 15k to be safe.

which brings me to 136.5 (-15k) =121,500 fair value depending on the amount of property could be another 15-30k an acre depending on who it belongs to . I guessed around $115,000 going by the original listing at 156k with 3.5 acres with a pool and maybe minor repairs

am I even in the ballpark here?

next question, if i'm having issues with low credit scores (585) and currently working on repairing all that so conventional mortgage is not much of an option and someone were to do an HML, buy and repair the house and offer it as a lease w/purchase 6mo-1yr later for 10k over what they have invested home+repairs does it sound like it would be a win-win situation?

I probably should have explained better, I didnt mean it to sound like "oh hey this person just died, go knock on the door see if the family wants to sell the house". if I were a greiving family memeber and someone did that to me I would be really p.o.'d

I ment just to have an idea of a property that may become available sometime in the future.

of me to search through the obituaries and cross reference the deceased in the public record for any mortgages or satisfaction of mortgages in hopes of maybe finding a property to bird dog?

In a way I feel kinda bad about doing it and on the other hand not so much, now I'm wondering what kind of timeframe to estimate having a look at what the properties may be like. I figure if when someone dies there may be a good chance that the property will go back to the bank because the party who may inherit it wont be able to make the remaining payments or taxes.