All Forum Posts by: Richard Warren

I think that he handled the speach well, and I'm not exactly a fan. As far as the $700 Billion, they're printing it....I hope they don't run out of ink.

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Jon, I think you hit the nail on the head. HMLs are now looking at a max loan of 60% of ARV from what I’ve seen. You also are not going to get it with no money out-of-pocket, you’ll need to put at least 10% of your own cash into the deal and have adequate reserves.

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Every action has an equal and opposite reaction. Unfortunately the reaction isn’t always obvious. This bailout will cause problems that can’t be foreseen now. How often has the government done something only to have it backfire?

That was actually the topic of my blog post this week http://www.biggerpockets.com/renewsblog/2008/09/22/that-fateful-day-%e2%80%93-november-12-1999/. The repeal of the Glass-Steagall act almost a decade ago may have been the seed that germinated into the current mess. What unintended consequences will follow a bailout?

Welcome to BiggerPockets!

Step one is to learn as much of the basics as possible. You are in the right place to do just that.
Step two is to select an area or niche that you would like to pursue.
Step three is to learn as much about that niche as possible.

If you spend some time reading through the forums you will find that you may not need much at all to get started. How much or how little you need will depend on your specific investment strategies.

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Chances of WAMU lowering the amount you owe AND letting you stay in the house is zero. If they did it for you they would have to do it for everyone. From what I’ve seen, to get them to allow a short sale you need to be behind in payments as well. Understand that I am not a short sale expert, I’m sure some of those who are will chime in.

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Is it possible? Yes, but…

If you max out your credit cards you will see your credit score drop. That’s the first negative.

You can refinance the property but you will find that you can only get about 70% of what you paid for it, not the actual value. If you don’t have cash you will not be able to fully pay off the card. Before doing anything like this you should explore your financing options with a good mortgage broker.

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So the maid didn’t show up this week, what’s the big deal?

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I agree with Mike. I have mentored many people without charge. Meet someone who does what you want to do and offer to buy them lunch so that you can pick their brain. Do that enough and you will find your mentor.

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You need to check with your state to see if the transfer would be taxable. Here in Nevada it is considered an exempt transaction if the owner of the property is also the owner of the LLC that it is transferred into.

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