All Forum Posts by: Richard Warren

Joining the local real estate club is a good thing if you are actually in town. I belong to The Real Estate Insiders Club here, the next meeting is on Sept. 10th. You can check it out at www.mreclv.com. If you are going to do this strictly long distance I may be able to help you with a few contacts, PM me if you want some info.

:cool:

Originally posted by Rita Kibler:

The Owners name was in a trust. Like "Melissa Jones Trust" Could this mean it is possibly going through probate?

The duplex is probably in a living trust judging by that title description. It may or may not be in probate. I purchased a home in a situation with a title like that. It turned out that the owner was in a nursing home and the trust was created in an attempt to shield the assets from being confiscated to pay medical bills. The ARV on that property is about 125-150k depending on how much I do to it. I purchased it for 48k. It turns out that they just wanted to liquidate the property and weren’t too concerned about what they got. I was prepared to go as high as 65k. What you are looking at might be a good deal. Start by sending a letter to the address listed on the deed and let them know you are interested in the house. If you get a response you may be able to get it very cheaply. Good Luck.

:cool:

In Las Vegas we are having multiple offer situations on REOs. The banks don’t want to be dealing with counter offers so they request a “highest & bestâ€, which they will either accept or reject.

:cool:

Tim,

I’m sorry for your loss. Obviously he left you with a great deal of wisdom that you will always carry with you. Hopefully you will be able to share with others the way he shared with you.

:cool:

That’s nice to hear. Do you have any specific examples of how the course has helped you in your business?

:cool:

Originally posted by Paul Gwilliam:

What bothers me is that a lot of the comments are from people that have had no real experience with Nouveau Riche.

What is your true motivation for joining NR? If it is for education and you feel that it is worth what they are charging, great. Unfortunately many of us who are seasoned investors get hammered by these novices pitching the NR program. They know little or nothing about the reality of real estate investing yet claim that they can show us how to make loads of money. I would have more respect for them if they were honest about what they are selling. Every month recent NR recruits show up at my local REI meeting claiming that they are “going into wholesalingâ€. If you give them a card you will get a phone call inviting you to a “networking meeting†for NR. These NR people never show up for a second meeting. To me it appears that NR is just using false hopes to separate the recruits from their money by telling them that they can make it back by recruiting others. I for one am sick of the NR people and will not give them the time of day. You may have the best of intentions but you may find it difficult due to the bad experience that many of us have had with those who came before you.

:cool:

Hopefully you haven’t given them any money yet. Do a search of the forums and you should find plenty of info. You may wish to start here:

http://www.biggerpockets.com/forums/79/topics/19185-nouveau-riche-interesting-review

:cool:

Welcome to Bigger Pockets! It’s always good to see someone else from Las Vegas. Be sure to check out the Las Vegas Investors Group as well in the group section of this site.

:cool:

This is a fairly standard practice. The builder wants the pre-approval to be sure that you have the ability to buy. They require pre-approval from their lender so that they know that you meet their standards, however you may get the actual loan from any lender that you choose to deal with. The deposit is held in an escrow account, not the builder’s operating account.

8)

You can check out this thread as well:

http://forums.biggerpockets.com/viewtopic.php?t=16838&highlight=montelongo