All Forum Posts by: Rick Schneck

@peterchevalier Patrick L. makes a point, "If the foreclosure law suit missed something like naming a lien holder then that lien would still be attached to the property."

If the bank's foreclosure missed a lien, wouldn't the Trustee Sale Guarantee (TSG), issued by the title company, cover the bank when a claim (and/or lawsuit) is filed by the buyer?

@perterchevalier I commend you proactive participation and diligence in this forum. Your presence isn't just interesting, it's very reassuring. I'm in the process of conducting my own due diligence on Auction.com and considering Andy Chu's result, this is a big endorsement for any investor.

The numbers are going to be based on the value of the property as it relates to other similar properties in your neighborhood. The best source for that is your local MLS.

(Action Item #1)

Ask a realtor for the latest MLS comparable sales 1) going back 6 months, 2) within your neighborhood, 3) within a 10% square footage differential and 4) the average market time (time it took to sell). If none exist, got out no more than 1 mile AND without crossing major neighborhood boundaries, especially school districts. This will give you the average value in your neighborhood and content for negotiating with your landlord.

(Action Item #2)

Ask your landlord what terms are agreeable and wait. Waaaait for it...... Listen for the terms, which should include price, down payment, rate, length of term, etc... Tell him you appreciate his candor and you're going to think about it. Don't mention the MLS data you have yet.

(Action Item #3)

Come back here to discuss the details in the forum. Here you'll be able to tap into the collective wealth of knowledge you'll one day pass forward on to another.

@AdamHofmann a fair lease option would include an agreement of the price based on the market value of the property at the time of the executed agreement, a minimal "down payment," and the longest period you can negotiate, years. If you're in a position to lease option a home, you should explore having your landlord do a seller carry back. In this scenario your landlord acts as the bank and you hold title, which would require your landlord to foreclose if you defaulted. Your down payment is subject to loss, again, if you default. The key here is you hold the title while making payments (PITI) until you refinance or sell. If your landlord is unwilling to carry the note, find another who is or delay the acquisition until a time that works best for you and your family.

Everything is negotiable. Good wholesalers know your best interest is in their best interest.

Greetings @johnbrackett. After looking around I've concluded that we're blessed with several reputable network groups such as SDREI, NSDREI and FIBI. Forgive me for suggesting the start of another, it was without much thought or research. Hope to see you at one of the above groups.

Thanks @Rick Harmon and @Bil Gulley. Rick, I agree with you. Alliances with experts in a specialty is the best way to do business. Describe how we would work together with this opportunity.

Greetings @John Brackett . Because Masterminds are intimate, I've always been invited and invited others with whom I've had a long-term relationship. I'd suggest you seek a Mastermind with those in your immediate network and your closest business allies. On another note, if you'd like to start a BP San Diego network group (assuming there isn't one already) I'd be glad to partner up on that.

@Sean D I use Equity Holding. Here's their info: