All Forum Posts by: Rich Baer

@Edward Howell, V

Don't forget to get your lead inspection.

@Aaron Pfeffer

I specifically looked in this evening to see if the forum was buzzing due to the big downturn that could mark the top in real estate retail prices. At least one person is smartly concerned. Anyone who says it is meaningless is ignoring both history and mass psychology. Rising rates and negative news stories could put Buyers on the sidelines. Stay tuned. Nothing goes up forever.

@Kyle Davis

The answer given by @Eric G. is a good response. It doesn't matter what everyone else is doing. You need to find a locale that will work for you. Familiarize yourself with it and become an expert through time and hard work.

@Vina Real

Depends on price. You are fortunate you have this forum. It allows you to avoid huge mistakes.

@Kelli Tarantino

Simple enough. You take title in the LLC as that is what is on your purchase contract. At settlement, after the Seller has left the closing, you have the Title Company or Attorney draw you up another deed. You can take title in all 3 names or convey the property in a no consideration deed to your daughter. Check with your Attorney as to whether any additional transfer taxes are involved. If you take title in all 3 names, all of you will have to sign on the loan. It's a great way to help your daughter move forward in the finance world.

@Joe Nagle

Lots of info at BP and check out videos on Youtube.

3 keys things:

*Know what the property will sell for at auction and make your purchase based on that value.

*Find a foreclosure firm who will do all the paperwork and know what they will charge you so you can add that to your purchase calculation.

*Know what you will do with the property if you have to buy it in at the sale.

Once you have those 3 things on place you can quickly determine if the note will work for you.

Of course you have to have the sources to search for notes too.

You can do it.

Hello. Your question is not stupid but it shows you need to think things through more. When making offers, financing is a big part of being successful. You should be submitting a purchase contract knowing you have financing lined up. You don't want to make an offer in this competitive market a contract subject to financing. You don't want a contract accepted and then fail to perform. As a buyer in this business, your good name and reputation are everything. You can do it. Just be prepared and keep thinking about the best way to accomplish your goal. You will surprise yourself with what you can do. Best of luck.

@Galvin Duesler

I have had success with them. One successful method I have used is to watch the auction over several weeks. Keep an eye on the high price bid over each unsuccessful auction. Their Banks seem to require at least 3 auctions before they will deal. On the 4th auction if you are the high bidder, even if the reserve has not been met, they are more inclined to negotiate with you.

@Pat Jackson

Auction.com is very sneaky. You have to always assume it is them bidding against you. Recently, I was the high bidder and the reserve was met. Literally at the last second they bid it higher. I was expecting it. I did not bid any higher. The next day they emailed me that I could have it at a lower price than I bid. They do crazy things. Just be prepared for it.

@Shane Correll

Be glad to help you out. I am currently mentoring 11 BP members. Send me some info as I can always use a good flooring guy.