All Forum Posts by: Rick Pozos

I know that Quest IRA will fund within 2 to 3 business days. They are even local to you. If you really think about it, you should get title insurance on anything that you buy to make sure that the seller is the legal seller of the property or note or whatever. This will take a few days anyway. I have never needed money so bad that I need it today. If you are going to make an offer, you can always give your account statement as proof of funds and let them know you will have earnest money shortly.

I talk with the owner, but let them know that they have an agent for a reason. I tell the owner, "The agent is going to tell you that my offer is too low, but that is ultimately your decision. You have to decide if you want to take my lower offer and close pretty quick or hope that your house that needs repairs is going to be purchased by a retail buyer in the next few months. Plus most retail buyers are going to have to find financing and may take 45 days and they still might not be able to get a loan. I have money (or hard money lender) ready to go, no contingencies." 

I inform them on the pros and cons of retail buyers vs investors. Dont try to cut out the realtor. 

But if I do get the property under contract at my way low price, I make sure that I am going to close. I am not hoping that I can wholesale it. Then you would really hurt the seller even more by making them wait for nothing. 

Everybody is different and has different tolerance levels for different situations. As you see, some never do a second. I have lent to a few friends a second. I have borrowed from friends and they put a second on my house. 

I have bought a non performing 2nd at a steep discount and got the owner performing again (42% return). This is what I do all day, everyday so I am ok with the situations that can and will come up. The big question is: are you ok with the potential issues that can come up?????

I would ask for interest only payments just to make sure that he is performing on the note. On 20k he would make $200 payments every month.

Realize that if he gets foreclosed on, you can be wiped out completely. I always know that is my worst case scenario. Me personally, I would charge closer to 18% and make sure that you stay a little involved with him and the rehab.

Check out his name with the appraiser's office to see where he lives and see if he owns the house. Check out facebook to see if he has a personal page or a business page. Website. LinkedIn.

You can look up my name and see all the above. Anyone checking me out will see that this is what I do. You can ask people who like my page and ask their involvement with me. Do the same for him.

Ask him what is the name of his business or what name he uses to lend under.  Check the deed records for the loan that he has made to others. In Texas its a deed of trust. When someone pays him off, there must be a release of lien. His name and signature should be on the release of lien. Take a little time at the county clerk's office to ask how many loans there are with his name on them. Find out who he lent to and ask them how their experience was with him.

The fact that you are asking makes me think you do not trust the person. Again, if you are not 100%, dont do it. If it sounds too good to be true, it probably is. 

The only question is: Do you know and trust this person???

If the person is legit, they will need the info. If there is the slightest distrust dont do anything with them.  I am refinancing a property right now with a mortgage broker that is at all of the REIAs and meetups. I have asked people who have used him before how he was. I am 100% sure that he is a mortgage broker. So yes I gave him 2 years of tax returns, 3 months of bank statements, SS#, net worth statement, etc.

If this is someone you met online or have seen them once, DONT DO IT.

Come out and network with other local investors. This is a no charge, no reservation, no pitch meeting. Just come out and lets talk real estate. Bring your business cards and get ready to network.

Eat and chat 6pm to 7pm

Meeting from 7pm to 8pm

If you are a wholesaler, a rehab addict, or a buy and hold person or if you are just getting started I know that you have a few issues that have come up recently. Lets discuss what problems you are having because if you are having them, others are too. 

Hope to see you there. Any questions or problems call me.

Yes you can. If you check the deed records on line, you will see that some attorneys actually file the documents early. There are already a bunch of them for May sale and 1 for June sale filed already. Check out the county clerk's office online. Spend some time and get familiar with it. You have to use explorer and not chrome.

@Stephen Oakes you are going to find deals OFF MLS. MLS is really for the retail buyer. You have to do some marketing or driving for $$. Dont go to the BIG wholesalers either, they will pad the price so much that there will be nothing left for you.

Do your own research on every deal presented to you and ask for several opinions from non interested parties before commiting funds to a deal. You should never feel rushed into doing a deal.

The notices of foreclosure are recorded with the county clerk of your county. Texas law states that the notice must be filed at least 21 days before the auction. The auctions are only on the first tuesday of the month even if its a federal holiday.

You door knock as soon as you can. There is not much lead time.

PS I am NOT an attorney.

This is why you have to purchase off market properties. Realtors are going to sell most of their properties at or near market price. You gotta find properties that are vacant, neglected, or their owners are in some sort of distress(BK, pre-foreclosure, back taxes, divorce, etc). 

• Gotta find properties that are below market price(above)
• Gotta put 10-25% down or more.
• If you do some rehab, you will not have 20%repairs and capital expenditures

Taxes are not the issue. Taxes are just an item that has to be paid out of rents along with a new refrigerator, stove, paint, etc. Determine what rents are, subtract expenses and what you need to make and that is YOUR price. Hopefully your price and the sellers price is the same or close, otherwise it is not a deal for you.