All Forum Posts by: Roger Wilson

It also depends on the nature of your skip trace!  It's one thing to trace someone for skipping out on last month's rent - and completely different hunting down people on a past foreclosure or legal action.  I'll hire someone at a much higher rate (even a private investigator) depending on how much I have at stake.

Going back to part of your MAIN question - be careful having the HELOC with the same bank. Most agreement allow them to whats called "cross-collateralize", meaning that if you default on one - you automatically default on all - and the have a right to all assets covered under any of the Notes. Just make sure you know the terms... ;-)

It's a great business, but make sure to learn before you spend.  There are a lot of nuances.  Another great book to check out would be "Zero Risk Real Estate" by Chip Cummings.  Lots of good info, and he has some links to resources as well.  16% book is good too...

You might also want to check out a great book on the topic - "Zero Risk Real Estate" by Chip Cummings.  Good info, and there are some resource links he provides.  Heard of Hahn, but have not checked out his stuff.  Good luck!

Normal request.  I've had to add exterior "escape" stairs to comply in a few situations.  Follow John's advice above, and check with the State.

In many states a Sellers Disclosure is REQUIRED.  I would make it a practice to get one.  Make sure that you order a title search, and check it carefully. (and get title insurance).  You don;t want to have title problems down the road....

No....  As a licensed broker, I can not think of a good scenario which would require this.  As stated above, we know how to "size" someone up pretty fast, and will work to earn a commission when it makes sense.  I would run....

Simple - Cash is King.   There are too many times that buyers/borrowers can get bogged down in a financing process, and the Seller has no control over the guidelines.  There may be maintenance issues or silly little compliance issues that forestall, delay or even kill a closing - for no fault of the Seller.  And then they just lost valuable marketing time.

But there is a price - when I pay cash, I ALWAYS ask for a discount.

Cheers!

It's amazing the education that you get from going through this a few times.... ;-)

You will soon know what to look for, how to prepare, and exactly how to act to quickly protect your investment.  Fortunately (for us old-timers), many who go through the heartache the first time - never go back because they don;t want to get kicked in the gut again.

Stick with it!  The education you are gaining from this will pay off in the long run!

Agree with everything above....  bottom line:  EVICT NOW.  Otherwise it will only delay the inevitable....