All Forum Posts by: Shaun Lapsley

very good . thank you for your time @Wayne Brooks . much appreciated . 

@Wayne Brooks  thanks Wayne ! Municipality is being contacted to find out the city/county liens. A title search would cost about $100 is that correct ?

(The reason I mentioned VA is because I have heard that QCD may causes issues when purchased, then find out you only own 20% interest in the property because you purchased the 2nd mortgages interest. Is this something to be leary of ?)

Straight to the point
3bd 1bath SFH listed at 55k estimated value at 95k

If it seems too good to be true, It probably is ...

"Prior to seller receipt & approval of the full title package from foreclosure title to property will be conveyed by a quit claim deed"

My basic translation,  "Before the seller gets the 55k, the buyer will be stuck with the possibility of liens on the property, 2nd mortgage issues, tenants, and other trash to be taken out before any exit strategy will be possible."

As a newbie I want to do as much due diligence as possible.
This was a VA loan. VA loans can not be second mortgages.
I drove by the property, exterior is in good shape.
Through the window, clean and empty. I dont believe anyone is living there.

I have yet to contact the listing agent

- Am I able to ask the listing agent if the title is free and clear ?

@Paul Timmins Thank you ! I am reading it now (for Free!) 

Really grateful for any help or insight anyone can provide.

I am attending my first REIA meeting in a couple days, 6-18. I was curious if anyone has any information of specific questions I may be able to ask in order to get directly to the people I would like to learn from, build a relationship with, and maybe even a mentorship with in the near future.

(Things I could provide to a potential mentor)

I am able to skip trace which could benefit a wholesaler without access to this. I am willing to help with anything and grateful to learn through the process. I have previous telecommunications experience. I am a professional with alot to offer, just NOT in RE, yet. I AM A SPONGE willing to learn and grow, but I do feel a little intimidated seeing as the vets time have likely been wasted by newbies in the past.

Being a newbie I believe I would be able to both help a wholesaler and benefit from them as well. My plan is to purchase a multi-family home as my first deal. I would be able to live in the property, get some hands on experience, and avoid capital gains tax when I decide to sell (2+ years from now).

One question I have seen on the forums, "Who consistently gets good deals locked up?" then talk with that person about what I am after.

I have business cards that include:

Name
Buy and Hold Investor
looking for multifamily homes
phone number

I have already been pre-approved.

Any input or direction is kindly appreciated.

@Connor Smith  a quick view of the site you referenced showed there may be some income restrictions. By any chance do you know the amount your annual income must fall below in order to be enrolled? (Thanks for the post! Great info even if not for myself but other friends who may be able to benefit from this!)

@Brandon Turner , thanks for taking the time to display the calculator. Important benefit of becoming Pro once I am analyzing potential properties.

Thanks Steven, I am excited for a REIA meeting on the 18th here in Buffalo !

Great to see another Buffalo local on here Andrew ! May be contacting you with some property management questions in the future !

Thanks for the advice John, Im all over the podcasts !!

Very excited to learn more and hopefully contribute along my journey !!