All Forum Posts by: Stephen McKee

Aww...I should have known better than this.

I'll keep it short and sweet.

Start by calling your local Title Company and asking for the most current deed or deed's of trust. Customer service should be able to get this to you the same day. They may ask who the heck you are. Just tell them you are a new investor and you are building your team. Ipso facto...you're gonna need a title company.

When you get the deed it will have a few key pieces of information.

Term: Start date to end date
Interest
Payment

Take those three things and punch them into an amoratization table calculator.

Now go to the table and look for the month you are currrently in. Under the word PRINCIPAL BALANCE you should see their amount owed.

Now you know how much they owe and their payment.

Now here comes the tricky part. You need to make an offer that make sense for both you and the seller. Even if they have not considered this option they may still take your offer.(especially in times like these). I can help with the terms on a one on one basis.

If this sounds all too confusing, fire away.

That's priceless.

hondal22

I know it's been a bit but if you are still or end up working on something like this in the future PM me. I am in Moreno Valley so I know how to get stuff done out here. I'll show you a back end way to figure it all out without having to ask the home owner.

Same here, 20% sure removes the little fish from the pond doesn't it. Hard money is getting a bit looser though.

What I havn't figured out is why this is still a suprise.

Take the number of crap loans,
Extract the % likely to forclose,
Set a time line for this to happen,
Get an idea of how much inventory is expected,
Divide that amount of inventory by the current sale rate,
And update those #'s once a month.

Why the need for an article everyday. Just put this data on 1 site and put the link on the cover of the LA Times and NY Times real estate sections.

We can call it thebubblemeter.com or something like that.

Hey Josh here's an idea for you. Maybe you can rig up some sort of GOI that shows an inflating and deflating bubble. You can place a push pin (to pop the bubble) based on affordablity rate. I'm picking some where between 19% and 24% for California. If you dummy it down enough the public might find it interesting.

I have paid as much as $350 per hour. Shop a couple people for reputation and price. It's realy about gut feel.

Dan, I'm stealing your list and elaborating.

1. Savy real estate attorney
Don't be cheap.

2. lender(s)
Direct lender specificaly. Find a mortgage broker with there own wholesale lines. They will have more felxible terms than the traditional lenders. Eg: not countrywide, wamu etc.

Find a direct hard money lender. Not corporate. You are looking for a trust or individual that has there own money to lend. They will have bendable rules.

3. comm broker
Try to find a national one if you intend on leaving your area to buy in the future.

4. title company (unless your attorney handles title work and closings)
Ask for a rep and build a relationship, they can do a lot of leg work for you. be sure they do double escrows as well.

5. savy accountant
Make sure he/she has other investor clients. Ask some one for a referal in your REI club or your new attorney.

6. insurance agent
Let them know what you plan on doing up front. This way you can weed out any one that will get in your way. For example if they don't insure vacant properties you will have a problem.

7. management company (get a backup, as well)
Find an owner that has his own properties. You want them to spend your money like it is there's.

8. contractors/maintenance
Make sure your contractor bids your jobs at cost and shows you his fees. I made a deal with my conractor for $1000 per week mark up and $300 for everyday he is on the job physicaly doing work. Keep in mind people I am in Ca. I usually end up paying about 15% total make up on my rehabs. California average is 20%-25%

WOW, i'll have to do a little digging.

As for the gas mine contracts I have inlaws that work them. Check out the last trends for Grand Junction Colorado and South of Little Rock Arkansas. Didn't know people were pitching that though.

Hey Tim,

Do you mean 100% based on the purchase price or cash in the deal. I'm looking for an average return not an unscheduled enomily. I have been doing some fo-investing following around the gas mine contracts and am about to dive into those areas as well. This is the only way I have found I have been able to beat california's returns.

Hey Jason,

Have you been having any problems with exceleration clauses? What form of wrap around mtg do you use if any?