All Forum Posts by: Tom C

Hi,

Loose the pop up ads. This is something that I just started to see. I would be willing to pay a small fee in order not be subjected to pop up ads.

I did one on LegalZoom for 150 bucks. No reason to have an agent, I filed in my own state using my EIN obtained on line for free.

I found the only way to stop getting his emails is to write him back and call him a scammer.. He will send you a few nasty emails, then he will stop bothering you.

I don't have that option, wish I did. If you have any Section 8's, that is not an option either. You get what they are willing to pay you or you don't play with Section 8 renters.

I suggest doing one deal, since this is your first. You may find yourself overwhelmed doing 2 at the same time. There will be plenty more deals to do in the future.

Total investment of $31,5 with return of rents of $1000 per month. I agree, I would jump at it.

What are your taxes and are the utilities separate?

Besides these people being irresponsible, they are also very impulsive. I find that they somehow go through life jumping at whatever turns their eye at that moment. They are not dependable. They do not show up on time for anything, because they expect people to give them whatever they need and the only time they get motivate is when either pushed into a corner or it fits their needs. I always knew about these type of people, in fact I have had friends that are like this.

I did not realize that such a huge segment of our society was like this. I always figured that it was small portions of a certain area in a city where these people hung out. In my fishing hole, I have found that 3/4 of the total population is like this. Everyone I run into seems to have this mind set.

I also think REO's are very simple. If I had my choice, that's I would deal with. Heck, sometimes they pay all the closing cost without even asking.. :)

Anyone have any idea's on whats next? Could we be possibly looking at the worse case situtation and banks start folding all over the country? My father who grew up as the Depression was ending has been waiting all his life for this to happen or at least it seems that way.

Jugo,

Don't confuse the investor bidding period. The investor bidding period is when anyone can place a bid, investor or OO. As an investor, your broker must, along with your bid, overnight your proof of funds letter and earnest money. You must be able to show that you either have the funds to buy the place or that you have a lender, Any Lender, willing to give you a loan. HUD doesn't care about your FICO or anything else. So your broker submits 3 things to HUD when you make a bid.

1. Your bid/ Contract
2. Proof of Funds Letter
3. Earnest money, which is usually $1000.00

All three are required. HUD doesn't care if you call yourself an investor or John Jones. Anyone can bid during the All bid time frame. No requirement for a investing history. The only reason HUD separates OO and All Bid is to allow people who intend to live in the house first chance to get it. If no one wants it, then NOO/ Investors get a chance to bid on it during the All bid time frame.