All Forum Posts by: Teddy Patrick jr

Thanks J. I have been looking at some of your work on your website and must say you do a great job on your houses......How did you get started in real estate......Do you use your own money to do your flips?

Does anyone know what the tax rate is in NC when you buy an reo then sell for profit......Didnt know if it varied state to state or not.......

Thanks guys. REOs are kind of new to me....I know how to find them and sell them, but dealing with the listing agent associated with the bank is the only thing I am nervous about.....Just gotta throw some numbers out there I guess....

Will banks take 20% of their asking price on a property? I know it just depends on how long the property has been listed......just wanted to know if anyone out there has bought one this low.......

I think I am talking about a wrap mortgage....Selling a property with owner financing that has a current mortgage. The thing is the seller cant find someone who can get a loan and I mentioned this. They want it out of their name completely.......

I am dealing with someone who needs to sell a house and they cant find anyone who can assume the loan. I know we can assign the mortgage to someone who can make the payments. The thing I dont understand , does the loan still stay in the original owners name after the assignment? Also what do you do with home owners insurance. I wouldnt keep it in my name if someone else was buying the house.....What do you do?

I have a seller of a home that she owes a mortgage on. She is willing to take a small down payment to sell. Also she is willing to leave the loan in her name and insurance. Home is worth 85k and has a balance of 61k on it. What should I do....... Contract for deed, AITD or what. The note has to be recorded........

Hey Ed....Is this generally what happens with lease option deals as well, find someone with credit problems. Find them a home and hope they can find funding in a year or two.........I dont like lease options. I think only 30% or so actually exercise the option to buy.......Didnt mean to throw you off I was just curious is all.

I will do so Ed thanks. You can email with more info.........

When I say rinse and repeat I mean What it means. I have cash in the family that can fund what ever I want. I need credit....... I am a young investor/contractor so please dont think I am like these scandals. I am just trying to find a deal that can be funded that can put some cash in my pocket and build relationships. I would not do such thing.........