Documents/Title Searching?
Hello, being new to REI, have two questions, the first being, if i do a lease/option agreemnt on a property i have under contract, and lets say 8 months later the tenants, want to get a mortgage, and they need documentation showing they have been paying on time, to assist them in qualifying, do you use the information from an escrow account you had set-up, to show them making them payments?
For Michigan investors, is their an online way, or some way to do title searches? Or a website, or do you have to go to City-County bldg in Detroit?
Your potential profit is established by your purchase price, not your financing terms. Your sale price determines your actual profit.
Maybe if you restate your question, we can give you a more meaningful response.
What kind of investing? Be more specific.
The local real estate board no doubt has all kinds of attorney approved, widely used products on line. You will need to make friends with an agent to access them for you- he can print out blank forms and contracts with a password and a couple of clicks of the mouse.
Chris
Im sorry . I was looking for a puchase and sales contract that is assignable to others. thanks
Would you be kind enough to detail how you found your lots to invest in and what strategy you used for pricing your deals?
Thanks
investorgal,
what are you attending next ?
Entity Structuring April 7-9 in L.A.
Woodsong,
If you have never heard of Ron Legrand you have been hiding your head in the sand.
Whether you like him or not I know that many of our more famous and prominent national speakers are former Legrand students.
I would however buy one of his courses that you are interested in on Ebay prior to spending 6K for mentoring or a seminar.
Attend your local REIA meetings and team up with other like minded people or find one who is active in your market to mentor you and do not pay everything up front, do it in stages.
[addsig]
A better post might be "why are my 9 properties not selling?"
Where you detail your situation.
That said,
Price is usually the main factor that precludes sale of a property. IF you are not in a totally stagnant market your property is listed too high for the perception of value in that area. Th is is why one should not seek the very tippy top of value on a home sale unless you have time to spend and enough profit margin to have longer hold times.
[addsig]
Stockpro:
Thank you! Since attending the seminar (while at the seminar) I called my realtor and a few mortgage lenders and offered partial seller carryback financing. I have received 3 offers, with 2 already in escrow. I have a showing with prospective buyers tomorrow. Things are picking up....and the 6k for the seminar was well worth it to me!
Thanks again!
Understood. Ben Franklin always said the best investment you could ever make is in your own education. As long as you are happy and it added value for you, there is nothing wrong with it at all!
Love to know:
I use RealQuest....you sign up "per county" and what you pay is based on how large the county is. Then you can specify your criteria whether it is "absentee owners", "price range", "land use", "foreclosures" (foreclosures cost extra per month), "Single Family Residences", "vacant land", "commercial", etc. The list goes on. You can download the information in to a database and then mail merge you letters, etc.
Also, I just signed up for Patlive to take my phone calls and screen them for me...as I just sent out 1600 letters and my phone is going to start ringing off the hook. They email the leads to you and you take it from there!
Good luck!
Also, I just listed to a 90 minute teleconference call with a lady named Donna Bauer. She is queen of buying and selling notes and mortgages.....AWESOME! It goes so much further than the "short sale"
Thanks so much for helping me investorgal...You are too knowledgeable. I am going to try your suggestion. Btw, how to merge info to a database ? does real quest provide this service ?
If you dont mind my question, how do you get hooked up with 90 min. teleconfer. with short sale queen ?
I AM SO GLAD YOU ANSWER MY QUESTIONS. MUAH!!!
thanks again
do you have a team of your own such as attorney, CPA, agent ? how do you know they are compatible to do business without risking a deal ? do you just look them up on the phone book randomly and screen them ? i dont know enough people to get good referrals ...
investorgal,
I am so clueless ..dont understand what you just said...crazy but true..could you reword it in street language ? thanks !
realquest is fun. Do you know how to do a search on homeower of certain age ? I asked customer service but thought you might know
sorry about the questions...i m too inquisitive
does that mean i need to spend $9.99 to get your email address ? <IMG SRC="images/forum/smilies/icon_smile.gif">[ Edited by lovetoknow on Date 03/31/2006 ]
investorgal, and commercial experts. This is my very first commercial deal.
purchase price 500K of land equipped with PG&E, water,etc (ready to be build)
can build up to 7000sq.ft with 2-story level where 1st level can have full retail, 2-story can be half retail + storage.
assumed cost is 1.2million
downpayment is 50% of 500K (HELOC)
remaining 50% is owner financing
rental income after project completion is approx 15K
Does this deal have good potential ? could it be structure other way for optimized profit ?
sirbigalot,
Sounds like reality caught up with your seminar education! I agree 100% with your comments and glad to hear you kept at it and began to look at things realistically.
Hey wait a minute…I remember those days, staying awake to see these guys motivating you to buy their wares.
I even sat with Dave and William Shatner one time at an awards show years ago.
I wonder if he bought his winery “No Money Down”? (LOL)
John (LV)
My experience has been that these "gurus" generally teach everything EXCEPT what eventually worked for me:
1) Obtaining enough money for a minimal down payment
2) Getting prequalified through a reputable lender
3) Making an offer that any respectable seller would look at.
4) Opening an escrow and follow through to closing.
5) Repeat the above process.
This is what you typically hear from the gurus:
You can buy property with no money down from desperate sellers who will carry 100% financing.
You can close escrow and put 5-10K cash in your pocket.
You can have positive cash flow even though you are financing 100% of the purchase price.
All of the above is possible, but highly unlikely for someone who has never bought an investment property before, and these are generally the very people who follow these gurus...they are looking for someone who can show them a get rich quick formula.
This forum is chock full of REAL investors who REALLY know what they are talking about, with many years of experience actually investing, and they are not selling books and tapes.
I could learn more just reading posts on this forum than I could at any seminar.
Just my thoughts.