Ever Hear Of Nouveau Riche Corporation?
I was contacted by a member from NRC,looked at a web site called ****Must Reach Freshman Investor status before posting URL's***,seems like a waste of time and money. It's like an Amway approach to REI. Check it out and give me your opinion,they are targeting Newbies. 
I responded to a local ad for an investment club. then I noticed the Nouveau Riche name. I though something might be up, and did an internet search. Turns out it's a multi-level marketing program to sell you on training and mentoring. Probably good info, but I didn't like the sneaky aproach.
And guess who is mainly behind it...yep Mr. Rich Dad himself and his cronies...
Not saying they are bad, just good at what they do
Christian "The Solutions Kid" Beebe
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Check out:
http://www.thecreativeinvestor.com/modules.php?name=Reviews&rop=showcontent&id=46
and
http://www.thecreativeinvestor.com/modules.php?mop=modload&name=Forum&file=viewtopic&topic=25842&forum=33
RUN FAR FAR AWAY!
And before any of the Nouveau Riche 1 post lemmings jump in, here are a few links where this has been discussed before.
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&topic=50971&forum=30
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&topic=30626&forum=19
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&topic=27292&forum=33
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&topic=26697&forum=33
Will the property cash flow if you keep it as a rental? Does the property have any deferred maintenance that would make the as-is value of the property less than the loan amount?
Take the deed and start making the mortgage payments, seems to be the obvious step here. Once you have the deed, put tenants in place to generate a positive cash flow.
You need to determine the answer to this question: Why is he selling?
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Your seller sounds EXTREMELY motivated (read desperate) so;
1)Take the deed, before someone else does, You do NOT have to record it, but in his mind, or any other investor trying to snake your deal it is too late.
2)Have him sign a sales contract with weasel clauses to your favor in case there is something terrible he is not disclosing. Give no more than $100 binder. You will discover during your due diligence. Request FULL written disclosure of all know facts and make it a rider to the contract.
3) Have him sign a Memorandum of Real Estate Transaction. In case you want to cloud the tittle to lock in your deal without having to record the deed.
4) Have him sign Authorization to release information for all mortgagees.
5) Call an investor friendly attorney to help you. You should know for sure if it is a good deal in one or two days.
If your due diligence finds you should not be in the deal, cancel the contract, return the deed, forget the 100 bucks, you will never see them again. If it is a good deal your attorney will tell you how to proceed.
GOOD DEAL$ TO ALL.
Move item #5 up to #1. Just kidding, OK.
Really, you NEED to find a investor FRIENDLY attorney pronto! If you do not know one ask around your local REIA club.
My contracts and forms are part of a "Buying package" and all work in concert with each other. Furthermore, the forms that my attorney and I have prepared and tweaked might not work for your attorney or your home state. My tactics, contracts, and procedures may not work for you and your attorney may advice against them.
I strongly urge you to find a GOOD attorney if you want to stay in this business, develop a strong professional and personal relationship, and always work closely with them.
Hey I am a columbus investor. If you would like to assign this and take your cut now let me know. If it is truely a good deal I could be interested.
PM me.
Thanks
Jeff
I see those signs all the time in my neighborhood (Inland Empire, CA). I always laugh when I see those signs, hand written on flimsy paper claiming that you could make 20K by calling the number advertised.
It is the same in Miami. All over the place like dia....
I called out of curiosity and they tried talking me into buying courses and setting me up with a "coach"
I confess, I called. It was a kid who answered. He had just finished up on his first rehab and wanted to be my mentor. I’m not turning my nose up at anyone with information, but I got pretty much what I expected. And yes, he was with nouveau riche. He said he would birddog some properties but never called back.
Thanksfor the input.
The builder did get in over his head on this one, but no-one could have guessed that our market would fall flat when he closed on the lots.
The builder is currently serving on the Iron County Builders Association and has the highest respect in the community. He has been here for over 15 years and all the subs are paid, he has been working with the same subs for years.
There are other big builders in the subdivision and they are continuing with the project, but because this builder did customs only he only had a limited amount of reserves.
In other words, bailing on the project, not the town.
These would rent at this price for a 16% off GOI rate... property management has the renters waiting in line.
Is this still a bad scenerio?