How To Save Forclosure
I am in forclosure, just got my discharge papers from chapter7 have about 15,000 in equity in house. I have about 3mts to do something does anyone no anybody that can help me or what should I do I need about 17000 to save my house.
Did I read your post correctly? You need $17,000 to save your $15,000 equity in your house?
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California is a great place to be an investor....
You will be as successful as the systems you follow....
I contracted with over 130 Sellers last year using my marketing program and turned 226 transactions..
Don’t blame California....
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It sounds like you need to sell some property...
Remember to treat this business as a business not a drain of funds from your bank account.
If this business model doesn’t work than you need to tweak it until it does.
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how about some trade secrets from i buyhousesinc. ???? or at least some helpful info on how to do better ... it sounds like your doing well in a rough market . the whole idea here is to help each other on this forum , and learn from each other ,
my own 2 cents ( it may not be worth much more LOL ) is that i like to have a low over head , translates into i dont care to buy really expensive homes incase i get stuck with one or more that doesnt sell quickly , i had one that didnt sell for 8 months , luckly i owned it with no mortage , so it didnt hurt too bad , but i cant imagine doing that in cali with the prices there . but again i buy where the homes are reasonable so that if it has financing the costs dont wipe me out .
Hey Mike, send me a check.
Jim
Jim Whats the last name ... And how much.... Since I am giving stuff away....
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What do you mean you can not buy in California?
Wait you’re right… to all of the investors thinking about migrating to California especially Bakersfield California there isn’t a good deal to be found... I would stay away and save your money....
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I so disagree…. anyone can find deals that either cash flow or have equity enough to flip and cause your house to sell first...
We too, in Bakersfield, have a glut of houses on the market but a house is purchased everyday.. As investors it is our job to make sure that the house bought is the house you own...
And if you’re a lease option/ sub 2 person there is going to be sooooooo many great deals...
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I think at issue is your concept of buying and holding...
I am selling.
When you buy at a price point that allows you to market the property at a value less than market and still earn a favorable return yoo have succeeded..
Whether youre a flipper, L/O person or sell under a wrap youre still selling...
If you do not construct your purchases to earn profit then shame on you..
You wanted me to brag....
Purchased a property that CMAed at 420,000.00 for 333,000.00 seller was two months behind in payments...
Terms Seller cure back payments and my costs would have been All of 1500.00+-... 100% subject to
SOLD Received a 15,000.00 check the day I signed contract on an assignment and financing agreement for another 15k due 48 months after close at 8%
I dont care that I lost potential equity...
I TD the note on two properties for security.
If you invest ZERO dollars and earn 15k now and 15 K later what is the rate of return?..
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So you want to be a landlord.... I thought you were asking about real estate investing from a business sense and not a buy hold and wait and see approach...
Let me do the math if you’re a landlord and expect to earn 300.00 net per month 300 divided into 15000 is 50 months and then I get my other 15 k with interest which is now 22000 divided by 300 is another 73 months...
Recap I bought a house with NONE of my money and sold it and earned a possible 37000.00. …Which would take me 10 years to earn if I were a landlord...
I guess I will continue to sell houses and if you don’t think you can find a quality deal to resale… then you cant…
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Sirbeigealot,
Congrats on a good Vegas run!
Here’s my 2 cents.
We buy and hold as well as buy & sell an occasional quickie in Central Virginia.
The 1% rent rule hasn’t worked around here for years. We have to keep the monthly payments (P+I) & expenses down. Period. Conventionally or creatively.
We have accomplished this by using 1031 exchanges. Maybe we were lucky, maybe our plan works only in this area, I don’t know.
What I do know is that we have been able to make several 1 into 2 exchanges and have solid positive cash flows. All exchanged properties are held less than 4 years. On new acquisitions we sometimes use 3 or 5 year ARMs that we either refi or exchange before the balloon. It seems that the lower priced houses give us a better opportunity to increase our cash flow than the more expensive. Around here a (fmv) 600k and 700k executive rental will charge about the same rent but a 200k and a 300k rental are in different leagues. Also, it has been much easier for us to get tenants in the 200k house.
Good Luck,
Jim
I love this... Rolling my sleeves up... Putting on the wraps... Sorry they take a while.... Now the tape.... Gotta use tape to make sure when you hit someone in the head it doesn’t break your hand...
Okay I am ready... hands up
So you want to compare your Let me quote "possible 2 million dollars over the next three years" against my earned NET income this year...
My transaction last year earned me over 2 million NET.. That means I don’t have to wait for it and I don’t have to hope the market doesn’t change to get it…. And I can spend it…
So while you’re wishing and hoping, I will be driving my Hummer, visiting nice vacation spots, sending my children to college, giving to charity… heck I might even buy a house or two. I most likely will buy over a hundred houses this year…
All because I have a system that isn’t dictated by the market and if real estate values will go up or down… just by a marketing campaign that produces… I will buy all of these houses, most of which I will never see and never speak to the seller… Somehow the money will appear in my checking account magically I guess.
The moment housing turns your system is finished… your equity steam, your carefully thought out approach to real estate investing is now finished and you will not have learn a thing…
You will have 15 houses however and have earned something between zero and 2 million, hopefully your credit isn’t shot from caring such a load and you can do it again when the next wave hits us… But I will still be here Advertising for sellers churning out deal after deal…
So as you wait 3 years for the possibility of your 2 million I will have earned between 7-8 and one doesn’t have to make assumption when they have a system in place that works….
Hell I may even buy a damn luxury motor home and follow locke around…
I am always amazed at investors who believe in the formula of buy and hold and hope for appreciation… You do realize that you only make the money when you sell? You haven’t made anything until then… Sure it makes you feel good that your equity has increased, or has it, but that’s all you can expect… A good feeling…
You sound like the http://www.pour.Com investors who thought they were going to make a killing now look at them…
Sure some will make money… Some will even make a fortune, but a lot will have little to show for their stress and heartache but if you believe for a moment that your business model has all of the magic than by all means buy more and hold more…
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Jim
I am actually going to the LIDDELL VS COUTURE III in vegas this weekend...
I can afford it because I am not waiting for my money...
the tickets are being scalped for 9000 each... My God...
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Quote:
On 2006-01-31 00:30, IBuyHousesInc wrote:
You’re fun...
You are fun too...
Repsect to all...happy investing!
venator64
I can see the benefits of both aspects of investing...
eventually I would like to "flip" properties, but that is something that I would consider as an addition to my holdings...also I think it would take more avail. time than I currently have to devote to it. I look forward to eventually having the time to pursue this as well.
Venator64....
I would appreciate any ideas you could share as I am just now looking into markets outside of California.
My email is **Please See My Profile**
Ooops...cant do that yet....
All,
Mark Reynolds aka CommericalKing wrote a fine article about the Great Debate (flip or hold) last May...
http://www.thecreativeinvestor.com/residential/modules.php?name=Articles&file=article&articleid=899
Thanks King,
Jim
GoBelly....
Thanks for the comments.
I am a little sour on Ca. right now, I just cant afford to break even anymore....I need to see some cash coming in.
I would like to eventually learn about "subject to" financing.
luvdavy,
I have been to your website in the past....about six months ago I was following the myrtle beach preconstruction condos.
I still get auto email from agents out there.
I got a listing today from the Lichfield Inn...98,500.
Not preconstruction, but this agent sends me scattershot properties of myrtle beach....her name is Denny Gower with Keller williams.
I just bought a duplex in Concord North Carolina....
Thanks