Question On Nouveau Riche University?
I was invited to one of there meetings, there
successful students discussed there successes
& real estate investor eduction they have learnedat NRU.Does anyone past knowledge of them? please advise. Thank you
Read these:
http://www.ripoffreport.com/reports/0/205/RipOff0205928.htm
http://www.ripoffreport.com/reports/0/077/RipOff0077901.htm
http://www.ripoffreport.com/reports/0/077/RipOff0077931.htm[ Edited by d_random on Date 03/10/2008 ]
I am doing some research on NRU, I will not
join now, thanks for the info. this internet forum
is the best. thanks again for info.
I am an NR student. I can not speak highly enough of it. Ripoff report says everything is a scam, including the Better Business Bureau. Talk to people who have been through the program. If you find someone saying something negative who has actually been through it, take their opinion seriously by all means. In my own personal opinion it is top notch, the education and the people, I have no complaints.
Put my vote in the rip-off category. They are charging a lot of people a little money each month for a long time. But I never run into any grads actually doing transactions, only MLM people trying to recruit me to recruit more students.
Since I Moderate on several RE discussion boards, what I do know is that the posters defending NR the great majority of the time only have 1 or 2 posts. Plus every time they have a class graduate the new graduates jump on the boards.
The reasoning is because basically it is an MLM operation, so if the new poster is looking to generate a cash flow by signing up new students.
Their marketing efforts on the boards by their students lack any luster at all. I have yet to find where they have defended their positions with any factual statements, so they always get blasted by the majority of posters.
John $Cash$ Locke
[addsig]
Is owner financing an option?
Depending on the numbers, a portfolio lender might be a good fit.
According to http://www.hud.gov/offices/hsg/sfh/title/ti_abou.cfm
no OO requirement. Unless I misread.
It is a built-in assumption since all other HUD loan programs are only available to owner occupants.
I was not sure if a Title I loan would be available to a borrower who did not occupy the property to be improved, so that is why I asked.
The original poster said that he wants to buy "5-6 of these within the next year". That would not satisfy OO financing requirements.
Honestly once they have the address of the property being sold they can go around you and buy direct form the wholesalers anyways. You would do a lot better by establishing yourself with your contacts as a contracted selling agent. Make sure the contract states that you will recieve a percentage of all sales between the 2 contacts (buyer/seller). that simple!
The contract should state that I get 2% of ALL sales between the 2 contacts? How can I track their deals?
There are ways to protect yourself
Also give them as little info as possible. I have the same situation. I also have investment opportunities which I need investors for.
How do you suggest I protect myself?
First of all do you have a dual Contract for buyer and seller? There are several ways that you can structure the contract.
I think the easiest way to go about it would be to put the particular properties you want to flip under contract then set pu a simultaneous closing. Spread the properties around among your investors and by doing this you will be putting money in oyur pocket and making both your wholesalers and your investors happy.
what is "clouding the title"?
I read somewhere that when birddogging one should some how cloud the title in the contract????
And that this is a way to make sure no one else buys the property from under you???
I dont understand this concept.
Anyone know about this ????
Clouding the title is the act of recording a paper that indicates that YOU have an ownership interest in the property.
In Florida...State laws differ...A Purchase/Sale Agreement, signed by Buyer and Seller with 2 witnesses and a Notary usually will suffice.
In order to get a clear title on the property they have to deal with you...to take the cloud off the title.
[addsig]
You can also have both parties sing an NCND which is basically a non-disclosure statement which protects you from them going around your back and "stealing the deal".
Without that you have no recourse and once they have the address, your potentially exposed!
Hope that helps.
Alex Pardo
RockstarsInRealEstate
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[ Edited by AlexPardo on Date 04/07/2009 ][ Edited by AlexPardo on Date 04/07/2009 ]