Steve Morton

I'm still waiting for comps! I hate Realtors!

I'm not sure this is a viable option for me Jonathan, I have no idea how to estimate repairs. This is most likely my best option, he did say he was willing to complete the work. However, he mentioned that he was going to be traveling until the end of May, so who knows how long this guy will take to actually complete it. Should I just go ahead and try to find a tenant/buyer for ARV anyway? Thanks guys.

I found a guy via FRBO who has a rental property that he wants rid of, and he is open to doing a CA on it. The house is now vacant, and is located in Ontario. He lives in Vancouver. So he's definitely motivated. The only concern I have is that he mentioned that he's in the middle of renovating the main floor. He told me that he's willing to finish the work on it first, and then do the deal, but I was wondering if I should just sign it up now since I have no idea how long he'll take to do it, and maybe I could advertise it as a handyman special like I see a lot of you guys here doing. What do you think? I'm still waiting on the comps, so I don't know the exact value of the house yet, but when I do receive them, how should I price the house? Do I price it at ARV and then tell the tenant/buyer that they'll receive a killer rent credit for doing the work? What about the rent, should that be slightly higher than top of the market, or do you price it differently with a fixer upper? One last thing, we would need to sign the paperwork via fax, are there any pitfalls I should be aware of doing it this way?

Is your ability to collect that much option money simply due to the price of housing out there? How long does it usually take to find someone with that much?

What do you guys do when someone thinks your a realtor? I just had a guy email me back saying he'll give me a 2% commission if I bring him a buyer. Should I send him the LPA form?

Steal away, my Northern friend. I'm constantly trying out your suggestions! Dan Freedom Creek LLC That's a real nice looking site Dan (SOCAl). I have to ask, I hope you don't mind...How much of of that "move in money" do you get to pocket?

Just make sure you pass out lots of your "IStealHouses" business cards, and you'll do just fine.

Thanks Andrea. I've done some research on this, and it seems that my best course of action is to simply form a sole proprietorship. I can then look at the possibility of forming a corporation in the future, when it makes more sence for tax puposes. Of course, this means that I'll be on the hook personally, for anything related to my business. Why we don't have LLC's here is beyond me. It would make things so much easier.

Thanks M.C.

Why don't you go to www.kall8.com and get one of their dirt cheap voice mailboxes. You can then put all of the info of the house in the message, and tell all the poor people to hang up.

You mean like this, Steve? It's easy as pie.First, copy and paste what it is you want to quote into the writing panel, or whatever it is you call where I'm typing right now. Then highlight the text and hit the quote icon above. That's it! Your quoted text is shiny and beautiful and ready to go. Jason, see above. Uhh...copy and paste...

alabuyerhousefast

Oh great! I've always wanted to own my very own swamp!

The seller is planning on renting when she goes. To find someone with 10% down, that would be $19 000. How long would it take to someone in this market with that? Uhh...I don't know? I'm sure they're out there though. An attempt could be made to short the second. However, I get the impression that people north of the border are not as open to that approach as their counterparts in the U.S. are. A "loss mitigation consultant" sounds like something that could come back and bite me in the ass if it didn't work out, which is highly likely in this scenario. I'll try to absorb the rest of what you said Jason. Thanks for your help man. P.S. I can't seem to figure out how quote individual sentences out of posts.

I've been talking to a lady who's upside down on her mortgage payments to the tune of $12 700 on a property worth about $190 000. She's got one mortgage at $164 000, and a second one for $30 000. The payments are $1700/mon and the market rent is about $1200. She has tried to refinance but was unable to. At first glance, there doesn't seem to much your able to do with this situation. However I was thinking, what if I were to approach this as a consultant, and set them up with an owner financing deal in order to collect enough upfront for the arrears, and enable them to charge the high monthly payment? Is this possible? Or is the payment too high? What about contacting the second mortgage holder for a possible short sale? She's been given a date of April 20 to come up with the arrears. I'm not sure if they're going to start the foreclosure procedure at this time, so the seller is going to contact the layer to clarify the exact time frame we have to work with. Thoughts anyone?

What's happening naked investors? I just have a quick question about CA's after reading M.C.'s very informative manual. Thanks in advance for any replies... After you've come to an agreement on a price with the homeowner, how do you negotiate the maximum amount of option money with the tenant/buyer while still allowing the seller to receive their full asking price? For instance, if the seller insists on getting top dollar for the house, can you only collect the difference between that price, and what you could reasonably mark the price of the house up for, since you're selling on terms? Or am I missing something here? Let's say that you've found a tenant/buyer who can't qualify conventionally for some reason, but has offered you a boat load of cash for your sweet rent to own deal. Is there a limit to the amount of money you can accept from him? How do turn down all that cash just because you can't get your seller to accept a lower price?

All of these extra taxes we pay are for our "superior" health care system.

I've just spent several hours trying to figure out if it's at all possible to form an LLC in Canada. So far, the only info I have is that there is no statue for forming one in Ontario. However, you may be able to form an "extra provincial limited liability company" at the federal level, that then has be registered at the provincial level. I tried to get some more info by calling around some places that seemed to deal with this sort of thing, and all I got was some french guy who I could barely understand, and obviously had no idea what an LLC was tell me that "a corporation has limited liability". (I doubt that Americans trying to do this in the U.S. would run into this kind of a problem.) Anyway, I was just wondering if anyone here has any experience or knowledge pertaining to this issue, since there seems to quite a few Canadians here. Has anyone here formed an LLC north of the border? If it's not feasible to form an LLC in Canada, what's the next best thing, particularly when it comes to law suit protection?

Wow. That surprises me Doug. Although, I don't suspect this market will be in decline for long. The population is only just going to continue to grow. The issue with the assignment fee you guys are talking about is something that's been a concern of mine as well. I just don't see the average home buyer out there being comfortable handing me over some cash for my contract on a house that I don't actually own, no mater how I try to explain it to them. I've seen the discussion on this forum on using an option release form to close, how many here use this method?

Uh... this is kind of an old thread but anyway... Jonathan, I'm curious as to what service you use that can handle both buyer and seller inquiries? Do you prepare the operator yourself on how to pre screen people? Or do they have their own particular scripts? Can you provide a link for this sevice? I'd be very interested in something like this. Thanks.

Suggest a refi to everyone of 'em. You never know. I've mentioned that to several sellers. So far I have yet to hear back from even one of them that actually went out and did it. I guess their multi thousand dollar monthly payments are their problem, and not mine though, right? Have you had any success locating T/B's in our area for such a high amount, Doug?

It seems like everyone who calls me has payments of at least 2K monthly.

Hey guys. I have an option on an old, and very unique property located just on the outskirts of the city. The property was listed at the time for 299 000 ( the tax assesment ) and I originally singed it up for 265 000. Well, to make a long story short, the listing expired, and I also was unable to secure a buyer for this property even at a steep discount. So I recently went back to my seller, and I told her that I would need to offer a price as low as possible in order to move this place. I'm also unable to offer any good terms due to the payment being well over what market rent would bare. She mentioned that during the time I was marketing for a buyer, she took out a loan on the house, so she now owes 263 000 on it, and the very least she will be able sell at would be at price. I was able to negotiate the price to 258 000 and am now offering it for 265 000 advertised as 35K bellow tax assessment (comps were too inconclusive for this place due to it being so unique, as well as it's remote location). I am getting a lot of interest from my marketing, but once I tell my prospects to take drive up there and check it out, I never hear back from them. I was wondering if anyone here could offer any suggestions on what I should do with this house. Should I just try an get an assignment fee? Or could something like maybe even an auction be a viable solution to this ?

Thanks for response guys. CA's and consultations seem to be great way to make money. I'm sure I've passed up MANY deals that could have been saved had I implemented them. A lot of you definitely seem to be having success, there's no denying that, However, I was wondering about some potential problems that could arise from doing CA's and consultations so that's why I asked. Although, I suppose there's an inherent risk involved with any kind of creative real estate transaction. I'm going to hang around awhile and watch you guys in action, as well as go through the archives some more before I decide if I'm going to take the plunge and order Michael's manual. Michael C: Are you Canadian? Judging by that picture, you sure look like one eh?

Hello naked investors. I've been lurking here lately, reading about the methods you guys use such as the cooperative assignment and acting as a consultant for lease option deals, and I have to ask some noob questions: How many of you have had problems from doing deals this way? Has anyone been accused of acting without a licence? Has anyone ever had a seller come after them after a tenant/buyer trashed their house? Has anyone ever been blamed, and subsequently harassed by a tenant/buyer when they were unable to buy the sellers house? Has anyone here been sued? And now the most obvious question of all ... Where did the title naked investor come from? (It's a great name )