Da_New_Kid

Quick question for you naked guys and gals The last two people I've spoke two I was able to convince into letting me do CA's with them on their houses. This is how I did it, when the seller asked me how much will I be receiving down this is what I said. Most people receive 1st and maybe last months rent as a down payment, I would suggest the same for you. When I place a tenant into your home they will be paying you 2200, how does that sound? They both said it was fine, so I told them I would see if their house qualifies and I would call them back. I've been figuring 2% of the asking price as my assignment fee to the T/B so on both of these house it would equate to about 2500 - 3000 in my pocket. The T/B would be placing 4700 or 5200 down total, does this sound right to everyone. By the way for some reason it has become so much easier to make cold calls, I guess my confidence is rising. Now if I can only collect a paycheck

Adam, MC Thank you both for the advice, I'll tell him today that I will be passing on this one. I have to say that it is really comforting to know that I have a support forum to call upon for help when needed. You guys are awesome!!! Eugene

Happy New Year Everyone!!! Last night after the big apple fell while most people were probably partying, I on the other hand gave my wife a kiss and sat down for some craigslist marketing. I emailed about 10 people in the for rent area and I received 4 responses. I called one of them back today because he seemed really motivated, (and I quote "Please call me!!!"). Well after speaking to him this is what I was able to uncover. He has owned the house for 1 year, and is now renting the home because he couldn't sell it. (priced it two high for the market) Full value is around 186,000 which is what he was asking and now he is asking 174900. he wants 1050/mo for rent 1st and last up front. Because I'm still a newbie and have not completed my first deal I want to approach this as a CA. I told him that I needed to make sure that his house qualified for our program before we met and signed anything. Verbally we agreed to the terms below. $174900 (a good reasonable price) rent 1050 (average) 60-90 days to find tenant/buyer nothing out my pocket to secure the property. There is also one problem, he has a tenant who has been occupying the house for about 1 month and he wants them gone. Reason for eviction is the deposit check bounced and she screaming harassment at him for trying to collect. Does anyone know of any legalities for evicting so early and what is the easiest way to get them out of the house. Any and all suggestions are welcome. Eugene

I like the Vikings, and now that they are knocked out of the playoffs its time to go back into hiding

It looks like his birthday wish came true, Cowboys 6 Redskins 27 I personally don't like either one of them. Though my team lost again Happy belated b-day the 28th was also my mothers.

I met with the couple on Sunday, they have a nice house and its priced just right. They are willing to work with me but want to keep the option to sell the house themselve. I didn't see a problem with that so I agreed, I know that I can do a much better job at marketing the house. They asked one good questions though, they asked what makes these contracts legal. Does anyone have an answer that doesn't sound like you're beating around the bush?

Ok I got an email from a contractor today from one of the ads I ran on Craigslist ("Can't sell your house?" sounds familiar huh ) and this is what it reads. Any suggestions on how I should approach this one. I remember BEV used to deal with houses of this price. I know I don't have any risk but the numbers are a little intimidating. Now I know I have to find out exactly what rent rates are for that area and even if the house is in fair market range but I'm curious to know if some of you would even touch this one and the approach you would take if you did.

Got it, wont let it happen again. They should be happy that I can get them thier full asking price without all of the fees. I meet with her and the husband on Sunday, I didn't want to work on Sundays but they are military as well and its the only day that everyone is free. To make sure that I am taking all of the proper paper work is there anything else that I need to take with me other than the CA lease agreement and CA option agreement?

Ok, I need some quick help, I just got of off the phone with her and she kept on saying that this sounds to good to be true. Her Realtor said he would release her and as you suggested MC I told her to get it in writing. She did ask one question though, if she was to lease it out for one year could she harvest the equity that would have built up in appreciation. Trying to remember past post from here, I told her yes but it would have to be calculated and placed in the contract as the purchase price, and that would be determined by the average rate of appreciation. Did I goof here or is this true? The Realtor priced it at $214000, (I KNOW GET MY OWN COMPS) last year the rate was 10% so could I just add in 10% or what should I do? I need some help guys. Eugene

Its not uncommon to see bandit signs all over the place in VA-beach, I've been keeping an eye on a couple of them just to see how long they last. Thanks for the advice MC, I'll definatly do that. She emailed me again today stating that my offer looked good and now she is wanting more information on how my services work. I'll call her this afternoon when I get off of work.

Thanks Doug I'll check it out, and thank you too MC for the forms. I got a response today from one of the FSBO's I e-mailed, she is willing to do a Lease option but she also just obtained a realtor and he marked up the price to top market value. This may be a rookie mistake but I went ahead and pitched a CA to her stating that I am not a realtor and she would not pay any closing cost or realtor fees. The question I have now is this, does she have an obligation to work with the realtor now or can she still use my services?

Hey everyone, It’s been a while since I've posted anything here, but I just returned home from a 6 month deployment at sea . It was cool and everything seeing the different countries but nothing beats being back home. Anyway, I'm on the hunt again for my first piece of property, so far I've E-mailed every prospect in the FSBO/FRBO sections for my area, and as for tomorrow night let the phone calls begin. . I posted here so I can kind of keep my accountable, being that I'm focusing on CAs, and LOs so if MC doesn't mind I'll keep updating this one as I go. I have two questions and the first is for Tony. 1. Do you know if it is legal to place bandit signs in our area, (Virginia beach, Newport News area) or is it a catch me if you can policy? 2. MC can you send me another copy of the contracts and forms, I had them saved on my computer at home and it crashed while I was away. I have a copy of my original receipt if you need it. If you can please send them to fryee@lha4.navy.mil.

What do you do that has you awake in the middle of an ocean at 0430? Just curious, sounds peaceful , can I come along? <{POST_SNAPBACK}> I'm a network administrator in the Navy(IT2), that particular morning I was on watch making sure that all of my backups were complete and servers got rebooted properly. Its a rather boring job I must say, but you asked could you come along heck you can take my spot ......................No serious want to trade?

Lydia, I'm new and still learning but I'm out at sea right now, on watch at 0430 in AM and theres nothing else to do so here are my thoughts. My first question, what's the rate of appreciation for the area? If its high then there is still money to be made here. If thats the case then give up some money on the front end (paid by T/B of course) but negotiate the price on the back end, My guess if they are behind on payments then they should be very motivated and open to any suggestion, correction Solution , you give them. Get it under contract, then market like crazy for your T/B. Depending on what rent rates are for that area you could end up making a couple hundred of positive flow above what their mortgage payments are but then again they just refinanced but you might still make a little. A small sacrifice to get to the pot of gold at the end of the rainbow. Like I said I'm new and trying to think creatively, so lets see what everyone else thinks? Guys

Joseph44, I've noticed the same thing, however I've only recently been more aggressive with the listings. I have better luck using local FSBO websites and online newspapers by going to their real estates sections, I also use craigslist for the Norfolk area. Since monday I have had 3 strong leads from using the locals services rather than the national ones. Try running a search online for the name of your city + "FSBO" and see what you get. I hope this helps