smitchell210
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0 NeutralAbout smitchell210
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Rank
Newbie
- Birthday 02/10/1974
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Gender
Male
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Location
Winston-Salem, NC
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Interests
Cooking, Gardneing, Traveling
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Steve, Everything you are reading about USDA financing is true. We just got one of these loans here in Pfafftown. Pfafftown is anything but rural right now. But was very rural at one time. Our payment is going to be cheaper with this USDA financing than with FHA & 3.5 % down because USDA has no PMI. You can contact Bill Reynolds at Fairway Mortgage in Winston Salem. He is very familiar with this product. His phone # is 336-14-1556 x 1. Tell him Mike Mitchell sent you. Thanks.
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Had this response to my email today: Scott- After consulting my attorney, I would only be willing to enter a lease/purchase arrangement by contracting to lease my house and then orally agreeing to sell it at a later date. In that case, if I could see a copy of the agreement that would be great. Thank you for your help. Sounds like a disaster waiting to happen. Next.
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http://www.naked-investor.com/the_manual.html
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I think I was under estimating the numbers you have go through starting out to get a deal. I feel something will happen soon. Thanks for the encouragement! Scott
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Still looking to do my deal. I have to admit I fell of the horse but have gotten back up and have started contacting homeowners again. Anyone else doing any deals or looking to do first deal?? Thanks. Scott
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You never want to send a potential seller any blank paperwork. Most of the time once they have the paperwork they think they can do the deal themselves.
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Hi Steve, I think you missed a few zero's. It's $700 Billion. Almost makes $7 billion sound good.
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Emailed first short offer letter today!
smitchell210 replied to smitchell210's topic in Lease Purchasing
I hope it pays off in in the bank account! If not we will keep pressing forward. -
I emailed my first short offer letter for a possible CA today. Gentleman fixed up house and probably put to much work into it. Had house listed with a couple of showings but no offers. He is wanting to stop the bleeding @ $700 a month. Told him what we could do and he is very interested. So we will see if he likes the numbers and go from there. This came from Craigslist and after serveral hundred emails. And a few sellers giving me the third degree about what I do and how long and so on. So if you are new like me just keep plugging away. Your next email may just be your first deal! Thanks. Scott
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Got this question back from a homeowner today: My main concern about this is if you get the down payment-what is my security if they back out or if there is damage to the property? How do you all answer this? Thanks. Scott
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Hello everyone, I thought I would toss this out there. Sometimes on Craigslist or other FSBO sites you will come across a house with no pictures listed. Well one thing I have found you can do is go to http://maps.live.com and type in your address and once it comes up you can click on bird's eye view and most of the time get a pretty good view of the property. Atleast good enough to see what kind of neighborhood and property you are dealing with. Maybe it could come in handy for others on here. Thanks. Scott
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Anyone have any deals in the works? I'm still out there looking for my first. I know it's just right around the corner!
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What was your previous profession?
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Well I have my first deal in the works! A local investor has a house he has rehabbed and it's been on the market since October. Contacted him using Michael's email and just got off the phone with him. We are meeting this weekend to sign up a CA. Wish me luck!
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I have been using the 1 - 2 punch. The generic first email with a 2nd email explaining more what I do. Haven't changed a thing except the company name. One seller is willing to let his house go for the balance and maybe pay some closing cost on top of that. May try to get a pure option on it and market it like crazy. Can't wait to see where this leads to!