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About timmym22

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    Making Calls
  1. A relative of mine has 50k cash in the bank. He is very skeptical of real estate because he doesnt want to tie up his money. Where would be a good place to put the money that will allow to be pretty liquid yet get him a better return than 1% from his bank. thanks for the help
  2. I just bought a primary residence with cash. I am now pulling out a HELOC against the property. I will have about 80k to work with. I am trying to decide how to use this line of credit. Here are my ideas: 1. Buy 3 Land/home deals at 25k each and rent them 2. Buy one REO and flip it, (Yes people are still flipping in this market, I see it all the time on th MLS) 3. Buy two stick built homes and either owner finance them or rent them If i buy the l/h deals i will have better cash flow, but not much of a chance to sell them in the near future for a profit. If i buy the stick built homes i have a better chance of getting cashed out in the near future share your ideas on what you would do
  3. Hey everyone, Just thinking out loud right now......80% of all transactions go through the mls. Most homeowners when they want to sell go to a realtor. Most homeowners want the most marketing exposure they can possibly get. I have put out bandit signs, sent emails on craigslist, every marketing piece you can think of. When you avoid the mls you are going after 20% of the deals that are out there. Would it not make more sense to go where the low hanging fruit is? I have access to the mls and can run keyword searches on active listings. Should i send direct mail to these listings that have homes that are vacant? Also, send letters to expired listings? Craigslist mostly has investors advertising and savvy homeowners from my experience. Pilot do you still just send direct mail to active listings? What do you guys think?
  4. Hey everyone, I lease optioned my former personal residence a year ago. I gave the tenant buyers a $250 rent credit per month on a $1000 month rent payment. They have paid on time on the 1st 11 of the 12 months. One time they missed they paid 2 days later. We had a one year agreement. I told them i would work with them on the time frame if they paid on time. They put 5k down upfront. Now are contract is expiring and they want to renew. I told them i could not give anymore rent credits after year one. 1.How do i give them an incentive to pay on time for the next year even though i am not giving a rent credit? 2. If they pay after the 1st from here on out, could i penalize them and take away some of the rent credits they have built up to give them an incentive to pay on time? 3. Would it be out of the question to charge them another 1k to "keep their option" for the next year again even after they put 5k down originally?
  5. Hey everyone, I know during the last decade during the boom many people would buy a foreclosure, fix it up, then sell after living in it for 2 years. All the gains up to 500k filing jointly would be tax free. I understand this worked beautifully during the inflationary time. But what about today, in a falling or non appreciating market? Is it still feasible to buy an REO, fix it up, then sell it 2 years later to make about 50k-100k tax free? To me thats a pretty good plan. That equals out to about 2-4k tax free money every month. I understand there is some downfalls to this, such as moving your junk every 2 years, but if that is all you did it wouldn't be a bad gig. I know a lot of builders used to do this. But in today's market is this doable? what are your thoughts and ideas?
  6. timmym22

    Here's An Idea

    If your address needs to be near the center of town and you work out of your home, what should you do? Also, is it free to set this up? How many leads are you getting a day zanders?
  7. timmym22

    Here's An Idea

    hey zanders, that is a great idea. how much does it cost? how hard is it to get on the top 10 listing? do you recommend any website to help someone who is not experienced in online marketing. thanks tim
  8. I talked to Joe on the phone after he went to see you, Pilot. At the end of the call, he told me that I should get a mentor. He told me about you, MC, todd toback and then he said............." I also mentor as well, and feel that I am the best in the business". I then said thanks and hung up. MC, thanks for watching out for us.
  9. I like the information on your postcard. What is the most efficient way to obtain addresses for listed properties and for sale by owners so you can send direct mail to them?
  10. Hey all, Did some investigating about needing a license in order to CA's, Leasing and sub leasing, getting an option then selling with owner financing, in the state of north carolina. I understand that you become a principal when you get a contract on a home and then you sell your rights to the contract. Here is something interesting I found while searching google about this subject. North Carolina is pretty strict. John "cash" locke does sub-2 deals, he actually contacted the North Carolina Real Estate Commission about this subject, here is how they responded: B. M. Brogden, Jr. Chief Deputy Legal Counsel NC Real Estate Commission" I emailed Mr. Brogden and requested his phone number so that we could discuss Subject To investing in North Carolina. He graciously responded with his phone number. I called Mr. Brogden in the afternoon of August 24, 2004. Here is a synopsis of our conversation and was reviewed by Mr. Brogden: North Carolina has no problem with Subject To investing as long as the following guidelines are adhered to: The problem with the use of a "Land Trust" as a means of concealing a violation of the "due-on-sale" (DOS) clause is that even where the designated trustee is a real person or entity, the identity of the actual beneficiary is concealed or obscured. This can constitute a deceptive, misleading or unfair trade practice in violation of Chapter 75, N.C.G.S, and, in the opinion of the Commission legal staff, is a circumstance tending to show the person actually controlling the trust is attempting to act as a real estate broker without a license. Much the same is true for agreements, such as installment land sale contracts or lease/option or lease/purchase arrangements that are not properly recorded in a timely manner in the chain of title. No reasonable person or prudent investor would fail to immediately and properly record a document transferring an interest in title due to the risk of loss associated with the failure to timely and properly record. A person or firm truly dealing on their own account would typically obtain a deed, option or contract, properly notarized and recorded, in order to protect their investment. Failure to do so is very convincing evidence that there is no real investment and that such person or firm is no more than an agent without a license. This is a little disturbing after I read this. So basically, if i don't record these documents at the public records it would appear that I am just trying to act like broker without a license? what do you guys think? Would it jsut be easier to get a license that way there is no question? From what I understand, if I did get a license I would have to team up with a broker or start my own brokerage. Would a broker be willing to assign my license to his brokerage if I am not going to be listing homes but just basically doing my own thing. He would be responsible for all of my activity with no financial incentive for him at all. Thanks for the help guys.
  11. If you go the lock box route, what can you do to protect yourself? Is there anything? Do you get a copy of their drivers license before you give them the code? Have them sign in when they get there?
  12. Hey everyone, I live about 45 mins outside the main city where I do business. I have several properties going at one time. It is very difficult to show the properties and continue to do business at home getting new properties, etc. What are some ways to show the properties without wasting time? All of my homes are vacant. Here are my ideas; please share yours: 1. hire someone to show properties for me (difficult to find trustworthy and dependable person) 2. lock box (how do you avoid problems with people having access to your home) I know screening the tenant buyer is very important. However, by the time I drive to one property, then drive to another the same day, most of my day is gone, which takes away time from me calling sellers about their homes. Thanks for your input.
  13. Hey everyone, I know banks are changing their policies all the time right now. If you setup a one year term lease option with a tenant buyer, if they buy at the end of the term is it considered a refinance or a new purchase? So if the purchase price after the down payment and rent credits is $100,000, will the bank just treat it like a refinance and give them a mortage for $100,000? Or will you have to show the bank the option money put down as part of the down payment so they can qualify?
  14. I have done some non exclusive deals here lately. I have been burnt from "investors" on the last 3 homes. If I am dealing with your average joe the homeowner it is no problem. But when I sign deals with investors, I think there just using me to see if I could possibly get a lease purchase for them, meanwhile they found a renter before I found someone to do a lease purchase. So that stinks, but its the nature of the business. You win some and lose some. If I hear this from the seller" Yea, I have several properties....." then typically I am not going to waste my time. Our focus should be on the typical seller. Thats my 2 cents.
  15. Need some help from all of the veterans out there. 1. I am getting flooded with calls about my homes that i am doing a CA on. How do i efficiently screen these tenant/buyers? i know i need systems in place I also need to qualify them over the phone. I only have 5 CA's going right now at one time, and I'm about ready to fall over because I am showing all of these homes to many different tenant buyers. How do you efficiently qualify them, show them the home, etc? Do you have someone else show the homes for you? I feel like I am showing all these homes and wasting the day, when i should be talking to sellers and getting more homes signed up. Maybe my thinking is wrong on that. 2. How do you obtain the credit reports of the tenant buyers? i know, they can pull it themselves, but most of the time they never get it done. 3. what systems do you have in place to keep the process smooth for screening and showing the homes? 4. BOTTOM LINE ------ HOW DO YOU RUN YOUR BUSINESS EFFICIENTLY SO YOUR NOT WASTING TIME WITH - tire kickers?
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