TroyRoss

I see you STILL make a MEAN Lasagne! Awesome! Thanks Michael! I think the CA is the way I want to go for a couple of reasons - 1) I want HALF of the OC$ and 2) I want to protect my interests. The consultation gig might work but a) he won't pay anything upfront (I am sure of this now) and b ) I'd rather make some sweet lemonade out of the lemons and get more. I have him hooked on the idea of making something out of the nothing that he already had so he is on board now. I will PM you my address. Thanks again! Hey are you still doing speaking/training engagements?

This of course could be addressed by anyone else (and I welcome that). I've been talking/working with a seller now for several weeks. I tried (unsuccessfully) to wholesale one house he owns and has since sold to a family member, but he has returned to me with two additional homes he wants/needs to unload. Looking at it from a wholesaling point of view, he owes what the houses are worth. And I tried to look at it from a sub2 perspective but that won't work either because these two houses were financed by a private individual and not a bank AND he know they will call the loans due if deed leaves his hands. So before we got off the phone, I explained that I simply could not figure out a solution for him. He then said he would just rent them out and thanked me for my time. About an hour after the call, I was walking down our street to meet my 6 year old at the bus stop after school and it hit me - he plans to rent out each house - why not show him a lease purchase transaction and tempt him with the OC money up front? I called him back and he loved the idea. Now, in all honesty, it's been many years since I have done a lease purchase transaction. When MC came to Richmond and did a class for my group at Richmond REIA in 2003, I got the course and forms. I still have the course but those forms are 3 or 4 hard drives ago and I no longer have them. I am SURE they are more updated today and I am concerned how to do this deal and SECURE my position. Is the consultant method gone now and I have to be a principle in the deal (sandwich lease) or how is it constructed? Plus, which forms do I need to use in order to make it safe for me. The trust factor is not 100% here with the seller. Much appreciation to anyone that responds!

Michael, Hey! It's been a long time... Way too long! I just wanted to tell you that I am sending you a personal letter via snail mail. You should receive it soon. Please take a look. I think you will be very interested. I do hope everything is going well for you and your family. Take care my friend!

I have been waiting for this as well here in Central VA. We enjoyed an average of 22% appreciation up until last year. This year, the buzz is all about the fact that it won't be but 6%. One word to describe the Central Virginia housing market this year is 'balance'. There is going to be a modest slowdown in home sales, also known as a cooling period. Which means the market is in the process of normalization. This will bring a balance between home buyers and sellers. And as a result, it will take longer to get a house sold - in the traditional manner. It is true that investors CAN make money in ANY market - be it a seller's market (which we felt thanks to Greenspan) or a buyer's market - which we WILL enjoy now. As a result, we are changing gears a bit with our company. We are targeting SLOs with the pretty houses and we are buying fixer-uppers for straight rentals. Everyone one worried about things calming down and thought we could not possibly make money - well now is the time to BUY!

Ain't nuttin wrong with that! But here's some words of encouragement anyways... GIT-R-DONE!!!! We hope your boy gets better!

TRUE... so true!

Michael, Have you heard - or know of any links - that describe any news laws in Virginia affecting Lease Purchasing? Also, I know I got your course a few years ago, has the form files changed any in rewording? I don't know if the CA changed or not. My partners and I decided to go with your papers for our LP deals here in Metro Richmond. PS - the 'Govt Sux' wording in the topic was actually on a license plate that DMV stamped here in VA a while back. DMV later caught it and MADE the vehicle owner give it back! He screamed - went to court - and LOST! Man, GOVT SUX! -- Troy Ross, Partner - NuVision Homes, LLC. President and Executive Director of Richmond REIA (http://www.rreia.org) NuVision Homes, LLC. ~ We can BUY your house in 14 days or LESS - ALL CA$H ~ ~ Call NuVision for Debt Relief and get a New Vision on Life! ~ 13618 Hull Street Road Suite 124, Midlothian, VA. 23112 (804) 601-2670 (office) sales@nuvisionhomes.net (email) http://www.nuvisionhomes.net (web)

draegarfrog, Allow me to "ride your shirt tails" here for a moment... since we are sharing "war stories" here... Sure it's very important to KNOW why the seller is selling, but another important thing I learned is that it is important to KNOW what situation is with the existing loan on the house. Alow me to explain... After much negotiating on one deal, I locked up an LP with an elderly owner. She had advised me she was behind only two payments on the house. Her financial situation would not allow her to keep the house and she needed to move into assisted living. I figured - no problem - the option fee could bring up the back payments at $950 each. I had buyer after buyer come see the house with option money. Then I found one tenant buyer with $4,000 option money. A week before we were to signup so they could move in, the elderly lady called me and said she got a notice that the bank was beginning a foreclosure process on her home! That was when I got an authorization form signed by her so I could talk with the bank. I learned she was not 2 months behind but 5! Unfortunately I had no extra cash at the time to make up the difference so I had to BACK OUT of it all. The tenant buyer was okay with it but the elderly lady lost the house. I learned that IF the seller says they owe back payments - YOU better hear how much FROM the bank, not the seller! That's my 2 cents...

Hi Michael! Yes it has been a while... Guess what? I left the police department! Yep I quit after 16 years of duty. My dad and brother-in-law and I put a company together to buy and resell houses. We lined up some HMLs for some deals and plan to use LOs to do others. The wife is nervous (as I) but she's still with the department for now. It will work out. I am learning fast that MARKETING is probably the most important thing right now.... LOL Anyways, hope all is well with your family! I hope to be on here more often now! _________________________________________________________ Troy Ross, Partner NuVision Homes, LLC. We can BUY your house in 14 days or LESS - ALL CA$H Call NuVision for Debt Relief and get a New Vision on Life! 13618 Hull Street Road Suite 124, Midlothian, VA. 23112 (804) 601-2670 (office) sales@nuvisionhomes.net (email) http://www.nuvisionhomes.net (web)

MC and the rest of the Crew on Board Here: I just learned about this company that allows you to report your tenant-buyer's payment history and, in turn, it is then reported to the three major credit agencies. I have no interest in this company at all and I am not being paid by them to post this here. A friend of mine told me about it, said he is using it to help his tenant buyer build credit to eventually buy his house down the line. I think it's a great idea and from what I've seen thus far on their website - it's free for investors to use. Anyway, take a look at it. We plan to utilize it ourselves. http://prbc.com/ Everyone take care! Talk with you soon! -- Troy Ross, Partner - NuVision Homes, LLC. President and Executive Director of Richmond REIA (http://www.rreia.org) NuVision Homes, LLC. ~ We can BUY your house in 14 days or LESS - ALL CA$H ~ ~ Call NuVision for Debt Relief and get a New Vision on Life! ~ 13618 Hull Street Road Suite 124, Midlothian, VA. 23112 (804) 601-2670 (office) sales@nuvisionhomes.net (email) http://www.nuvisionhomes.net (web)

I agree that it is business as usual... for now. I know that many businesses are regulated to protect individuals. It just baffles me as well that, for one, a party who takes a property sub2 is not the owner. I'd like to see creative investors take charge and lobby against such bills so they do not get as far as the governor's desk. That one in Maryland passed everything and is about to become law - the gov's sig is all that is needed now. I guess we will have to see how things look once the dust settles...

Michael, I'd like to start off saying, yes, it's been a while but I have returned to your fine forum and I am happy to return. The wife and I are doing great - we are almost done with our rehab (the house has turned out nicely) and we just had our first son together on April 8th! Now, it's time to start making money (again)! The purpose of this post is not only to greet everyone once more, it's more of a request from you, Michael, or anyone else on board that has some insight. First, I recently learned that the State of Maryland has a bill (number SB 761) that is about to come into law. It states that a homeowner cannot sell their home to anyone 20 days prior to a docketed or advertised foreclosure sale. The bill causes this problem because it classifies all investor buyers as "Foreclosure Consultants" if they purchase the property at any time within that window. Also, the bill states that a Foreclosure Consultant cannot acquire an interest in the property. This removes a homeowner's legal right as the legal owner of the property to sell that property to a willing buyer up until the date of ratification. As a result, the homeowner cannot avoid the foreclosure sale and subsequent ratification of that sale. The homeowner cannot sell the property in a manner that pays off the lender in full, and gives the homeowner the funds needed to start over. And, the homeowner cannot avoid having a deficiency judgment placed against him if the sale of the property does not cover the principal balance and costs due to the lender. Ultimately, this bill removes all remedies available to the homeowner and lender to avoid foreclosure during that 20 day period prior to the sale. Secondly, I learned that the State of North Carolina has a bill which is about to become law that causes even greater concern to investors who handle lease purchases. Bill number 725 states that investors, or Real Estate Dealers as they call us, can NOT obtain an option consideration fee from a tenant buyer because the investor does not OWN the house in a sub 2 or lease purchase arrangement. Additionally, the investor will now be required to obtain a $200,000 surety bond just to operate in the state. Lastly, when an investor deals with a seller or tenant buyer, they are required by law to present a disclosure notice that includes the investor's business track record (number of transactions within the last year, name, address, partner's names who are involved, etc). My question is, should such bills pass and become law, how can we as investors continue to operate? My investor's association is greatly concerned since these events are taking place just north and south of our state. More info on this bill can be viewed at: NC House Bill 725 - Real Estate Dealers - Troy Ross, Co-founder of RCIA Richmond Creative Investors Association http://www.rciaonline.com