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About dee

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  • Birthday 11/23/1960

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  • Location
    Daytona Beach area
  • Interests
    Learning the Real Estate Investment Business!!<br /><br />
  1. Is the only way you can join is if you have a yahoo e-mail. Sorry I must have read something wrong?
  2. Thanks again, it is very comforting to have a place like this to come to for help. I think I will change my ad a little for low down and work on more sellers. My question about the guy that has it listed. Do you think I can advertise that address as a LO, while the realtor still has a sign up???? If the people do not have the full amount to put down but can pay it out over lets say, 3mo. is that something you would do?? This guy also has 2 other properties that is still under construction and has a 5 yr arm on making payments. All that needs to be finished is the dirt work and landscaping, the contractor still has 4 mo to finish the job, and it looks like he is not in a hurry. Could I still go ahead with a Pure Option or LO and get a option consideration from a TB, with either making payments or partial payments, that can go toward purchase price or with them not making any payments on the property until it is ready to be occupied. I think that would work What do you think?????
  3. Gerald NC, thank you for your quick response. I do not have Michaels, forms, what are you using to get control of the property with out making payments for let say 60 days? Do they still have the right to try to sell the property themselves? This one deal I have, he has it listed, and said he could sell it himself and there would be no problem, now Can I still advertise this property?? Is that going to be a conflict with the realtor???? With this one guy, I use a pure Option form, and wrote in that I had 60 days exerise my LO or to back out and no payments required until then, I kind of winged it. We signed and I gave him a dollar. I understand what you are saying about putting an amount in the ad. I did the Rent to Own, Have a Job? No Bank Qualifying. About the rehab, my neighbor is a man of many trades, he does beautifu work, and can repair and fix anything, I thought about bring him in as a partner 100% financing, I do the repairs, he has already pulled the permits. I am not really afraid of bad areas nor afraid of people in bad areas, I never met a stranger, but of course, I keep my whits about me. Thanks, I am determined to make a deal happen.
  4. Hello all, I have been out working on being proactive. Took Flyers that I made, Rent to own program or up to 100% financing(Bank Qualified). Started in this Apt Complex, where I was able to speak with a lady there, and found out that she only pays $750. a mo. Immediately new I was in the wrong complex. Went home looked up Apt. Comp. that rent from $1000 to $1500. My ad is getting me calls, but so far people do not have Option Money . But, after visiting with them about their situation, I want to look at their credit and i ncome, to see where they are now and what they need to do to get financing or for future L/O. But this is not helping me now. Can you get to detailed in explaining the L/O program Maybe I need to be more specific with my ad, other peoples ad says things like Lease Option- $3500 down, and $1100 mo. There are a lot of ads for L/O's. I did come a cross a deal that I am considering, 100% Owner Financing, duplex for 75K, that will need about 10K in repairs, to bring up to code. The units will rent for $650. mo. ea. They will qualify as a section 8. My payments to him would be about $700.00. I know it is in a not so desirable area. I am going to drive by there today. ARV of the property he said would be about $120K. This does not sound to risky does it???? He says he has lots of properties, and he does not have a problem doing sandwich L/O with me. I need TB's , with option money
  5. This was going to be a sandwich LO Well, I guess its best to pass this one on, ..... the risk is to much. Thank you all for your advice.
  6. I interviewed my first TB yesterday, they have 6K for the option, says they have no problem with the monthly. Here is my concern, I did a little background check on them. His credit has a 12K insurance judgement, and he has around 15K in mostly medical collections. He says he brings in 2 to 4K a week I should have asked for proof. Called his last landlord, who I have visited with before in regards to her doublewide with land she was selling, and she had complained about her tenants, they junked up the place and were very dirty people, the carpert was so dirty, she did not know if she could get them clean. She had them evicted. The tenants are the ones I am interviewing. They themselves told me they had been evicted, but of course a little different story. This makes me nervious, believe me the money would come in handy right now. But I do not want this nice little place destroyed, and it go down in value or if I have to evict them, what kind of expense will I have in repair and clean up. This couple needs to move into something Now. There last landlady said they called her desperate needing a place to stay and they have a little girl. If I did lease to them, I think I want $8K option, 12 mo lease, $1000 refundable if they leave the place in top condition. If they do not pay or start destorying the place how hard is it to get them out? Can I have a say about how much stuff they have on the property and the care of the property?? I will take pictures of the place before they move in if I do this. I am a very compassionate person, and believe in helping people, believe in second chances, sometimes a little nigheve, but if I have to I can be a hard ass Remember I am a mother of four!! haha Please advise I hope to hear from someone today, I need to get back to this couple soon.. Well, guess I better start making those home made chocolate and buttermilk pies Hope everyone has a Blessed day with your families, we all have a lot to be Thankfull for God Bless
  7. Never mind on the Creative deal. I was able to convience her to just get a 5 yr IO Arm at 6.375%. She went to some seminar that was teaching that if you bought a home or should I say the Beneficiary rights of a home in a Trust, then the property appraisier is not aware of the sale and your property taxes are not reassesed on the new Sales Price of the home, because you are buying the beneficiary rights. If anyone has every heard of any such thing I would like to hear about it. Michael I really like the Thanksgiving background. Happy Thanksgiving everyone
  8. I have a friend/client. Her and her financee is buying a $550K home on the Intercoastal River in Edgewater. Million dollar homes over there. They have one house that will be closing Dec 2, that will give them $385K to work with. She has a 2007 doublewide mobile home on land, appraise for $150K, willing to sell for $135K She has another home with about 20% equity in it. She needs $165K cash to get into this home.(there would be no mortgage) Now mind you they both have high scores she is in the 700's and he is 800. They want to buy this property with cash through a trust, (beneficary rights)thinking somehow this will keep there property taxes from going up. I could very easly get them a Mortgage, but they want to do this as a cash purchase. She would like to get $135K and use the mobile home and land for colleratal, 24 mo. balloon, interest only, 12% no PrePayment Penalty. The Mobile home is Listed on the MLS. The other 30K she will use the New Purchase as Collateral with in the Trust. Again interest only and can be a 24 mo balloon. Now I have someone that would do the 30K, he just does not have $160K on hand. I think she would do the whole $165K and use the New Purchase as Colleratal. Is there anyone out there that has any ideas or do you know a private investor that would be interested in this. Thank you
  9. So... how do I get my money and walk way from the deal, and let the transaction of purchase be between the ower/seller and the TB. I thought I would have to sign something to release me from the contract I have with the Seller, & release the memorandum or some other release form?? I need to go back and read some of the other threads.... I have missed something... Thank You
  10. I hope that I did not make this confussing to everyone. I have a mission! I need and will make this business work. Just need a little reasurance that I am on the right track. Putting the numbers together and all. Please, I need advise, good bad or ugly . Thank you all
  11. dee


    Thanks. I went out to different corner stores, laundry mats, Wal Mart, and I put up a bright yellow flyer. Went to one apartment complex and it had a No Solication sign, so I respected that. It was late so I did not try any more. Since I am a mortgage Broker as well, I'm looking to put together a 3 in one flyer. (need to look into the compliance end of that when it comes to the Financing end of it). I certainly do not want to lose my License. 1. I Buy Houses cash or terms. 2. Rent to Own Program 3. Mortgage Financing, Purchase up to 100% or Refinance, competitive rates. Call today....... I had this idea today to go to some of the Pizza Places that are owned by local people and get them to take one flyer out with every delivery. With every deal done, give a birddog fee.. Have to be careful with that when it comes to doing Mortgage Financing, of course. Just a thought? I am in the Daytona Beach area. Where are you from???
  12. dee


    Does anyone know if in the State of Florida, is it legal to tape a flyer on to an apartment door? I am trying to attract TB's. Thank you, EastCoastGirl
  13. I need to go through the contracts I have more carefully. I think the one I have between me and the TB, does protect me against them not recieving there option money back. It is based on them getting financing. Thank you all for taking the time to share your knowledge. I am just read to do it! EastCoastGirl
  14. I am trying to remember to start a new thread, with my new questions. FSBO - asking $140,000 (owes- $101,000, 6.7% adjustable rate, adjusting in 9/07)has PP(she did not realise that. zwillow.com sas the house estamites around $133,000. Profit sellsP--- $130,000 Tb PP $143,000 12mo. lo $13,000 Sellers PITI $800.00 TB - $1200.00 $4800 ann. Crediting back Option Fee $4300.00 Total $22,100 useable money through out the yr. Credit back $ 4300 Option money $200 of mo. rent $2400 Rent Credit Total credit towards purchase is $ 6700.00 Time to exercise Option tb close $143,000 less credit - 6700 Off SP or towards CCost Fin 136,300 I need to do a Release of the Option for a fee Tb closing 136,300 Close with Sellers $130,000 My fee to release Option? $6,300 For the most part have I figured this right??? By the way the sellers want to buy a new home. So.... I found a guy that 2 brand new homes that he needs to move. It still needs dirt work to be leveled out the mound of dirt their, sod and landscaping. He is asking $193K, he purchased it for $179K financed $161K @ 6.875 5 yr arm. There is a new house across the street nicer looking and landscaped for $210K I know he needs out from under the payments, I was thinking along the lines of offering a LO for $185K, for up to 3 yrs. Relieve him of that monthly debt, put a TB in there for a 12 or 24 mo LO for $210K. But I really do not want to be out any money from my pocket for the dirt work and landscaping. What do you think??
  15. Just like a Woman, sometimes we have to just talk it through! Thank you all for your patience
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