THE BLOG

Group Q & A 329080

Lou:

Hi everyone.  Welcome back to another installment of our group Q and A.  Where you have the questions and I’ve got the answers.  We’re going to have a great time today.  We’ve got a lot of great questions.  I want to start with _____.14.  He’s got a question that I was going to cover in preview and I’m going to go ahead and read his question and give you the answers based on current market conditions.  We got a lot of questions.  This particular time about market conditions, so let’s do spend some time on this.

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March 31, 2009, By Jeff Carroll
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Group Q & A 521180

Lou Brown:

Hello everyone and welcome back to another Street Smart Investor Training.  This is our Group Q and A that we do twice per month and I welcome you to take a look at what’s happening in the marketplace this time.  Isn’t it amazing when you just look at the craziness of the stock market and you look at the craziness of the things that they’re doing to investors?  We just smile and wave when we know that our Street Smart System works beautifully in this market.  In fact, it works better in this market than it does in a buyer’s market.  We’re just so excited buying properties.  We have several Subject To’s that we’re closing this week.  We have several that are owner financing and probably by a week from now we’ll have five under contract.

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March 31, 2009, By Jeff Carroll
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Group Q & A 909080

Lou Brown:

Good day everyone and welcome back to another installment of our Street Smart Group Q and A where you have the questions and hopefully I have the answers. With 30 years experience I can guarantee you I have a good shot at it. To update you on the current market as I usually do on these Group Q and A calls let me just say hooray, hooray, the government has taken over fanny may and Freddy Mack. These were already ___(27) governmental agencies and over the years the government who had originated these corporations passed them on to private enterprise and remained in some limited amount of control over those two institutions. The government created these two institutions in order to have a free flow of money from the financial markets to back up people giving mortgages. So, it was the thing that created a tremendous housing boon in this country where it was difficult to get mortgages but when they created a back up buying unit to take those mortgages off the originators hands it created a tremendous growth in housing in this country. Now the government has taken them back and the government says wait a minute these private enterprise folks did the wrong thing. Which we all know they did. They bought mortgages they should not have bought. They allowed lenders to do all kinds of strange and exotic lending that they should not have done.

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March 31, 2009, By Jeff Carroll
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Group Q & A 8201802

Lou Brown:

Hello everyone, and welcome back to another installment of our Street Smart Q and A.  Where you have sent me a ton of questions.  I’m excited to answer all of them for you.  Before we get started, let me just recap what’s happened over the last couple of weeks in our economy.  Tell you that, I think that, a lot of things are on hold right now waiting for the elections.  I don’t think it’s really going to make a difference who gets elected in terms of things turning around.  I just think that a lot of things are on hold.

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March 31, 2009, By Jeff Carroll
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Group Q & A 427070

Question:

My partner and I acquired a house under subject to the mortgage.  We were going to fix it up and sell it before it went to the courthouse steps.  It was taking of the records for a while for whatever reason.

I guess you mean taking a while to record the deed, maybe.

I was checking periodically to make sure it did not go to sale before we could refinance the home.  I checked at the end of June and there were no court dates set for auction.  I checked again last week and it had been sold back to the bank without us being notified.  Is there anything I can do to get this back so we don’t lose the money we have put into this home.

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March 31, 2009, By Jeff Carroll
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Group Q & A 017070

Question:

From Mike Oliver, he asks, “Hi Lou, I picked up my first Subject To Deal and as I was going through the Due-on-Sale checklist in the Trust Course, I got a bit confused.  Am I contracting with the seller and assigning it to a trust in which I have a beneficial interest or am I having the seller deed the property into trust in which a friend or an entity is trustee and having the sellers assign their beneficial interest to me at closing?  Would you please clarify this for me?

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March 31, 2009, By Jeff Carroll
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Group Q & A 626070

Question:

Lou, I am a new investor.  I want to wholesale properties to begin to generate a little cash flow.

Answer:

Which is exactly the way a lot of us start out.  We have to do that cash flow situation so that we have enough to eat on, and live on while we build our portfolio of holding properties.  One of the best ways to do that is to find properties for other people and flip it to them.

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March 31, 2009, By Jeff Carroll
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Group Q & A 320170

Question:

Joe was asking a question; I’ve looked through everything I have but I didn’t notice the answer if it was there.  What percent of the monthly rent and option fee go toward the payoff of the house?  I’m working on a lease-option deal now for one of our houses.  The house is worth $250,000.  He’s willing to pay a 5% option fee, but wants to know what percent goes toward the purchase price.  Thanks.

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March 31, 2009, By Jeff Carroll
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Group Q & A 424070

Question:

The first question is from Jean and Bob Clark they sent…they asked about louisbrown.com.  We are just getting started how do we get into the member part of the web site.

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March 31, 2009, By Jeff Carroll
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Group Q & A 014070

Question:

Let’s jump on in with Carol and Joan Bowser who have a question:  Dear Lou, we are so excited about the real estate business.  We wanted to learn all we can to help others.  Our questions are:  How important are short sales in negotiating with the seller?  It seems like a lot of additional paperwork and new negotiating skills with bankers.

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March 31, 2009, By Jeff Carroll
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