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Question:
What do you say to mortgage companies like Auquin when you know what the BPO came in at, and the mortgage tells you a different amount. On a deal I was doing with Auquin I knew for a fact that the BPO came in at $49,900, right where I wanted it to, and Aquin it came in at $81,000.
Question:
Let’s start off with a management question this time and we hear from John Meddle, and John says: How is a promissory note for a lease option structured? For example, a $2000 note at 15% interest:
A: Would it be all due as a sum at the end of the length of the note, or would monthly payments be made?
B: Is it amortized?
Or,
C: How about a larger promissory note?
Answer:
DQuestion:
There is an empty house in my neighborhood. The tenant who had a life lease died recently. This home would make a great investment property, perhaps a sandwich lease option…maybe even owner financing deal. I would like to contact the owner to discuss various opportunities. In your opinion, is it best to approach the owners as an investor or as an individual who is interested in purchasing lease optioning the home?
Question:
I have purchased your study material and it is packed with great information. As you know, it is a lot of information, and I am just getting started. When you talk about real estate, people always say, run the numbers to see if it works for you. What I need is a formula so I can run the numbers. If there is a spreadsheet that walks you through it in your study material, please tell me where to find it. If not, would you please send me one along with instructions on how to make a good decision once you run the numbers?
Answer:
We have got exactly what you need. In your Buying System, there is a form; it is called Property Acquisition Worksheet. Now, that Property Acquisition Worksheet helps you to find exactly what you need. It guides you through all the questions you need to be asking, and all the details that you need to put together in order to determine what is the best deal, and what’s the best structure.
Question:
Bernardo who says he has a short sale question, how to get the lender short sale approval in a down market when the BPO is higher. Now for those of you on the call who don’t know what a BPO is, that’s a broker price opinion. That’s what the lender has ordered from a agent or realtor to go ahead and tell what the value of the property is and what Barnardo is asking is when they those “experts” in the industry have told the lender what the property is worth and suddenly you come in at a greatly reduced price, what do you do about that. He says, “I sent the short sale package. I negotiated with a lender and the BPO is higher based on the old market at higher prices.
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?
Group Q & A
Promo Announcement – Male Speaker:
It is time to get smart Atlanta, Street Smart that is. Street Smart with Lou Brown. The show where you do not just learn to save the real estates you own, you learn how to prosper for pennies, beat the declining real estate market and make it your own. Turn a troubled economy into a prosperous present for those you love. Make your days worth living by investing for less in only the best, land. The one thing God only made so much of. So, tune in now for the only show where you can get the whole enchilada in real estate insight, Street Smart with Lou Brown. There is no other show on TV or radio where you can invest your time and come from behind. So, tune in Atlanta for the whole enchilada of real estate insight every Monday through Friday, from 12:15 to 12:30 and get this, next, sit down with a pen and pad for your call in session on Saturdays at 2:30 p.m. when the Master himself is in, Lou Brown. That is Monday through Friday from 12:15 to 12:30 p.m. and again on Saturdays from 2:30 to 3:30 p.m. Come on Atlanta, get Street Smart, only from the big gun, WGUN
Group Q & A
Lou Brown:
Good day everyone and welcome back to another Street Smart Q and A where you’ve asked a lot of very intelligent questions over the last couple of weeks, and I’m excited to answer these for you. As we get started, I wanted to give you an overview of where I see the economy over the last couple of weeks and over the next couple of weeks. A few things have come out since the last time we spoke, which is very interesting.
Group Q & A
Lou Brown:
Good day, everybody. Welcome back to another Street Smart Q & A. I’ve had an interesting couple of weeks. I hope you have too, and I hope your business is growing, expanding, and that there’s lots of things that are happening for you. I want to relate to you, of course, during and in between these calls. I also have my individual coaching calls with many of you, and I’m hearing some things that I want to make sure everyone is on the same page about.
Group Q & A
Lou Brown:
Hello everyone, welcome back to another Street Smart Q&A, I have a lot to report on this session and I hope you’re paying attention to this great market that we’re in. You know, it’s amazing to watch how many people are saying how horrible and terrible and bad things are and we are just inundated with opportunity. I hope you’re looking at this from the right way and not living in fear because this really can be a time that really “try men souls” as they say but the opportunities out there are just amazing.
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