THE BLOG

Group Q & A 529070

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.

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March 31, 2009, By Jeff Carroll
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Group Q & A 901070

Group Q & A January 9, 2007

Lou Brown:

Question:

J. R. says, “As you already know about the legislation relating to lease options in Texas, I was told there was a way to achieve the same results using land trusts.  Would you happen to know…how that would be possible?”

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March 31, 2009, By Jeff Carroll
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Group Q & A 723070

Question:

Let’s start with Feridune on a trust question.  He says hi Lou.  Hope you can answer these questions.  I have 15 four plexis in Nevada and have a few questions about them.  What software do you recommend for tracking the income expense of these 60 units?

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March 31, 2009, By Jeff Carroll
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Group Q & A 418070

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.

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March 31, 2009, By Jeff Carroll
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Group Q & A 828070

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.

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March 31, 2009, By Jeff Carroll
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Group Q & A 119070

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:

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March 31, 2009, By Jeff Carroll
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Group Q & A 900170

Question:

The reason for this note is to inquire how to handle this wonderful situation I have pending.  We have a $269,000.00 house currently in the owner financing rent to owner category.  We have an interested couple with $15,000.00 to put down and able to pay $1,500.00 per month.  As you can see, the down payment fits our program perfectly and the $1,500.00 payment is about $500.00 to little to actually cover the payment on the underlying loan.  Please advise how you would structure this one-year deal.

The couple Charles Sr. plans to cash out within 6 to 9 months once their credit issues are resolved.  I was told that their son Charles Jr. has crummy credit and it has ended up on Charles Sr.’s credit report.  Can credit wiz help straighten this out?

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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 601170

Question:

The first question comes from William Edwards who says:  How do you start part time.

Answer:

Well William, here’s what I’m recommending.  I understand that you’ve got all these commitments and all these distractions in life particularly when you’re working with someone else, so what you want to do is be able to calendar and commit a certain amount of time on a daily and weekly basis to allow yourself to be able to have the time to build your business.

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March 31, 2009, By Jeff Carroll
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Group Q & A 216070

Question:

We’re going to go with getting started.  James McClendon says, no investment money, bad credit; how can I get started?

Answer:

Well, James that’s a fantastic question and the answer is, follow the system.  It’s just that simple.  If you follow the system, generate the leads…and of course, if you don’t even have money for generating leads, then you’re going to have to spend energy.  It’s an energy-money exchange.  The more money you have the less energy you have to give to get leads.  The less money you have the more energy you’re going to have to give, James.

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March 31, 2009, By Jeff Carroll
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