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?
Group Q & A
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.
Hello everyone and welcome back to another installment of our Street Smart Group Q&A. Here we are going to cover all of the questions that have come in over the last couple of weeks. Some of them have been pretty in-depth. I know some of you are pretty concerned about the existing market, but I can tell you that it is nothing to be concerned with at all. We have a lot of opportunity happening right now out in the market place. I want you to not look at it from a fear standpoint, but more from an opportunity standpoint. There is so much available to us if we just step out and take advantage of it. So, definitely continue to look hard at the opportunities that are coming your way.
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.
Group Q & A
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.
Hello everyone, and welcome back to another session of our Group Q and A where together we’re gong to go through a lot of different questions that you guys have sent in. I’m just back now from the national REA cruise. Many of you know that I’m the original or first president of national REA… which is an outgrowth of an earlier organization called Real Estate Leadership Association of America. Which was an outgrowth of an earlier organization called National Leadership Congress. I was the last president of Real Estate Leadership Association of America, and then took the organization in a new direction and it became National REIA in 1993.
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?
C: How about a larger promissory note?
Group Q & A
Promo Announcement – Male Speaker:
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Group Q & A
Hello everyone and welcome back to another installment of our Q&A session where I am going to give you the Street Smart answers to all of your questions that you have been sending in over the last couple of weeks. I am going to update you on some of the things that we have been talking about, as a theme this year, on cutting your expenses and creating more cash flow for your business. One of the things that I have been talking about particularly with the Platinum Group is protesting property taxes and looking for other avenues to be able to save money in your real estate business. Right now, I find that property taxes are very high in our area compared to the comps of sales right now and properties on the market. Another thing that is true also is the cost of the taxes is quite high. Now, I am looking at actual dollars per square foot. I am looking at special assessments. I am looking at assessments of other properties in the same neighborhood, in fact on the same street. The tool I use to do this is our CompWiz that is on the backside of your websites.
Hello, everyone and welcome to another installment of our Street Smart Q and A where you send in the questions and Lou Brown gives you the answers. Now, usually I start off the training with some ideas about what’s happening in the current economy and how this affects us, and from today’s newspaper I got some interesting information about the housing crisis. “More Bad News for Housing” is the headline and it says “Figures bleak for foreclosures and delinquent loans. U.S. foreclosure rates hit a record high in the last three months of 2007 and home loan delinquency rates reach their highest level in 22 years according to a survey released Thursday by Real Estate Organization.” Do I hear any “Yeah, Baby!”s out there? Now, that’s a “Yeah Baby!” isn’t it, because what they’re saying is things are so bad, they haven’t been this bad in 22 years. What does that say? I’ve told you before that once per generation we have an opportunity and this is such an opportunity right now. They go on to say, “‘The chief culprits for the home loan woes are falling home prices and issues with sub prime mortgages'” said Doug Duncan, the MBA’s Chief Economist and Senior Vice President of Research and Business Development. That’s the Mortgage Bankers Association. “‘The trend is expected to continue through mid to late 2008’ he said. ‘Our general outlook is that you should expect to see as long as house prices are declining, some continued rises in delinquency and foreclosures.'”