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?
Group Q & A
Welcome everyone to your Street Smart Group Q and A where I’ve got a lot of new information for you. I think you are going to be excited about this one.
We just completed our Millionaire Dealmaker event in Atlanta. It was fantastic. We had a great turn out. We had a great group of folks there; learned a ton about way to develop and design deals for today’s market. That was critical because I spent good, in-depth time on the important thing in today’s market; that’s being able to buy REO properties. Real Estate Owned by the banks. I shared my entire system of how we are doing it, brought in my entire team, and showed exactly how we are structuring the transactions right now, and the operation that we’ve put together on that, got some great insight into the pricing, the formats for the offers, and so on.
Hello everyone and welcome back to another installment of our group Q and A where we give you Street Smart answers to your Street Smart questions.
I’m very excited about what’s happened over the last two weeks since the last time we met. The industry has changed dramatically, of course, with the sale of Bear Sterns to J P Morgan. It’s amazing. J P Morgan made its big inroad into the financial 101 years ago by doing exactly the same thing, buying a company for pennies on the dollar, and being able to step in and grow their business. And, now here we are 101 years later where J P Morgan is no longer around, but his company still is.
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?
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.
Hello ladies and gentlemen, and welcome back to another installment of our Street Smart group
Q and A, where you ask the questions and I give you all the answers. I’ve had an exciting last couple of weeks. We had our Millionaire Deal Maker event, also been to Ohio for a three day stint there. Lots of great turned on investors that say, “If you’re not turned on about today’s market, you’re missing the opportunities that exist.”
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.
Hello everyone and welcome to another session on our Group Q and A where you learn the Street Smart secrets on how to do this business the Street Smart way. I’ve been very excited about the last couple of weeks. First of all we’ve bought a couple of properties and they’ve been good ones. We were able to get one seller to go to the bank and modify their loan, working with us and the other sold us their property subject to the existing 6% loan. So there’s real opportunity out there in today’s market place. I want you to not miss the opportunity that we’re going to see over the next couple of years that will be unusual and unique for you. If there’s anything stopping you, if there’s anything that is in your way of moving forward we need to address those things. We can do those on this group call, but we can also do it with your direct one-on-one consulting. I want to make sure that you don’t miss this window of opportunity, and I’ve ben screaming it from the rooftops, but I just want you to hear it again. We had a great session Millionaire Jump Start in Dallas over the last weekend and had some great folks from 19 different states there, had a lot of fun, very interesting conversation and a lot of excitement about what’s coming up in the future. So hopefully you’ll leave this call today motivated and ready to make some money over the next couple of weeks. That’s my expectation. Well let’s get down to it.
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.
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.
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?