Group Q & A 227080

Lou:

Hello everyone and welcome back to another installment of your Street Smart Q and A.  We’ve had a ton of questions over the last couple of weeks which I hope is indicative of your activity.  In today’s market we are seeing so much excitement, so much generation.  In fact, we have bought properties at auction over the last few weeks.  We have bought properties from people coming in off our signs.  We’ve had people coming in off the sign in front of our building.  We’ve got signs out all over the county and people are calling.  We’ve gotten over 40 leads in the last week just from signs.  We’ve gotten a ton of calls from our marketing, the Done for You marketing, where we’re approaching absentee owners, and also, probates, and several different things.  We’ve got a lot of excitement going on in our office.  A lot of things happening and houses being bought.  That’s exactly what needs to be happening in your business, too.

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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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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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Group Q & A 820180

Lou:

Hello everyone and welcome back to another installment of our Street Smart Q & A where you have sent me a ton of questions that 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, and tell you that I think 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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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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Group Q & A 322180

Lou:

Hello everyone and welcome back to another session of our Street Smart Group Q&A.  You sent me a ton of questions.  Before we get started I Just wanted to say that this has been a fantastic year.  I hope it’s been a great year for you.  Taking a look at what is happening in our economy; a lot of people are running scared.  It’s just truly amazing how many questions I get about today’s economy.  So let’s talk about it for just a second and say, I hope you are looking for houses right now and I hope you are finding them.  Because sellers are willing to do things that they haven’t been able, or willing to do for many, many years.  Right now, there is a lot of them that are motivated having sat on their properties.  Having waited for the market to come back, and now discovering that the market is not there, and it is not coming back for a while.  Sellers are backing up.  To give you a story, we just bought condo and many of you have heard me at jump-start, explain that I am not crazy about condoms and we are not interested in buying condos.  The only way I will by a condo is if it’s very cheap.

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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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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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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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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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