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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.
Question:
From J.P. Johnson, and J.P. says, “Hello Lou, I’m in Fort Lauderdale, Florida. Purchased your Whole Enchilada Course, and need specific steps on getting started in the pre-foreclosure business. Please advise with the specific types of marketing I should use for my area. Thanks, J. P.
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.
Question:
Given the current State market conditions, which do not appear as favorable for sellers, what investing strategies, or techniques do you recommend to avoid getting stuck with properties?
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?
Question:
In volume to rental agreement BSH1703A, if you require certified check for each item at the signing meeting, rent, performance fee etc. What is the down side of having the lease in your company’s name?
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.
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?
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:
Let’s jump on in with Carol and Joan Bowser who have a question: Dear Lou, we are so excited about the real estate business. We wanted to learn all we can to help others. Our questions are: How important are short sales in negotiating with the seller? It seems like a lot of additional paperwork and new negotiating skills with bankers.
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