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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.
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.
Question:
The first question is from Jean and Bob Clark they sent…they asked about louisbrown.com. We are just getting started how do we get into the member part of the web site.
DQuestion:
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?
Question:
I’m in the middle of buying property that we intend on flipping. The house has an above-ground pool and it’s three-quarters full of stagnant water. What’s the best way to empty the pool so we can demo the pool?
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:
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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