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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.
Question:
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?
Question:
Joe was asking a question; I’ve looked through everything I have but I didn’t notice the answer if it was there. What percent of the monthly rent and option fee go toward the payoff of the house? I’m working on a lease-option deal now for one of our houses. The house is worth $250,000. He’s willing to pay a 5% option fee, but wants to know what percent goes toward the purchase price. Thanks.
Question:
The first question comes from William Edwards who says: How do you start part time.
Answer:
Well William, here’s what I’m recommending. I understand that you’ve got all these commitments and all these distractions in life particularly when you’re working with someone else, so what you want to do is be able to calendar and commit a certain amount of time on a daily and weekly basis to allow yourself to be able to have the time to build your business.
Question:
How would you suggest a rookie get their first deal?
Answer:
This is such an important question for so many folks. Because whether you been in business for a long time or your just getting started. It is so important that you really rev up your buying machine. That means that you have to do a significant amount of marketing in the beginning in order to get the attention. In order to get the leads coming in. In order to get the momentum in your business. So, I recommend that if you do not yet have your marketing ordered. If you do not yet have your marketing placed that is an appropriate use of time.
Question:
I’m going to get started right away with Laura who had a burning question from South Florida. She says she sent it several times. So, I want to make sure that Laura knows that we got her question, and we are going to give her an answer. She’s the first one that gets an answer tonight.
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