Financing Pre-foreclosures or Foreclosures with Poor Credit

Are you trying to purchase the properties for yourself or are you trying to lock them up and assign the buy to someone else and make the assignment fee or put buyers and sellers together and collect finders fee? Please be more specific and I will be glad to give you my few cents worth.

buyers and sellers together= finders fee? who pays the finders fee?

I usually charge the seller. But if I am bird dogging for the buyers then I charge them instead

I usually charge the seller. But if I am bird dogging for the buyers then I charge them instead

There are several methods investors use to invest into real estate without money or credit. Here are a few you may look into:

- Instant equity exchange (one of Dean's programs)
- Assignments of contract
- Wrap around mortgage
- Seller financing
- Subject to purchase
- Hard money lenders
- Private Financing
- Bird dogging properties
- Partnerships with other investors

Each deal is dealt with differently. I would find a focus but allow myself the ability to maneuver myself depending on what would work best for the deal itself.

What kind of forms or contracts do you use for these?

Anita, thanks for your response.

I would like to obtain my own home first for two reasons:
1. the obvious...for my children=stability
2. Practice for the assigns

However, it might take a while to buy while I clean up my credit. So do I attempt "assigns" to help with down payment/buy-down while preparing for my home purchase? I'm apprehensive because I've never even purchased before. I do not know the process but have researched thru the county, drive bys and have lots of bank owned, Freedie mac owned...way below market value opportunities.Is there an "assigns" form that I can print and KNOW that it protects me? How would you suggest it be presented to banks, seller and/or real estate agent? Be up front with the real estate agent? Do they frown upon contracts with "assigns"?

I am meeting with a real estate agent who is also an attorney today to discuss "lease options" possibilities. Feeling alittle intimidated. Figured this could be a way to lock in a great buying price while I clean up credit. What terms, as the buyer should I negotiate? What's the median arrangement for lease options. (I've already checked the lease option forum)

So many options....it's a whirlwind. But I'm getting ready to JUMP. Any advice is appreciated. Thanks

FIND A FOCUS!!! That's what I needed to read. With so many options, I was all over the place asking myself...what should I do first? Assign? Buy my first house? Lease with an option to lock in?

It's obvious as to why you are an "Official Coach"

As the buyer, what should I be sure is in the lease option docs. What's "typically" acceptable to the seller (as to not offend)but beneficial/protecting of me, the buyer?

FOCUS PLAN
1. Lease Option, settle in, clean credit, obtain financing
2. Assigns (any form you suggest?)
3. Work, kids

PLATE IS MORE THAN FULL!!!!
thanks

i would make sure #1: thier is a SUBLET CLAUSE in the docs, and #2: i would also put in an ASSIGNMENT CLAUSE in the docs, also. SULLY.

This coming july 08 my bankrupty will be 1 and I would like to purchase a home.

hello,
In July 08 I will have 1 year since I filed for bankrupty. I really want to buy a home and I would like to know can I start the process of purchasing a home?

Thank you
John B. lira

Our credit score is 533 and 511 respectively. Is there any programs available that we can follow to improve our score asap?

Are there any other ideas on how we can get started with our Real Estate business.

Hello Elena what I would suggest is you find youself a good mortgage broker if he/she is good they can help you to better your credit ask what they charge some don't charge (only charge for the fees they have to pay to the credit bureau that they are working with) I would help you but I don't know where you are at. As for the Real Estate business you can start like a lot of people here and the answer is above what your possibilitys are. Lilie

Thank you for your help.

That's why I love this Program because people are always there to help.

I live in the Bay area, Northern California and looking to buy our first property in Sacramento. Iam looking to purchase a foreclosure in the Sacramento area because prices have drastically been reduced.

I pay a monthly rent of $2,000 per month and been in this property for 3 years. Can you believe throwing this money down the drain.'''''''Thats why I am so motivated to buy now and it will be really great if you could help in any way, if that means improving our score asap.

Thank You.

I purchase the program but here is my dilehma.
I recently got divorced, and my exhusband did not wanted to sell the house until we got the divorce. I was the second co-borrower. Now he refused to sell the house which it went into foreclosure until we finally lost the house.

It has been two years already, and it is not in my credit report. Now the question is can I still purhase houses and sell them for profits? Even though my credit is poor? Thanks,

NC

hELLO,cAN YOU PUT A COPY OF THE CONTRACT YOU USE FOR ASSIGNMENT OR iNSTANT eQUITY eXCHANGE FOR ANYBODY THAT NEEDS IT TO DO A DEAL. Everybody gives good advice about doing these technique, but it doesn't help us that much if we don't have the contracts to do it. Thanks

I believe Anita has a copy of the assigning contract on the site somewhere if you search for it. The 1031 exchange is a little more complicated than just filling out a contract. You'll have to read up on that one, too. The info is here, just takes a little digging.
Have fun. You'll learn a LOT!

Rina

P.S. The main posters could find it and give you a link, but we really have to search, too, because there are so many posts. You can find just about anything, nette, by putting a key word into the search box in the upper left of the page under Dean's chin.

Elena that is a lot of money to pay for rent I don't pay that much for my house and in WA houses are expansive. I work for a mortgage broker let me talk to a assosiate he can do mortgages in all 50 statets if he can help to purchase a house I will help you fix you score but let me first find out all the ditails. And like I saide before you can interview mortgage brokers and see if some one can help you to batter your score for free (because that is what we do we don't charge to fix it we only cahrge what we get charged). Lilie

That's a lot of money you will never get it back. That's $72,000.00 you could put into a home. That's very nice of you Elena if you could help her get into a home. Since your at Elena finding a mortgage broker, see if you could find one for me here in Northeast Louisisna, thanks!

Lloydsap

Knowledge without Actions is just a wish!

Lloydsap I did not understand what you are asking do you look for a mortgage broker or fixing your credit.

Anitarny, below you wrote:

Are you trying to purchase the properties for yourself or are you trying to lock them up and assign the buy to someone else and make the assignment fee or put buyers and sellers together and collect finders fee? Please be more specific and I will be glad to give you my few cents worth.

I am looking to do either one. Can you guide me in how to start...

Thank you.

Hey everyone my husband and I live in the Chicagoland area and are having a difficult time to get someone here that will pay a finder's fee. We have spoken to tons of investors and it seems like they want your information but are not willing to discuss money. Some of them are just plain rude. So I went in another direction FSBO most of them have decided to just start renting their properties because of the economy where should I go now because the properties that I have found are great I just wish I had the money myself

What is the 1031 Exchange? what do you use it for? What's the purpose of it? Please explain, thanks.

I was saying that if you pay 2,000 a month for a rent for three years, you could use that to your advantage and ask the bank for a mortage if you don't have good credit. Ask to do a congintency if you miss a payment then your be charged a fee or your interest will go up. You want to establish yourself with the bank and negotiate with them. Use your ($2,000.00 per month for 3 years) as an example to estabish creditbility with them. That's a credit history in the making. I don't know your whole situation to comments further, but i was merely saying that's a lot of money to paid for a monthly rent. I would love to have you as a renter, but you should take advantage of the resources you have in here and get yourself into a home rather than paying that much money for rent. Good luck and happy invesing!

Lloydsap

Request info on assigment of contract. Please include R E forms to be

used and the procedure

Thank you

Ron Plotkin

Collier county Fl

There has been some discussion in the forums on the subject of 1031 exchange. If you would like to read those posts, try the search box in the upper left corner of your screen. Key word 1031.

Otherwise, I just googled 1031 exchange and found a ton of information on it. You could go ahead and try that as well.

Basically, a 1031 exchange is where you exchange property for property of "like kind" to defer paying capital gains taxes from a sale. Which means you put any profit you have made BACK into investment property, therefore you would not have to pay capital gains at this time. There are time restrictions for this process, and it does seem a little complicated, but is definitely somthing I am looking into for this year.

If you find any interesting info as you research the subject, please feel free to post it.

Thanks for your question and your input, nette.

Rina

i need help with my credit, i have three children and one grandchild, and yesterday, my ninteen year-old daughter, told me she was yet pregnant again. I have got to get my credit stright (544) because i will have to take care of this newborn , along with her other one and my other two, could you help me or give me advice. I have made 2000 on my first deal, however, the other ones are slow moving. i am in Georgia. Feel free to contaact me if you can help!

God bless!

Patrice