WHAT IT TAKES TO BE SUCCESSFUL

Great to here from you, Hope to see you on here more often. Do you sill invest today.

Randy

Great to here from you, Hope to see you on here more often. Do you sill invest today.

Randy

Rina, you can definately can do a title search no matter what if you want to pay for it. I did it on a tax sale property I wanted to buy in another state.
Just have to pay for it. The title co doesn't care one way or another. Mine costed me and I found more liens on the home and did not buy it, but it was money well spent.

Richie, you're right, you can pay to have a title search done on any property. Title INSURANCE is a little different. The title company does the search and then they issue an insurance policy that covers anything liens that might show up after the fact (either that they missed, or a lien put on during or after their search). If that happens, they pay for it. Sometimes big things can be missed.

Like you said, sometimes it's worth the money to do a preliminary title search (instead of doing all the searching yourself), sometimes not. And they're pretty cheap.

Randy, I like your "thank yous in the mirror" and your laughing at fear daily. We all have our days/weeks. Thanks for being strong.
Hope you and Julie have an awesome weekend! (You too, Richie!)

Rina

I always call the City leins department and the treasurer for back taxes before I contract a house. Sometimes the amount owed on leins and taxes make the house not worth contracting. IF the seller pays up the leins and/or taxes then they understandably want a higher price....if I get the end buyer to pay them then sometimes brings the price up so high it is not a good deal.
Always check first and see about City leins and back taxes owed.

If there's not a 'checklist' already in place to cover anything and everything - then I would work on my own to build that checklist so I don't miss anything.
For example, I now know to check with the city liens, department.

Seeing if the home is in a flood plain and making sure there’s insurance in place is a good one too!
The library would have flood plain maps and info.
My husband and I purchased a home in 1987 in Mesquite, TX...The home inspector's report said nothing of the home being in a flood plain...the flood plain info. was at our local library and yes the home was in a 500yr flood plain...the neighborhood flooded twice within 2 years after our purchasing the home. Luckily our home set up high enough that only the carpet got wet. We watched several of our neighbors homes flood - twice...during our three years there...

I'm learning a lot through this site!

Thanks!

Mary

About homes built on flood plains - most all homes are...this is nothing new.

This is a commonality that many aren't aware of.

So please - no worries.

Yeah thanks for that inspiring post Randy. Just the kick in the but I need from time to time. Im not going to lie, I feel like you feel in your first 9 months but I will keep fighting and fishing for the answers and solutions to my success. With people like you here on this site to share your wisdom and knowledge I know its just a matter of time before I can share some of the same experiences you have had in your latter days of success.

Thanks Again

Best Regards,
Shane

Some small towns may not have the flood plains listed. But you can always check with FINA. they have all the info.

Randy

Great to here from you, and yes you are right just keep taking action and great things will happen, Wish you the best of luck.

Randy

This is super great dialog...Randy you are great to start this thread it provides encouragement,inspiration, motivation, and education. That is truly one stop shopping.

Thinks for stopping in. Like I said early I can never give back what was given to me. And yes it is truly amazing at all the great feedback that has come from this thread. Dean really has a lot of good students on this site that is willing to give back, Wish you the best of luck.

Randy

I am always so glad to here from you. just luv your words of wisdom. I am really looking forward to meeting you when you get back into town; Hope all is going well for you.

Randy

I come on to catch up and there are 52 new posts here since I checked in last time! Wow! Great thread of information flowing here - love it!

Its people like you and Dean;s other successful students that keep a thread like this going. I think it does help for them to see ever day people like us making a go of this. And hopefully with all the feedback they will understand that with a lot of work that it will work for them to.

Randy

I am not sure were your comment is going.I know I am slow sometimes but this does not make any since to me at all.

Randy

I am glad to see your post. I have been feeling time and time again that it is too hard to try to circumvent all of the legal traps without the academy. From what I have read, most who have succeeded did so because of the academy. I do wish that would be stated more often as the people who have been calling me keep telling me it is not necessary but I have had too many legal close calls to know any different. That is why I have chosen to wait until I can get the money for the academy prior to pursing this further.

I really enjoyed the success acamandy, but I did use them a lot in he beginning. I an not sure but I think they have different plans. I do know the phone call is free and they try to work with ever one to get them in a price plan that fits their needs. I wish you the best of luck.

Randy

Great post Randy,You mention that you got your first deal 9 months after you became a member..because of the not so positive people telling you that it won't work and saying NO NO NO... that didn't stop you cause you knew deep down it can work and how other's became successful.I've been keeping an eye on your journals from when you started till the present..you are a inspriration to all us newbies..and also the rest of the successful REI on Dean's team.I'm getting my A-Team together and looking forward to become a SUCCESSFUL REI... I want to be like a EAGLE that soars to the next level and keep on soaring to new heights in real estate..DREAMS DOES COME THROUGH...Aloha Cecelia

Hey Randy,I want to start out in lease option and work my way up..my question is if there's still a mortgage on the house, who pays the balance of it me the REI..the buyer..or lease to own tenant that I assign to it..your help will be greatly appreciated..Cecelia

I make all the payments. the reason I do this is I want the Tax write off, And i want to make sure the payments are being made. I make them all to the mortgage company, Hope this helps'

Randy

I always get the deed sign over to me so I can register it at the court house. That way if anyone tries anything funny I will be the first to know about it. And yes their is the due on sale clause, But as long as you are making the payments you are not going to here anything. This is another reason I make the payments.

Randy

Randy

ah how many no's do i hear per week is amazing. i still have not done my first deal yet and im still searching for my YES team. it seems as if i already found the realtor i want to work with, and the legal part is also taken care of. but what i am having trouble with is the fact that i cannot find product. i thought that was going to be the easiest part of making a real estate transaction. oh boy was i wrong, lol. im in new york and properties here are going FAST. i make 5 low-ball offers a week, and last week i got two counter offers for the properties of interest. im confused on what to do next

www.reoliinvestments.com

Hey Randy. On an option does the loan that you make payments on stay in the original owners name.
Thanks.
Steve

YES,That is the only thing they have left.

Randy

Not really sure what you are asking, You said you had two offers, were they close to what you were offering. And how much was your first offer from FMV.

Randy

Thankyou for getting back to me...yes it helps alot knowing that I as the REI should make the payments so I can get the tax write off..even letting me know about getting the deed in my name and also to register it at the court house...I just learned something new in real estate...I appreciate your time and input... Cecelia

That is the least I could do for all I have received. I wish you the best of luck, Just keep tacking action.

Randy

Finding a true buyer is the hard part

Not sure what part of NY you're in but if you're in NYC, no real investor aka 'cash buyer' is going to bother with you if you bring something to them thats been on the MLS, unless its been on there under 30 days. Anymore than that and everyone has seen it and its not flippable. Another hard part is finding an investor that won't try and steal your property from under you.

If you advertise for an investor, most likely you're going to get wholesalers like yourself who say they are investors. No.

Ask them upfront for a non-transactional funding POF and a bank statement. You let them know what you have(no address) details, ie single, multi-family, # of br's, bath, sq ft, taxes, etc. They might test you and ask for the address again. Calmly say to them "look you know the deal. No info unless you have the POF and bank statement. If they balk without any info, move on. If they question why you don't accept TF's, let them know because "like you, I am also a wholesaler and I don't need the hassle of having to wait for you to find a buyer when I can"

Ok so you got a counter-offer??? Your options are to accept or to counter to that counter. If you re-counter, find a medium between what you would want to counter and what was already countered. Ex: if the house was going for $200k and you offered $125k and they countered w $165k, then look for the medium which is about $150k if you can swing it.

Good luck to you

I luv the way you get straight to the point. On a couple of mine on the counter offers I did not budge. The last one I got they actual counter 3 times. we were off by 20 k, I did go up 1500 between the offers. My Realtor thought I was crazy. But I did get the house.

Randy