MrMaxwell

Well, my printing business didn't work out, so I am considering becoming a slumlord. I think that my tenants would like me, and I would make a great landlord. Anyone have any tips or bright ideas for financing garbage property?
Around here in garbage stan I can buy properties for a few thousand dollars and rent them to locals for a few hundred per month, which is pretty sweet in terms of cash on cash and as a long term investment.

I was considering trying to use VA loans but it looks like it might be a mess and I couldn't have very many

The best thing would be buying garbaged out hell hole fuckholes and rehabbing them for not instant but nearly instant equity and then I could leverage those to buy more and I can end up owning half of trashastan here
Then, if I understand the rules correctly, I could probably 1031 several of those into a couple of nice apartment buildings not in garbage stan... right.. 1031 is a fed thing I think

MrMaxwell

People seriously have no inkling about the potential of owning property
So many people hate real estate investing because they sucked at it since they were stupid

MrMaxwell

Well, don't get me wrong, though
If I COULD I would buy middle middles
But I probably have to start with garbage hells

Bladewire

MrMaxwell

I love the ignore page.
Choke to death, imbecile!

Bladewire

^^^ Aspires to be a slumlord :

__________________

MrMaxwell

Ahahahahaha
It worked, again!
Check and Mate and whatever else

MrMaxwell

Back on topic, let's say a hellhole costs $12,000 after a minor rehab, so what do you need these days... 20%? So you put down $2400 and rent it to some idiot for $400 per month and there you are with a 200% cash on cash (minus the time it take to get the motherfuckers in and out doing the work, minus the time it takes to get some moron in renting the place)
If you can put 10% down it gets SICK

Bladewire

__________________

Barry-xlovecam

1. Option to buy the sellers equity before foreclosure.
2. Have the bank (or lender) reverse the interest he received against the principal loaned -- adjust that amount for inflation.
3. Make that lender whole and agree to make you a new loan of 80% of that principal if the numbers work.
4. Lenders want performing loans not foreclosure headaches on the books.

The way this works is the lender walks away from the old loan with no profit or loss.
The lender gets a new loan that is making payments.
You still need front money to pull this off.
You will need to show the money or financial ability to rehab the property and market it or rent (lease) it out.

There is always money to be made in garbagestan but make sure the hooligans cannot steal your copper pipes. You have to board up and check your vacant properties every day. You will still have breakins. Install the plumbing fixtures and water heater in single family homes as they are rented out or just prior to the close of escrow.

Wear work uniforms, slightly worn (but not stinky) while you make deals with renters, homeowners and bankers -- let them think they are getting over on you ;)

MrMaxwell

Well you're definitely right about banks not wanting reos on the books
I'm not sure it's as rainbows and butterflies in every situation as all of THAT but I bet those deals can be beautiful with buying short
They won't steal my shit because I will work on my crazy angry white person reputation
I know to look like who I'm selling to and about perception of advantage so that is covered
Waiting to install that shit is a good thought- thank you

Goethe

If you can, purchase the first property outright. Once it's rented, the rent is counted as actual income and will help towards approval for the next mortgage with 20% down. You mention a failed printing business, if you have no reliable income, you may struggle to get any kind of mortgage, unless you put up your principal residence as guarantee.

MrMaxwell

Jesus, I saw on the shea show these fuck holes jacked the AC unit, then, they stashed it on property so that they could pick it up later. Water heater was gone. Probably pipes as well if they were copper.
God damned junkies.
If I were going to steal I'd never bust someone up for tens of thousands in order to make hundreds. That is fucking disgusting. If someone steals from you it makes it that much worse knowing that they took gold from you to form pennies with it.
Everyone is scum trash these days and needs to be euthanized, that is for sure

MrMaxwell

I am fucked in hell six ways into sunday and all of the other days sideways right into the lowest depths and filthy pits of all hell. But that won't stop me- I'll find a way.
At the speed I have myself going I'm sure the first couple will have to be hard money. FFS. Is hard money still 80/20?
What about these no doc loans fuckhole was blathering about? Are those the same thing stated use to be? Those would be useful about now

MrMaxwell

I mean seriously when I fuck myself I fuck myself right
I could not be more fucked than I am fucked when I'm fucked
But fuck it and buttfuck it nothing ever can stop me coming back up neither
Plus this time I will be acquiring IPA AT ALL TIMES ALWAYS in order to never let this happen again
Gettin' too old for this shit

BaldBastard

That's a very fucking fucked statement, sure your not a fucking kiwi fuck?

MrMaxwell

I just have a really bloody way of seeing and writing things these days
Are you the guy who destroyed your back working 50 hours per day on your sites?
Myself I did something similar in 2014 and 2014 and my back happens to be KILLING me this evening, and it's usually not a huge problem. . so that's something that you ended up posting on my thread

Barry-xlovecam

Not REOs, pre-foreclosures.
Get your county's legal news where the lenders have to publish the Notices of Default.
Check the Deed office (Registrar of Deeds) or the Assessor's office -- they will have the homeowner's Name and Address.
Put your work uniform on and knock on his door. Remember -- you are just a tradesman or a shop worker looking to make a deal with him. You like his house and want to fix it up and live there -- be humble -- it works when you make the mark comfortable. Offer him some cash and a way out. People in foreclosure want out or another angle is to refinance.

The problem with REOs is the bank bid the foreclosure balance at the Sheriff's Sale -- usually at an inflated value with back interest and loan penalties plus the principal balance.

So, the bank has a home that is a REO, that on the books, as bid at $200K with the POS only worth $110K so you have that conundrum -- the bank officer or the bank's real estate broker/agent has a fiduciary duty to come as close as they can to the $200K bid. You are negotiating from weakness at this point.

During pre foreclosure the homeowner and the mortgage holders are suffering -- you can offer a solution to relive their dilemma -- you are the 'good guy'. You have some control of the negotiation. The "Art of the Steal" ;)

These are the hardest deals to make but the most profitable.

MrMaxwell

2014 and 2015 rather

MrMaxwell

I meant that they don't like REOs in that they don't want to go through with the foreclosure process - I was agreeing with you. I get what you are saying man

Barry-xlovecam

Ok. then i wasted words -- misunderstood.
Anyway that is the way we did it. Also buying HUD nightmares. We once bought a house with a collapsed roof for $3K from HUD.
Run an ad on craigslist (free) that you want to buy distressed rental properties.

We bought 18 units cheap that way 5X gross as I recall (that was years ago) --- went there after the Sheriff evicted everyone, with guns in hand, and changed all of the locks. Took some time to clean the shit out of the bathtubs, rehab and re-rent to new tenants.

Building stabilized with paying tenants -- we sold that building at a nice profit.

MrMaxwell

Wow you sound like my kind of guy. I always thought you were some leftist scumbag. I must have mixed up your name with some other asshole- I am so terrible with names!! Especially internet forum ones.
Believe me or not you can buy trash holes with good bones for around that 3k around here at times. You would not believe this town. I think the reason you can buy places so cheap is because of fucktards like I just as I type heard stomping down the stairs here at 3:29 in the fucking morning
People get sick of renting to these subhuman garbages and then give up
That can also be a good way to acquire properties- from morons who rushed into properties and lost their whole ass and then went off saying how terrible real estate is and what a horrible investment it is

Does 5x gross mean you paid 5x the gross rent or what?
Sorry, I know a LOT about this(I've had several lady friends who were realtors/investors and I've been closely acquainted with several people who are similarly involved and I've done a lot of reading over the years and I took realtor classes where you actually DO learn a LITTLE if you pay attention - none of which is ANY substitute for actual reality experience at all), but I am still learning some things
What I will hopefully be doing is renting to fucked up people - they are quieter, more thankful, and less garbagy. Plus, when you rent to them, they generally always have stable income through the government without being garbage trash like the able bodied locust relation scum bags who live here in this place

MrMaxwell

Well, and, I don't know - hell - that croquet or croket guy is a lefty and he turned out to not be so bad I suppose. Just goes to show you that you should always give someone a chance before hating them

CurrentlySober

Should have given me a shout! I'd have come round immediately and done that bit for you for free

__________________

2 Kings 18:27

MrMaxwell

I love the ignore page! Foiled again, bad posters.

MrMaxwell

https://www.youtube.com/watch?v=gvZinTjPtyY
Feldon was so damned sexy

Barry-xlovecam

Jeff, a guy that hustled for me in LA, once got a guy to deed him his house in foreclosure for 2 bottles of cheap wine.

The guy just wanted to walk away and get drunk. But that is getting lucky.
Options to buy are your friend. Make the deal then sell your option to another investor or a buyer with money -- now you have some fast scratch.

Now you are making me think so start a lead service with the homemoney.cash domain name I registered. A week after I registered it someone sent me an email offering to buy it -- too many irons in the fire right now.

I did property equity buying and mortgage brokering/lending in the hard cash business for years. Show me a deal you find and I'll give you some ideas on how to package it. You can pay me a small fee if the deal goes through ;)

MrMaxwell

Someone on GFY doesn't hate me? I'll give you some time to reconsider ;)
I don't think too well without sleep but it sounds like you're talking about wholesaling. I think assignables are easy in refusegarbage state here. Options are fkn exciting to think about

PS: Stupid question redacted via editing . . I NEED SLEEP

Barry-xlovecam

I once made $1,840 selling a 10 day option I bought giving me the rights to buy a mortgage at a discounted price, the optioned mortgage was in default. I gave the TD (like a mortgage -- Deed of Trust) lien holder a $1 option premium and a promise that I could move that note.

When you option personal property you are acting as a principal and always have the right to sell your personal property -- the option. Not legal advice check on your local laws.

I sold the note to a lawyer/investor -- the note was a second TD for about $75K face value
I optioned the note at around a 33% discount.
Nice turn in 2 days -- I was partners with a California CFL lender and had a book of real estate and Trust Deed investors in Los Angeles at the time 1980s.

It's a treacherous business but has its high points.

MrMaxwell

Wow. Having a book of people is the best asset on planet earth. I wish I would have spent my drinking days, imprisoned at a college, for just that reason (sometimes)

I think these days legal consideration has to be $10 bucks in most states ... so don't do the dollar thing now
That's cool that you can do that with notes
I heard so many stories about properties being assigned 3-4 times before making it to the actual buyer when things were so crazy in cali and NV .... that was some crazy stuff!!

RedFred

No money, bad credit. Sounds like a winning formula.

kmanrox

I've known quote a few people who've done this over the years. But, that was a long time ago. Is it still working?

__________________
Crypto HODLr
Crypto mining
Angel investor

Bladewire

__________________

Barry-xlovecam

The undersigned assigns all right, title an interest in a certain option agreement ____<specify instrument here> for the sum of ____ { bla ... blah ...}

____
Assignor

Notary dated this ___day of ______, 2____.

MrMaxwell

Hey, be nice, mother fucker. Plus you stole names from Redd Foxx and from me ALL AT ONCE. Gas bag

MrMaxwell

There is no money in real estate.

Bladewire

__________________

MrMaxwell

Hmm
So that's an actual assignment of interest contract type of thing?
I've never seen one of those

I think on property, here, you just have "and or assigns" or whatever the fuck it says up at the top after the asstard's name (the idiot who wants to buy or tie up the prop) and then I am not sure of how it all works from there. For some reason the title co ends up cutting you a check (I'm talking about wholesaling... you're talking about selling options on notes, right?)
I am guess that is what is referred to as being a double closing

So let's say dumbfuck gives moron an option to buy shithole for $1000 and then fuckface wants to buy shithole for $1200 from moron

Dumbfuck and moron have a purchase contract between them
Moron and fuckface have a second purchase contract between themselves
So at closing here you have fuckface paying his $1200 and then you have dumbfuck collecting his $1000 and moron collects his $200

OR

You're saying that it can work this way¿
Moron sells his purchase contract to fuckface for $200 and moron walks away and then it's just dumbfuck and fuckface going to the closing where fuckface pays dumbfuck $1000 for shithole


right?

MrMaxwell

Foiled again fuckface

View PostUnread Today, 05:16 PM
Remove user from ignore listBladewire
This message is hidden because Bladewire is on your ignore list.

TheSquealer

the pill addicted weirdo that can't put together a coherent sentence is going to become a successful real estate investor. LOL

Bladewire

^^^^

__________________

awxm

If you put your mind to it, you can be anything you want Mr Maxwell.

Barry-xlovecam

Party 1 homeowner (or instrument holder {aka 2nd mortgage lender})
Party 2 purchase option holder
Party 3 option buyer

homeowner grants the purchase option to Party 2 for some agreed upon consideration (payment in money or in kind [crack, meth other unlawful substances excluded*]).
Party 3 buys Party 2's Option contract for some agreed value.
Party 3 then exercises the option and buys the property rights from Party 1 at the purchase price agreed in the assigned option.

The transfer of the option can be, not advisable if the parties are unknown, outside and before a purchase escrow is opened for the property. The option sale (assignment) may also be done within the escrow opened for the property sale. Muti-party escrows are recommended. Escrow instructions can be for any legal purpose.

My CFL license allowed me to do an escrow for a transaction where I was principal. Same as a real estate broker can do an escrow -- they usually don't for reason of conflicts of interest.

Generally speaking, and check your local laws, you are acting as a principal in a options contract, possibly limited to so many transactions per year, as not to be acting as a broker under your local laws.

So, I would get the option buyers funds then assign the option to the buyer myself upon taking a payment amount above the option money I paid the property(or instrument) owner (holder).

I made my markup and the Party 3^ Assignee and the owner of the TD instrument went to escrow or handled it themselves -- I was out of the picture.

MrMaxwell

What, because I took adderall for awhile several times?
Fuck you bitch I don't like your attitude and I hope someone ****** your ****** **** ***n you *** ****ing FUCK
FUCK YOU
Clear enough for you or do you need a picture go finger paint in your cunt and fuck your own ass and doodle your pink sock with them crayons of yours
hoe azz BITCH

fuck you

MrMaxwell

Thank you

MrMaxwell

You can put a transistor radio up your snatch and call it a loud gash for all I fucking care you dimwitted nitwit

GO FUCK YOURSELF

MrMaxwell

Hmm
It's so interesting learning about how all of this shit works
I hate to admit this but I am tempted to go back to dating women early just to get close with one who does this shit in order to learn more ... LoL
But seriously, just when you think you know something, you still learn at all times always and I think that keeps it interesting and exciting

There can be a lot of disadvantages to being a licensed realtor in kansas so I would not want that ... I can imagine the scum sucking fuck holes who run this garbage regime would limit everyone any way they possibly can
They are all about cock blocking and clam jamming, believe me

But you're saying that it can work either way in all states in general or .. ?

MrMaxwell

I do NOT like this "TheSquealer" guy
He is very rude

Barry-xlovecam

I don't know exactly what the laws and licensure laws are in Kansas -- you need to research that. If you want to buy properties you can buy all you want but in many states there is a limit of properties (real estate) you can sell in one year without a broker. What we used to do was pay a set fee to a real estate broker or have a broker on staff.

Buying and selling promissory notes with the Deed of Trust securing them (in many states this is like a mortgage), land contracts and mortgages, as well as options contracts on the aforementioned instruments -- as a principal party -- does not require a license (at least in places where I have operated). Get a lawyer licensed in Kansas to validate this -- your laws may differ there IDK.

Also, take a study course for a real estate salesman's license at a community college -- get some basic working knowledge -- you don't have to go take the test -- just pick up some lingo and understand your state's laws better.

mce

Will 5% upfront work?

__________________