HELP PLEASE!!!!!!! - Posted by Ingrid

Posted by Ingrid on December 08, 2000 at 16:57:44:

Ha! Ha! Ha! Ok Dew not only that my toes are wet, they are soaked too, that’s why I can’t move them :slight_smile: I’ll do exactly that. You guys are the best!

HELP PLEASE!!! - Posted by Ingrid

Posted by Ingrid on December 08, 2000 at 12:54:47:

OK this is the scenario, studied my Ron Le Grand “Wholesale\Retail course” read everything on this board ect. Finally called a listing agent and she fax me a listing of REO’s (168 properties). Now this is the big BANG! :frowning: I’m scared, coldfeet, fearful, of making a move. My boyfriend who has good credit, says that he’ll come in with me as a partner, but here’s the kicker we both don’t have any money for a down payment:( To all you good “creonliners” could you please tell this newbie what should be my next move. Rgds

Re: HELP PLEASE!!! - Posted by AnnNC

Posted by AnnNC on December 08, 2000 at 17:12:42:

Keep reading until you can do this without the bfriend.
Too risky. Partners are for cash. Otherwise, you are possibly talking like a conventional loan and qualifying,. If he has the credit, then he may qualify, and he signs the papers. This is not arm’s -length enough between the two of you. It’s difficult to draw up business contracts
that protect you utterly when there is emotion involved. It’s difficult to have one person put in knowledge, and money, and the other one put in the labor, because the labor person can quit, taking thier friends–the rehabbers, with them, leaving you high and dry, your having estimated the repair costs based on their doing the labor in exchange for equity, or getting you cheaper parts, which they don’t install correctly, and you have to spend another $500 to repair after them, etc, and you’re still paying the carrying cost; or the money person can bail, leaving the labor person sweating with no equity…
“Difficult” = high potential for financial disaster.
Gee,… how do I know.
Anyone, Please correct me, but I think REO’s are conventional loan-type deals, or cash up front, and qualifying, or hard money loan type deals. Be very cautious, and only proceed with contracts that
allow you to bail out. (REO’s probably don’t, and check, but apparently can’t be assigned.(see archives for many threads on this)

If you should happen to hear from the boyfriend the
words, “Whatsamatta, don’t you trust me?” Run…

Just friendly advice.

Re: HELP PLEASE!!! - Posted by dewCO

Posted by dewCO on December 08, 2000 at 16:25:14:

OK you’ve got your little toe wet, that took courage. Now go back and read about finding MOTIVATED sellers. Then continue to read ALL the posts here for the next month, at least.