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My thoughts on Fire Damaged Houses: Question from a student — Hey Mitch, Another fire house (1/2 house burnt inside) came across my desk as a potential lead. I was curious if you always pull permits or try to complete work and sell the house prior to permits being pulled for these houses? I am tempted…
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Owner Finance Case Study For The Week 143 W. Drexel, San Antonio, TX $24k Contract to buy $26k borrowed @ 8% int. only, 5yrs $175 P&I In 5 days we sold the property with absolutely NO work done; This was a “Hoarder House.” $65k Owner Finance Price $5k Cash Down $60k @ 10.5%, 360 mo…
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Here’s a recent question I had on a webinar: Question about the guarantee to the buyer if you default on your payments? The OPM/private money lender has the 1st lien on the property so they have the property as collateral but what recourse does the homeowner have? What Happens to the Buyer/Occupant of a Wrap-Around…
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Does Your state have a lengthy and expensive foreclosure process? If the foreclosure process is weighted in the occupant/owners favor there are most likely other choices. You may want to do a “Contract for Deed” (Sometimes called a “Land Contract). “Lease Options” work for other states but I don’t even like the name; option? I…
Read MoreI know I give Realtors a hard time. It’s just that I see so many bad ones. Like all professions, doctors, lawyers, sheet rockers, and carpet layers, there is always the top 10%…and then there’s the rest of them. I’ve had real estate agents tell me, straight up, that owner financing is against the law.…
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