No Money, Need to generate a little capital - Posted by Bruce M. Huntington
Posted by Bruce M. Huntington on May 04, 2006 at 19:06:48:
I am inclined to try working pre-foreclosures, but am open to other possibilites. This seems like a good way for someone with no cash to get started. My “education” to date leads me to believe that a Land Trust is a good way to go, but I need more information. My dream would be a short phone call with William Bronchick. I gather from your website that doing “flips” as an LLC through a Land Trust is probably the safest and least expensive way to go. Attorneys that know all about LLCs seem easy to find. It seems far harder to find one that understands the value of using a Land Trust this way. I will have to stand on my tip-toes to afford any of your materials right now, but you clearly have the knowledge that I need. Is there one product among the many that you offer, that would be self-contained, and would impart enough information that I could safely get started working pre-foreclosures? If I can do a “flip” or two, I will be delighted to buy several more of your products. Many look quite interesting. Here is a thumbnail of what I am trying to do:
I contact persons 60+ days into the foreclosure process, looking for those who have given up and are resigned to losing the property. I suggest that I can not save their home, but I can prevent them having a foreclosure on their credit report, and I may be able to get them some of their equity back. Obviously, I have to research the financing and make sure that there is enough equity to work with. I already have my financing lined up. In any case, I pay the homeowner some money 5-10K to move out. I pay all the back payments and pull the property out of foreclosure. I think I want/need the property held in a Land Trust during this period. I then find a buyer for the property, and sell the property, at a discount if necessary. After the discount (if necessary) and after all other expenses, including the original move-out money, the reinstament money, the real estate commission and the closing costs, if there is any equity left, I split that 50/50 with the original home owner. The idea is to not flip properties unless I can make at least 30K on the deal. In any case, several “experts” have told me that the Land Trust is the best way to do this. I do not want to pay big bucks to have a Land Trust created, then have the original home owner go bankrupt, and find out only then that the Land Trust was not written correctly, and I just lost my investor’s money, and now I am in deep trouble. I don’t just want a warm fuzzy feeling, I want to KNOW that things are on SOLID ground. Again, among your many splendid products, is there one that will safely take me where I want to go? By the way, I live in Arizona.
Respectfully,
Bruce M. Huntington
3008 E. Sierrita Rd.
Queen Creek, AZ 85243
(480) 643-0916
bruce687@yahoo.com
ps. For many years I was self-employed and had a six-figure income. I am now cleaning toilets for Fry’s Supermarket at $8.30 ah hour! I am sixty years old. I still have a few years of fight in me, but not for being an employee! I want to RETIRE! I am more than willing to work at that. If I can make a go of this, I will be a wonderful testimonial!