Minimum starting point to being able to buy
Wow, thanks everyone.. Yes of course I would love to make $$ so bring on the ideas course just don't have me giving up my love to actually DO this or change as opportunities come up... Happy to talk to people though and I will try to absorb.. I thought that all this was pretty useless information to be quite honest because this is a fairly narrow field of niche expertise... Or not... Ha, Jeremy may be right on the pessimism!
CRITICAL INFORMATION BEFORE EVEN LOOKING TO BUY
In the interim though this is critical info.... The bare minimum if you want to start to be ready to buy...
1) PROOF OF FUNDS....Decide under what name the property will be placed and have a bank account set up to match that name. For brevity I won't reiterate the thoughts on what structure that may be....ie LLC's versus Trusts or individual names... Just make sure that if you want the title on the property deed to read "Joe Smith, LLC" your bank account that shows sufficient funds (proof of funds) in it to buy the property, must match this name "Joe Smith, LLC"... ie proof of funds must equal the name on the deed. It is easiest to use someone like Bank of America or an international bank with branches in the States especially when you read the below but I have used St George... Proof of funds don't have to be in a US account but by gosh the Earnest Money Deposit does have to come from a US bank.. See next point...
2) EARNEST MONEY DEPOSIT CHECK.....you MUST have already drawn up USD5000 cashier's check FROM A US BANK made payable to "Title Company" sitting with your real estate agent. In the memo field, put in the same name that will be on title.... "Joe Smith, LLC". Your agent will use this same check for multiple offers and it will be okay for that .....but ....and big but.....be very prepared for the moment when an offer is accepted the title company, within 24hours, will turn around and request a NEW Cashiers check to be presented with the specific title company's name on it and maybe referencing the actual property address.... So have another 5k at hand in USD able to be drawn up in a hurry.... They do sometimes accept a wire transfer at this point but can just be horrible and you are better to be prepared! You will get the first check back if it isn't acceptable. Remember your Earnest Money Deposit (EMD) goes towards the purchase of the property and is held in good faith by the Title company handling the sale....think Australian solicitors...
3) Give proof of funds and earnest money deposit check to your agent as soon as yiu start looking for properties. You never know when you will see one you want to offer on, BE PREPARED. Update your proof of funds with your estate agent every 30 days. This need only be a screen print of the online statement but again, it MUST match whatever you are wanting the title on the property to read. Ditto with the Earnest money check.. But every 45 days will suffice for that.
4) this is an alien world for most GET A BLANK COPY OF A PURCHASE AGREEMENT... And read it... For a cash foreclosed property off to stand a chance with the banks, you are waiving your rights to inspections, to searches etc... You need to know what you are signing and not wait until you want to put an offer in...ask now, not when hours matter
5) CONGRATULATIONS... Now, and only now can you start to think about being prepared to buy... Lol...
Next will be what you need to know about MLS listing pages..... Or some other random 2am thoughts...
oh btw. Real estate agents can't by law recommend property managers or workers... I can though ... Caveat being that each person should do their own diligence and never take anyone's word for gospel without doing some sort of checks!
I will look to see if anyone had other specific questions and try to get them answered.....
As a huge aside, yes, thanks again for all the wonderful words! Yes, everyone should have their own game plan and I suppose I just want to say that whether someone follows bits of what i have done or at least takes from this enough to realize that it isn't too difficult just different, then yay! I only had naysayers and people thinking I was insane when I first started in Vegas and I had moved to a state where I knew vaguely of a relative of a friend and that was it. i then walked into my first house and just rolled up my sleeves. I agree this isn't for everyone ... Thank Heavens! But for those out there willing, this is just a how to think a little beyond "is it possible" to the "what would I actually need to do"? You can hopefully make a much betteer informed decision that suits YOU.. Not some program...or the "Emma Way".. No one should have to do this the hard way....or the secretively expensive way. Trust your gut.
Wow, thanks everyone.. Yes of course I would love to make $$ so bring on the ideas course just don't have me giving up my love to actually DO this or change as opportunities come up... Happy to talk to people though and I will try to absorb.. I thought that all this was pretty useless information to be quite honest because this is a fairly narrow field of niche expertise... Or not... Ha, Jeremy may be right on the pessimism!
CRITICAL INFORMATION BEFORE EVEN LOOKING TO BUY
In the interim though this is critical info.... The bare minimum if you want to start to be ready to buy...
1) PROOF OF FUNDS....Decide under what name the property will be placed and have a bank account set up to match that name. For brevity I won't reiterate the thoughts on what structure that may be....ie LLC's versus Trusts or individual names... Just make sure that if you want the title on the property deed to read "Joe Smith, LLC" your bank account that shows sufficient funds (proof of funds) in it to buy the property, must match this name "Joe Smith, LLC"... ie proof of funds must equal the name on the deed. It is easiest to use someone like Bank of America or an international bank with branches in the States especially when you read the below but I have used St George... Proof of funds don't have to be in a US account but by gosh the Earnest Money Deposit does have to come from a US bank.. See next point...
2) EARNEST MONEY DEPOSIT CHECK.....you MUST have already drawn up USD5000 cashier's check FROM A US BANK made payable to "Title Company" sitting with your real estate agent. In the memo field, put in the same name that will be on title.... "Joe Smith, LLC". Your agent will use this same check for multiple offers and it will be okay for that .....but ....and big but.....be very prepared for the moment when an offer is accepted the title company, within 24hours, will turn around and request a NEW Cashiers check to be presented with the specific title company's name on it and maybe referencing the actual property address.... So have another 5k at hand in USD able to be drawn up in a hurry.... They do sometimes accept a wire transfer at this point but can just be horrible and you are better to be prepared! You will get the first check back if it isn't acceptable. Remember your Earnest Money Deposit (EMD) goes towards the purchase of the property and is held in good faith by the Title company handling the sale....think Australian solicitors...
3) Give proof of funds and earnest money deposit check to your agent as soon as yiu start looking for properties. You never know when you will see one you want to offer on, BE PREPARED. Update your proof of funds with your estate agent every 30 days. This need only be a screen print of the online statement but again, it MUST match whatever you are wanting the title on the property to read. Ditto with the Earnest money check.. But every 45 days will suffice for that.
4) this is an alien world for most GET A BLANK COPY OF A PURCHASE AGREEMENT... And read it... For a cash foreclosed property off to stand a chance with the banks, you are waiving your rights to inspections, to searches etc... You need to know what you are signing and not wait until you want to put an offer in...ask now, not when hours matter
5) CONGRATULATIONS... Now, and only now can you start to think about being prepared to buy... Lol...
Next will be what you need to know about MLS listing pages..... Or some other random 2am thoughts...
oh btw. Real estate agents can't by law recommend property managers or workers... I can though ... Caveat being that each person should do their own diligence and never take anyone's word for gospel without doing some sort of checks!
I will look to see if anyone had other specific questions and try to get them answered.....
As a huge aside, yes, thanks again for all the wonderful words! Yes, everyone should have their own game plan and I suppose I just want to say that whether someone follows bits of what i have done or at least takes from this enough to realize that it isn't too difficult just different, then yay! I only had naysayers and people thinking I was insane when I first started in Vegas and I had moved to a state where I knew vaguely of a relative of a friend and that was it. i then walked into my first house and just rolled up my sleeves. I agree this isn't for everyone ... Thank Heavens! But for those out there willing, this is just a how to think a little beyond "is it possible" to the "what would I actually need to do"? You can hopefully make a much betteer informed decision that suits YOU.. Not some program...or the "Emma Way".. No one should have to do this the hard way....or the secretively expensive way. Trust your gut.
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