Alan Cowgill

For the first 10 days, HUD only allows owner occupants, government programs or non profits to bid on their properties. These properties are generally in need of repairs, they have eliminated at least 90% of the buyers for their properties. Additionally they have eliminated buyers who are willing and capable of making fast decisions. [...]

There are a number of advantages to purchasing a home “subject to” from a previous owner. The most obvious advantage is that you do not need to apply for your own financing. If the previous owner had a good interest rate, their rate will typically be lower than the rate that you would be [...]

Another piece of advice that I’ve heard is not to partner with somebody and split the profits 50/50. Instead, they say that you should offer them 15% or 20% interest. I can’t tell you how many times I have heard real estate experts say “never partner with an investor 50/50 because 15 or 20% [...]

Let’s say that I wanted to sell 10 properties at 85% or 90% of appraised value. This method will still work, but the buyer will have to come up with 5% or 10% down (plus closing costs). This may be advisable if the buyer wants to buy all 10 properties, but doesn’t have enough [...]

Here is how the loan works. I buy the property with cash. The bank (typically a small local bank) will then give me a personal line of credit with the property as collateral. It is important to use this terminology because it seems to be common among small banks. The banks that I work [...]

Are you an expert in the mechanics of fixing up a house? I can’t tell if being an expert in the mechanics of a house help or hinder your chances to be successful. I am not an expert. I would call myself unqualified to comment on any aspect of how to fix up houses; [...]

Your primary purpose is to stay in front of the REO agents for future good deals. It relaxes them because they will begin to understand that you are persistent and professional in your pursuit. Additionally, it will serve as a constant reminder and keep you on top of their mind. If your email happens [...]

If the owner does not have the cash to sell and to pay off the mortgage, the owner may be able to sell on land contract and keep his or her own financing in place. This could be considered a safer method, but it requires more upfront research with the lenders. Before doing this, [...]

Do you have realtors whom you know and trust for advice? While I am a realtor, I have seen a lot of bad advice given out by some realtors. At the same time, I have seen a lot of realtors give excellent advice. Only after working with a realtor over an extended time will [...]

Do you have realtors whom you know and trust for advice? While I am a realtor, I have seen a lot of bad advice given out by some realtors. At the same time, I have seen a lot of realtors give excellent advice. Only after working with a realtor over an extended time will [...]