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This forum is for discussing real estate investments, real estate investing, creative real estate techniques, and all other real estate investing related subjects. Your Hosts: Jim Ingersoll and Marko Rubel

Jim Ingersoll is a successful author, entrepreneur, real estate coach, and active real estate investor who has bought and sold hundreds of houses. Jim’s passion is investing in real estate without bank financing, putting together creative real estate transactions, speaking, and coaching others. He is the author of:

  • Investing Now: An Insiders Guide to Flipping Houses For Income Today

  • Cash Flow Now: How To Create Multiple Streams of Real Estate Income

    • Jim is also HEAD COACH at our coaching site:

    Marko Rubel is a leading authority on creative real estate investing, specializing in pre-foreclosures. He is known for creating automated systems that enable investors to skyrocket their profitability quickly.

    He is an active, full-time investor who has bought and sold more than 300 properties, earning profits exceeding $1,000,000 in a single year, while working only a few hours per deal. He is the is the author of several excellent real estate investing courses:

    Topics include Foreclosures. Subject To, Short Sales, and Lease Options.


     
     
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    Old 08-21-2002, 09:03 PM
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    Default very frustrated - Posted by NM-JOE
    Posted by NM-JOE on August 21, 2002 at 21:03:12:

    I found a pre foreclosure, a fourplex in new mexico, went to county records, found out the owners name, address, etc.
    Okay, what I want to do:(1)contact the lender, ask if they will discount the loan. (2)Ask if I can take over the loan by doing a "wrap mortgage" and (3)pay only the monies owed to bring the loan up to date. (4) The owner doesn't speak english.
    My question is this: How do I do this? I mean what do I say to the lender, who do I speak to? Do I have to have some sort of contract? Should I have an Attorney draw up a contract and if so what should I stipulate be in it?
    I have thousands of questions on many different ideas, I went to a three day seminar held by an idividual I am not allowed to mention here. This is my first deal and some advise would be greatly appreciated.
    Thanks,
    NM-Joe
     

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