Is this too good to be true?
I found a group of investors who will buy the home and I will share the equity with them. We will be meeting this evening and I will write back and tell you all about it. I'm a little scared because it seems too good to be true. They only require $500 , and they aren't worried about your credit. What should I look for? What are some questions I should ask them? My family and I will live in the home. They said they will train my husband and myself to find the sellers. I will write back tonight with all the details after our meeting with them.
I need some feed back 
Hi Hunt8818,
What equity will YOU have that you can share with them if they're buying the home? Are you Lease/Purchasing the home and will share the equity when you excercise you option at the end of your Lease?
Don't believe they don't care about your credit, what's your interest rate? It also sounds like they're putting you to work (finding sellers?,what sellers?). is this part of the deal? It seems to me that they're the sellers. You and your husband are the buyers...
You need to provide more info. really don't understand the situation.
Clif
I checked it out, and they are legit. We could either purchase the home as a lease option or assume the loan at the end of the year. Our interest rate would be high, but it would be high if we went to a bank because of our low credit scores. We split the equity 50/50 with the investors. We have to find the seller ourselves, and the house has to have a LTV of 50 to 60 %. After 1 year we refinance the loan (by this time we have been repairing our credit), for the retail value of the house, the investors get their money they put in and 50% of the equity. We get our part of the equity and a house with no money down and no closing cost. My husband and I talked it over and we couldn't see how we could lose out. We'll go over the contracts with a fine thooth comb and have our attorney look at it. We have to attend a class on how to find the sellers and how to choose the home, the class covers everything. One thing I like is they didn't promise us a house, they made made it clear that we would have to find the house on our own and they also made it very clear that they are investors not real estate agents. I'm happy it seems like a good way for us to make our first purchase.
I am curious as to what kind of organization is this? You said they were a group of investors - do they market after renters/lessees to bird dog for them???
They target renters and people who lease. I was really pumped after the meeting but we decided to go with our aunt. She is willing to help us purchase a house in foreclosure or subject to. I might join them later this year to start purchasing my own investment properties. In the mean time I'm still birddoging
hunt8818
What is the name of this company? I would like to know who they are.
Hunt, Why would you pay them $500 dollars and split your equity with them?? If you have to find the house and they will only loan 50-60% of market value,you would be better off find an owner finance or lease purchase and use the $500 as a down payment.There are so many ways to buy property,I just have a problem paying someone for something I'm going to have to do almost everything myself anyway. Just my thoughts,hope it helps
Gary
P.S. also try to find a good mortgage broker,even with less than perfect credit ,it there worth their salt they can show you creative ways to get your own financing[ Edited by GaryM on Date 05/18/2003 ]
You will be paying these investors $500 plus interest payments? Plus 50% of the equity on a home you spend the time and effort to find? Do I understand that right?
Gary Chisl1 and everyone else who has posted messages thanks. I was so pumped when I first heard about the company and I am glad I waited before just paying my money. The 500 (or 700 if you want to sell the program) is supposed to be to train you on how to find sellers. But I have all this info from this website. I was so HUNGRY that I wrote the post in that frame of mind. After thinking about it I have changed my mind. I would rather spend the 149 and buy Ca$h's sub2 manual. Our aunt is willing to buy a foreclosure but she only really has 25 to 30k to spend. Is this impossible? She just bought a house for another niece for 150k. Her heart is in the right place, but I'm having a time trying to find a property that cheap. I figured I would be better off trying to find a property sub2. This way all she would have to do is pay the seller for their equity. Am I right? Hey I'm open for advice. I guess you can tell I'm still green
hunt8818,
Glad to meet you.
Now you are beginning to think creatively rather than conventionally.
I would be willing to bet what you have in your pocket right now is enough to purchase a property Subject To.
So tell Auntie to save her money, when you make the investment in my manual you will see the opportunities to have the American Dream adn help others achieve this dream also.
John $Cash$ Locke
Thank you Mr. Ca$h. Let me add we love your site. Being able to come to this site and talk with investors and greenies like myself may have saved us from getting ripped off. It slowed me down and made me think. We'll be picking up your sub2 manual and really digging in. The birddog manual is great but now I'm focused on getting a home for my family. Is the sub2 also an e-book? Thanks again for your advice.
D.Hunt
hunt8818