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Luiz


All About Luiz

Luiz's picture
Name: 
Luiz
Location: 
Naples. FL
About Me: 

I have been looking for something that i would love to do for years! i thought selling cars was my forte, untill i joined a car company and started doing this profesionaly, i noticed money wasn't as good as when i was doing it on my own i would still average 17-20 cars per month and have a prety fat pay check, but the requirements and hours were not to my benifit.
after inputing most of my life at a dealership, i noticed that good sales man does not get promoted, because they need the units to keep moving. my wife was getting fed up with me because i would never be home, i was working 70-80 hours per week and only had a day off in witch i would go to work to sell a car in the Morning and come back home! for some odd reason customers would always want to set up appointments on my days off (customers are always right)!!!
My wife and I decided to purchase a house, and we got cough up in a franzy, we moved on our emotions instead of taking the time to reaserch the area and the house ourselves. we bought this house and had only looked at it once and at night!! the house we bought for 115, the realtor who was a close friend of ours assured us it was a nice neighboorhood, the loan office who was a close friend of the family told us that it would be dificult to get us finaced with a 685 beacon score!! we knew nothing about anything as far as credit or what not we were young and still lerning!! i am now 27 and we bought the house when i was 24
Come to find out the house was in one of the worst neighboorhoods in Fort Myers, (Dumbar) it was walking distance from the Getto, the house was one of those habitat homes! it was falling appart but the sellers covered everthing up real good with paint etc, it had mold growing in the kitchen as to where i needed to pull and trash the entire kitchen becouse the wood rottened, and the wall behind it was falling apart. boy what a deal!!! Sad
anyways our friend "the loan officer" who by the way has lost his liscense in the state of florida to do loans ever again, got us stuck with a variable loan everything was explained to us that we needed to keep the payments of 800 up to date never miss a beat witch we did, but since we bought the house for about 50% over fair market value and the market had than started to crash, it screwed us up big time we could not get a refi and the payments somehow jumped from 800 to 1600!! we could swing that payment but the house was simply not worth it! so we tryed to negociate with the banks, but the banks did not want to hear a word so in turn we had to foreclose on the house.
since than we now rent, and we are tired of it, the good thing is that everything was under my wifes name so my credit was not effected. i am working on building my credit now i have nothing in it, it was just never used for anything.
with that being said i decided to learn more about real estate, untill i watched Dean's Information, and i just had to have his books. every since i been studying real estate! and now i am a novice real estate investor! i had to learn the hard way, that you cannot trust even friends in this earth, every one is money hungry and i will not be like those people i would much reather help someone than jeopardise their families future, i take everything that has happened to me in real estate as a lesson, you can only fall and get up becouse life continues. and i have gotten up and i will succeed, giving up is not an alternative for me!

Interests: 
Real estate, my hobbies are in the RC industries i love flying toys my dream is to own an airplane! :P

Topics I've Participated In

TitlePosterRepliesUpdated
Weekly Video Blog #42 - One Small Step at a Time dgadmin1617 hours 51 min ago
Dean's Finance Center dgadmin1881 day 13 hours ago
Watch Dean's New Show Online! dgadmin693 days 15 hours ago
Home Buying Tax Credits To Likely Be Expanded To Include First Time Buyers and Previous Home Owners dgadmin126 days 10 hours ago
Weekly Video Blog #50 - Is Life Moving Fast or Slow In Your Town? dgadmin371 week 1 day ago

Basic Info

Occupation: 
Sales Consultant
Children: 
Have Child(ren)
Education: 
Some High School
Status: 
Married

Sites I Visit

Mainly Just This One

Guestbook

On 4:32am, October 7th, 2009 sgdelange said:

Sorry, Thought you might be

Sorry,

Thought you might be in Naples CA. Good luck.

On 14:01pm, October 23rd, 2009 Luiz said:

No problem

Luiz's picture

yes i am in naples fl! great place to be.
good luck to you too

On 14:52pm, October 26th, 2009 Indiana-Joe said:

Luiz,

Indiana-Joe's picture

Welcome and congratulations for being part of the DG website community. The website is packed with great information and inspiration. I just wanted to stop by your guestbook and wish you good luck with real estate investing. Each day continue to increase your knowledge with real estate and before long good things will happen. Go for it, you can do it! Believe and Achieve! Smiling - Joe

On 14:50pm, November 1st, 2009 lifestriver65 said:

can I use my va loan to use in a lease option deal??

Hi,my name is felipe and Im new to the DG posse.I see that you have this down to the science and you seem to be the man.If you dont mind cpould you please tell me how I can best utilize my va loan in a lease option deal and a tax sale deal.Im a right side brain thinker so thanks for the details.

On 5:55am, November 19th, 2009 Luiz said:

use your va loan very carefully

Luiz's picture

I'm not sure equity is the problem you should be worried about concerning your VA benefit. The VA loan guarantee is not designed for investment, as there is no good exit strategy other than paying the loan in full, and disposal as well!
(Your BUTT BELONGS TO THE GOVERNMENT UNLESS AND UNTIL THEY LET IT GO... remember the speech the Drill Sergent gave about that, same idea!)

I Please consult your copy of the paperwork for the VA or the pamphlet(s) that may be available to be sure that I am giving you an accurate opinion, but non the less...

1. The VA gives you a certain dollar sum Allotment for your benefit and is legally declared on VA Form 26-8320a . for the amount you are allowed you may use it for one or more houses. That form is as valuable as the money itself so don't let anyone borrow it to copy unless you can trust them to immediately return it.

2. When you purchase the home, it must (usually) be used for your primary residence. If you decide to buy another property, the first must be placed in secondary position and may need to be declared some form of commercial property, e.g. rental. The second property may then be purchased as long as it is declared primary residence. The VA doesn't set the rules for this as it is usually a requirement of the mortgage underwriters, so pick your lenders very carefully, especially when concerning a VA Guarantee.

3. You may renew your allotment granted in the Certificate of Eligibility (aforementioned VA Form 26-8320a) back to its original amount once you have sold the home(s)and paid the obligation(s) IN FULL, however there is a catch... you MUST dispose of the property COMPLETELY unless you have read and understood the terms of 38 U.S.C. 3702b which may allow for partial disposal. You may wish to consult Black's Legal Glossary to fully understand the meaning of "disposal", but it doesn't sound pretty.

4. Don't EVER, EVER let anyone assume your loan (even though you are allowed to do so with written permission from Lender And/or VA), because you will not be able reclaim your eligibility until the loan is paid IN FULL. YOU are still responsible for paying the balance still owed if the assuming party decides to default. pamphlet:
"The fact that you will receive a cash payment representing the difference between the sale price and the balance of your GI Loan which is to be assumed by your purchaser will not prevent you from obtaining a release of liability from the Government.

Your entitlement cannot be restored when you are released from liability to the Government unless VA is also released from liability on the guaranty by the holder, and you are otherwise eligible for restoration. Normally, VA is not relieved of its liability on the guaranty unless your loan is paid in full, as VA continues to be liable on the guaranty even though you have been released from liability from the Government." Rerpinted from: POINTERS FOR THE VETERAN HOMEOWNER, VA Pamplet 26-5 Revise June 1997.

5. ALWAYS retain the services of an attorney when doing anything with your VA loan. If something goes wrong it may very well mean that you will permanently lose your benefit!

Sorry for the verbose response, but I feel this is very important subject, not to be taken lightly.

In summation, I would submit that you use your VA benefit ONLY for your personal property that you wish to own free and clear, because casual buying and selling can invite risks that may not be worth the value of the benefit. the rate can drop as rapidly as the Government wants, but VA capps any increase in rates to 0.5% PER YEAR MAXIMUM! What a Benefit to protect with wise financial choices. u can always refi again without credit checks or appraisals if u need to if u haven't defaulted.

Good Luck with your investing and hopefully this has been helpful. If you have any other concerns about VA check with your local VA office first.

PS. Make it a matter of business as pointed out in Deans books to retain the services of a TRANSACTIONAL Real Estate Attorney, and in your case one that has working knowledge of VA Loan Programs. You must insure you do not encumber or endanger your VA loan with other personal business that may force your mortgage into recievership, because that will default your VA Loan Guarantee and Government will still hold you liable even in bankruptcy.