BiggerPockets

Hello,

What's the best shortsale course out there? I've been staying away from shortsales but looking to aggressively get into it. I've researched several courses. The best one I've seen so far is by Chris McLaughlin and Nathan Jurewicz from shortsalesriches. Has anyone used their courses? What would you suggest? Is investing in shortsales as hot as I hear it is?

I agree stay away. It seams that everyone is an expert with the markets best system.The way you learn a new niche, is Network; at REAI meetings or sites like this, and find somebody that is doing what you want to do and ask them how they are doing it. Take care.

As you can imagine, I agree with all the above as well. I was also going to purchase a short sale course, but after a few weeks on here and my own research I don't think I need a "guru" anymore. Now, I will say that I have not done any short sales yet but I know the basics of process pretty well. And of course if I get stuck or have a question, there are plenty of helpful and knowledgeable people here that I can lean on. I have asked plenty of questions and have had many offline conversations with lots of great people.

So before you purchase any guru material, I would save your money, read as much as you can here, and soak up anything and everything.

Links to the above post http://realshortsalesecrt.com

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Great advice as usual!

Let me add how I did my first short sale.
I bought a book on Ebay for $9.99, I later found it was a generic reprint, that who knows who wrote it.
I believed it was the actual dope on how to do a short sale, this was 8 years ago when 95% of investors and 99% of Realtors didn't know about them either.

During the process I asked the nice loss mitigation lady from Chase bank what info they needed and they sent me a short sale packet with instructions of exactly what info
they wanted and in what form it should take. She explained the whole process including the BPO. I took over from there, meeting the BPO agent (a cop who was studing to be an agent).
As you can see from my posts, I like to shoot the crap, we hit it off as buds, and he reported back to the broker with the number I wanted to pay for this dump.

I will say I came up with the idea of having a three page sales agreement with the price page in the middle, which included some boiler plating but no other fill in the blanks. This way I could just print up a new price page with a blank line, so I could fill in the final agreed upon price, and not have to rely on the seller.

Now with that little bit of info, I offered $20k on a $74k note, the lender came back with the exact number I told the BPO agent. $35k. Not bad for a building that is a duplicate to one next door that another investor had under contract for $125k.

Let me just offer some advice to the newbies on this site. You have absolutely nothing to lose, except some time, in doing a short sale.
I gave the owner of this property $1 at the signing of the contract.
Did I mention that he was so desperate to get away from his nightmare that he also signed a trust agreement, a irrevocable power of attorney on this building, gave me every piece of paper pertaining to this building, the contents of the building, and then signed over !00% of his interest in the trust?
Later he sent me a letter thanking me for helping him out.

Not bad for my first short sale, which was also my first RE deal, no guru's needed ever.

And this is why I tell all of you first timers
"JUST DO IT!"

Let me also tell you the biggest RE secret the guru's won't tell you.

They are the reason you have not taken action! They tell you, you need a coach, a mentor, their secrets. BS!

You do not need a mentor, you need to read a few free books from the library on REI. When you understand all that is involved in making a building cashflow.

What my secret is, is too only buy deals that make massive cash flow, I would rather look at 100 buildings and buy one, then buy a building that is close on it cash flow, and people do not hope the deal is good, because it will become a nightmare if you do.

My suggestion is to read everything you can about short sales. Your source of information can be books from bookstore or materials sold by experts in this field. Neither path will give you 100% of the information that you need to be well informed to do short sales on your own. Together they will give more knowledge that they will individually.

If you half way competent at following directions, get the short sale packet from the bank. Every bank has one. Every bank has a loss mitigation department that you will call to the the information. They can fax it or mail it to you and the fax can take up to 2 days for you to receive it.

The information contained in the short sale packet is exactly what you need to submit to the bank. DO NOT forget to include anything because if you do the bank will set it aside and will not call you to let you know so you are just left hanging.

The material that you read will help you in completing the short sale packet. This is because the materials will have sample hardship letters, advice on what to include in cover letter, where to put your offer amount etc. You would not get this for the short sale packet.

If you are still nervous about doing your first deal, then partner with someone that has done short sales to help you do the first deal. I would recommend you doing most of the work on completing the short sale packet and then letting the partner review it for accuracy. Believe me when I say once you have done your first deal then you should be able to do your next deal completely by yourself.

Hope that helps.

Typically, short sale courses do not differ significantly since the procedure involved is quite structured. For this reason, variations among the different courses are based on techniques and problem solving strategies that come from each experts experience. In fact, when you go through a short sale process, you too would develop your own style. While it takes time, this style would become your trademark, which helps set you apart from others in the real estate industry.