I am looking to build a relationship with one or more short sale experts in the San Diego who are interested in leads to flip. There maybe deals where I as a wholesaler may not be able to make the numbers work, either because the property has no equity, or because the seller maybe upside down on it. In some cases, they maybe behind a few payments but have not yet received a notice of default. I'd be delighted to connect with any such investor and possibly bounce some distressed owner leads off to you. I'd appreciate your feedback. thx.
Please send them to me. I do about 30-40 flips a year in San Diego. Send me a msg on here and I'll give you my email.
I handle many short sales in the Riverside and San Diego county areas. When I take a short sale under contract I initially vet it out to my investor list to see if there is enough margin in the deal to make it work etc. I can provide the number the bank is going to want and then easily provide the FMV to see what the market will bear when its prepped and released.
Depending on the investor and what level they are at, most SS deals are too tight to make it work between ARV and FMV as I'm sure your finding. Some are willing to go for it and hold for a few months if we are in an upswing and take a small profit
Its not the sellers that balk at the price, its usually the banks who in California have been pushing back on offers below market value since the summer of 2013. Usually; however we can still justify on average 10% or so below market value and show cause to the selling investor/bank.
If you come cross anything and you would like me to take a look at it for you let me know.
I would be happy to connect with you.
I have a short sale specialist that has closed over 500 transactions in the last few years and would be a great resource. I am a direct hard money lender, lending throughout CA, AZ, NV, so I would be happy to evaluate any scenarios. I am also an investor with a couple of funds set up to acquire distressed residential assets to renovate and resell nationally. We primarily purchase in CA, AZ, NV, WA, VA, MD, NC, SC, FL. I am based here in San Diego, and like working on projects in my own backyard when possible. Feel free to reach out with any questions.
Some are willing to go for it and hold for a few months if we are in an upswing and take a small profit
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!