All Forum Posts by: Alex Shin

Hi Everybody,

I have a seller who is severely upside down with the bank. He is on title for the property, however, is not on the mortgage. He is the main point of contact with the bank, and has had multiple conversations with them without the mortgage holder. Current mortgage holder doesn't want anything to do with the property. My seller received a "Request for Mortgage Assistance" from the first position lien holder. The plan is to request the bank to reduce the mortgage amount to 225K from 600K.

Do you think it'd be best to submit the form with or without a LOI for that amount?

Any constructive feedback will be helpful if you have any experience handling this lead.

And if you connect me to a good real estate attorney in Los Angeles, that'd be highly appreciated as well.

Owes 600k in mortgage, as-is value around 425K, ARV 510K

@Terry Hale

PM me for email

We're looking in and around LA County

Hi All,

I really need your help. CRM companies really make it seem like their system is the best until you really try it out after you pay of course. The trial version is so limited it doesnt even help in making a decision. This is now my 3rd CRM that I'm using and a few thousand dollars in the hole of giving test runs to several companies. I did hours of research digging through the internet and compared several providers on what they provide vs what I need. Even then, the system eventually ends up lacking what I'm looking for.

My biggest need right now is a power dialer and CRM compatible software. A power dialer that calls all the numbers associated with the contact and for me to take notes efficiently that get automatically inputted to the CRM. Doesnt sound too complicated but all of these companies dont seem to get it right. I dont do SEO, I dont do direct marketing. I churn and burn through numbers so this is very important to my business.

Can anyone who prospects 20hrs+ a week for marketing make me a recommendation? I'm sure many of you have experienced what I'm going through. Or if you have a company that I shouldnt demo with that will help me save time as well!

@Jerryll Noorden are you hinting that you used paid advertising for another business? You've never used FB ads for distressed owners?

Hi Mitch,

• In what state is the property located?
  • CA
• What is the ARV for the property?
  • As is 400k, ARV around 540K
• What is the loan balance?
  • Underwater 600K
• What are the monthly payments? Are payments current?
  • Haven't made payments in years
• How much would be required in repairs to make the property retail-ready?
  • He wants to meet however I haven't seen the property yet. From an estimate standpoint, I'd say around 65K from how he described it. 
• The seller is currently living in the house, correct?
  • Correct.

And it may be helpful to point out that the seller is currently talking with the bank. The auction sale date was pushed back a few months due to COVID19. He got a settlement form to reduce his loan balance to 225K. After that, I'd most likely wholesale it.

@Larissa Beltre Facebook groups

Hello Everybody - Would appreciate some feedback on this. I'm talking with a seller who desperately wants to sell, however, they are upside down on their mortgage. What are some ways to help this seller in need? Would love a short sale specialist to weigh in on this matter. Creative approaches welcomed...

@Chris Mason thank you Chris. We have no problem spending the money on a CRM if it can save us time. Have you heard of any others that are good?

We have an offer on the 33 unit development site next door as well so if you know anyone looking to buy a value add 32 unit apartment complex in Los Angeles, feel free to reach out. 

Thank you all who reached out and provided valuable information. Seller is interested in rolling their funds into a syndication project most likely through a Monetized DST TIC structure. We're still pencilling out the details, however, if you have a deal you're looking to raise capital for, inbox me with the details on the project, your company, and fee structure to all parties involved. Thanks