All Forum Posts by: Anthony S.

What was I thinking... they haven't stopped paying, they're just underwater.  My bad.

@Wayne Brooks  Thanks very much for your input.  I knew it couldn't have been that simple.  

     I got the distinct impression from the agent that it was the bank holding  things up (including the price,) as much earlier in the process they'd had an offer accepted by the bank, but because they dragged it out so long, the offer maker withdrew. 

Great points all -- I must determine how many lenders are involved, see if they've even pulled a title & made a BPO.  Much to do.  Thanks again.

I need to understand how a mortgage lender thinks re: short sales when they've been paid a mortgage for 8 years.

Situation: Nice 3/2, 1,350 sq. ft. SFR in good location (great neighborhood, near schools, desirable part of town) purchased in Sept. 2006 for $202,000 ($199,186 mortgage). Since I purchased my current home during the exact same month (Sept. '06) and in the same part of town, I know mortgage rates here were around 5.25%. The home in question has been on the market for over a year, and still sits vacant, with 5' high weeds growing in the yard. The lender has approved a short sale...

Plugging in the numbers, we can easily see that the owner paid around $80k in interest over the 8 years he occupied the property, and the balance of the mortgage around the time he stopped paying (late 2014) was likely around $172,000.

The home is currently listed for sale at $175,000 -- not exactly a short sale, but close to my estimate of a $172k balance.  3 comparable homes within 0.4 mi. radius have sold within the past 6 months, averaging $181,300.

The property would make a great rental unit, renting for $1200 to $1250/month.  It needs some work - likely $15-20k in rehab. 

Questions: 1. What's it going to take (offer) to get the lender to unload this property? -- a cash offer? & at what price?? 2. Would a POF letter from a hard $ lender be sufficient (or appropriate) to accompany an offer, or will I need a check for the full amount of the offer?

Thanks!

Very inspiring to read your account. Thanks for all the detail, photos, etc.  You give us new investors hope. Congratulations! 

Thanks, @Manuel Perez !  Very helpful  I'm going there right away.

Anthony

Thanks Brie! very helpful, & good to know

Having gone without credit cards for the past 5 years - following a bankruptcy - I need to obtain a couple credit cards in order to facilitate bidding on foreclosure auctions.  According to Credit Karma my credit score is presently 718, but the automated applications reject me immediately (applied to AmEx tonight) & I suspect it's because of the bankruptcy.

1.  Can I negatively affect my credit score by applying for - & being rejected for - too many credit cards in a given period?  (I just learned of the 5/24 rule.)

2.  What is the best way to obtain a credit card given the negative info on my report?

3. Will online foreclosure auctions tie-up credit on a credit card (i.e. $2,500 bidding authorizations)?

  3 a. If so, isn't that a good reason for getting as much credit as possible on each credit card one has?

Thanks,

ALS

Thanks, @Sheena Blankenagel !  I'll do that.  

Congrats on the baby, & I wish you all the best!

Tony

Thanks, Paul.  I'm well on my way thru that list already!

Thanks, guys!  

Zane, I've passed your BP profile on to my dad in Amarillo.

Jeff -- thanks for the invite.  

Hello everyone, I'm Anthony Stampe, from Grand Junction, CO!  I'm a new RE investor with a little training, a lot of enthusiasm, and some 2nd hand experience from watching my dad buy & rent houses when I was growing up. 

For the past 25 years I've made a living in a sales capacity, managing product sales & distribution in a territory.  The last 13 years I've worked in the maintenance welding industry, selling on commission & traveling (too much) throughout western Colorado, eastern Utah & New Mexico. I'm ready to get off the road and learn a new career, & I really want that to be real estate investing!

Recently my dad, brother & I decided to buy & attend some real estate training in Lubbock, Tx. Since then we have formed a company we call Diamond Lazy S Properties, LLC. We plan to buy & sell in our home markets of Amarillo, Texas (dad), Rio Rancho, NM (brother) and Grand Junction, CO (me.) We're not cash-rich investors, so we have to learn the ropes of wholesaling first, & then we'll buy, repair & rent as we can afford to. Can't wait to BRRRR!

Last week I discovered BiggerPockets, & WOW!! - is this a cool place.  I've been all over BP & am teetering on information overload!  I love the podcasts, & listen to one every day. I watched the "How to use BP" webinar, & am signed up for the Fix & Flip webinar Wednesday evening (can't wait!) This Thursday will be my first meet with a local REIA club, so I'm hoping to meet some industry contacts & move a step closer to my first deal. Yea, BP!! It's great to be here!