All Forum Posts by: Blake B.

If the Chicago market is something you're taking a look at, I am happy to be your guide.

For me, I don't typically finance traditionally so rising rates don't affect much, if anything at all.

Where rising rates can benefit me is in relation to floating rate mortgages that eventually lead to default. Equitable remedies are the key to my investment strategies - so orders of default on debt are worth their weight in gold.

Quote from @Chris Seveney:

@Carlos Ptriawan

I agree 100%

We also invest in notes and last several years have bought over 600 loans - I can tell you based on data if someone has more than 20% equity in their home and they default they will try and keep the home in some way which is typically bankruptcy.

For those who have less than 10% equity or are upside down most of them let it go to foreclosure or hand the keys back and walk away. Why? Because you are getting slapped with a lawsuit and have a sheriff come knock on your door and serve you with a lawsuit that in most instances you cannot win.

Do you want to continue with that stress or just walk away and start over ?

 And I say to those folks, give me an equitable interest so that I may act as the surety and stop the foreclosure!

Quote from @Joe Villeneuve:

Quote from @Blake B.:

As far as cash flow, a 40 year am would be helpful, but you'd gain little equity and pay absorbent interest. I'd consolidate whatever debt I have and use the difference in saving and apply it toward the note and pay it off completely within 7 years.  

...and all you'd be doing is paying more and more money than you need to.  What you described provides no financial gain,...only additional cost to the REI.

It would actually reduce cost and add more saving. The key thing to keep in mind is that you've already created additional funds monthly by consolidating the debt into a significantly lower payment.

That difference of saving is applied to the principal balance of the debt monthly to rapidly amortize the repayment; this reduces total interest payments by an astounding amount (normally hundreds of thousands over the life of say a $400k, 30 yr note).

You wouldn't have seen the money anyway because it's currently being used to cover debt service. So, when you realize cost saving from reducing the cost of funds, just amortize the debt even more.

As far as cash flow, a 40 year am would be helpful, but you'd gain little equity and pay absorbent interest. I'd consolidate whatever debt I have and use the difference in saving and apply it toward the note and pay it off completely within 7 years.  

Quote from @Marty Boardman:

Quote from @Blake B.:

Quote from @Marty Boardman:

Hey Hunter! I've been buying pre-foreclosures and at the auction (Trustee's Sales and Sheriff's Sales) since 2002 in Arizona, Illinois and Wisconsin.

Each state has a unique set of rules for how the process works (judicial and non-judicial states). Utah is a non-judicial state, which means that the procedure is governed by state statute.

As a beginner, I think it's best to focus on pre-foreclosures. As a Realtor you will need to be careful and disclose that you're a licensed real estate professional when negotiating with sellers in foreclosure. You may also want to notify your broker.

I've found it's best to approach homeowners in foreclosure when their auction date is 30 days (or less away) because they have limited options at this point. Here's a link to Lundberg and Associates, they're one of the top foreclosure law firms in Utah: https://www.lundbergfirm.com/f...

Are you looking to do foreclosure deals for yourself, or for your clients?

 I just reread this post and the part about focusing on leads where they have no other options completely changed how I think about prospecting...I've been focusing on the new foreclosures because I have so much value to give...but, better to talk to the people who can use my value the most today!

Smart strategy Blake! The last two pre-foreclosure deals I closed the homeowner had just 24 hours left until their auction. I was able to save them from a terrible financial outcome.

Wow! 24 hrs huh? If it was a non-judicial state, did you file a TRO or something?



Wow! 24 hrs huh? If it was a non-judicial state, did you file a TRO or something?

Wow! 24 hrs huh? If it was a non-judicial state, did you file a TRO or something?

Quote from @Marty Boardman:

Hey Hunter! I've been buying pre-foreclosures and at the auction (Trustee's Sales and Sheriff's Sales) since 2002 in Arizona, Illinois and Wisconsin.

Each state has a unique set of rules for how the process works (judicial and non-judicial states). Utah is a non-judicial state, which means that the procedure is governed by state statute.

As a beginner, I think it's best to focus on pre-foreclosures. As a Realtor you will need to be careful and disclose that you're a licensed real estate professional when negotiating with sellers in foreclosure. You may also want to notify your broker.

I've found it's best to approach homeowners in foreclosure when their auction date is 30 days (or less away) because they have limited options at this point. Here's a link to Lundberg and Associates, they're one of the top foreclosure law firms in Utah: https://www.lundbergfirm.com/f...

Are you looking to do foreclosure deals for yourself, or for your clients?

 I just reread this post and the part about focusing on leads where they have no other options completely changed how I think about prospecting...I've been focusing on the new foreclosures because I have so much value to give...but, better to talk to the people who can use my value the most today!

Quick back story: I am helping a client find a new lease. Their current building is not renewing leases for whatever reason and so now my client who just gained citizenship last year and his wife, a victim of identity fraud, are in the market competing for a new lease.

One thing I've noticed is that landlords want 700+ credit scores or else it's a futile effort submitting applications.

In the perfect world for a landlord, when they put their property on the market, they may get 10 people to submit applications, and likely out of those there will be at least one who checks all of the boxes - great!

But, do you as a landlord ever take care to look at a situation like my clients' where the husband is still building out his credit profile in the U.S. and the extreme case of identity theft that has severely hurt the wife's credit profile?

These folks have two children, make good money, and are looking to buy their first home next year, but in the meantime, have to have a roof over their heads.

So my question to the other landlords out there is: How heavily do you rely on/trust information furnished by the Credit Reporting Agencies? And do you ever take care to evaluate each applicant's individual circumstances? Or is it just, check all the boxes, else best of luck?

I'm with you here. My philosophy with landlording is to be a value add. I am able to leverage what I know to get myself into smoking hot deals and can afford to do things like you mention and beyond that, set up my tenants on the path to ownership if they'd like to and complete financial stability. I'd say, weigh the risks, but in the end, follow your heart, in combination with a rational mind.