All Forum Posts by: Mike Landry

Hmm Ok.  The broker goes door knocking so he can look in the houses, tries to buy them, and if he can't he tries to list them. Good business plan. I don't blame the guy, I just don't trust him.  He had more than one house that day where they where stopping the foreclosure at the last minute. 

As far as the sellers go, they should have been foreclosed on years ago. The first notice was given around 10 years ago. Extensions, amendments, second liens, modifications....This was something like the 10th notice. Looking at the title history and notices I'm not sure they ever paid their mortgage.  In my mind they don't care about a foreclosure, they just want to live there as long as they can. Which make me think this short sale won't be fast. If they had $4000 why don't they pay their mortgage or negotiate something.

Joel and Wayne, I claim ignorance on the bankruptcy filing.  If it was cheaper, than that makes a little more sense.  Is a short sale really much better than foreclose on your credit.

Maybe It's not the agents doing though...

Here is the deal.  I was the winning bidder at the February foreclosure auction.  As I went to pay the trustee, a relator approached me and advised me that it is his clients house and that the client filed bankruptcy the day before.  They put up a short sale listing about 4 days prior to the auction.  I paid the trustee and the next day the official word was received, foreclosure stopped, and they are mailing my money back. 

The realtor was knowledgeable and knew he couldn't interfere with the foreclosure process.  I casually laughed and asked him how much a bankruptcy filing costs and he didn't hesitate....$4,000.  Then he said once the foreclosure is reversed they are going to drop the bankruptcy and continue trying to short sale the house. 

Does this seem odd and a bit unethical of the realtor to anyone else?  The client paid $4000 to stop a foreclosure but is now going to have a short sale on their record anyways and still have to move out..... just so the realtor could get their commission? 

I did put an offer in with them for a short sale but I am questioning this transaction.  Any thoughts.

I don't plan on leaving my w2 until I am ready to retire.  I like my job and it pays well.  Real estate is only part of my retirement plan and part of my lifestyle plan.  I set an original goal of having my properties make enough money to cover a car payment... because I took the cash from my "car fund" to buy my first couple of properties.  Now my properties could cover my mortgage but instead I reinvest and take out a smaller amount quarterly.  I then choose to apply that to where my lifestyle needs it.  Pay off debt, vacation, toys, kids college, ect...the families decision. This keeps my family and i motivated to invest more but at the same time rewards us for the hard work.   You can't take it to the grave and I didn't do all this work for nothing.... right?

Start with a small goal and let it grow.

Hey Korey.  I siphon off $100 per property per month and pay it to myself quarterly.  This is not my living off of money... more like lifestyle improvement.  I live off of my w2.

I would say 2 to 3 sqft labor only. Add 100 for each toilet removal and installation.  Backsplash....Not much more. 

I would look for another quote. 

nice!

@Bob C.

Thanks bob. I completely understand. I've narrowed my market down and thier are only 160 absentee owners that fit my criteria. Im about to start mailing to specific neighborhoods more like you...6+ years, size ect. Need at least 1000 addreses i figure. 

I was surprised from my first mailing. I only sent out letters once but i was receiving calls 6+ months after. 

good info. What kind of list are you mailing to? Absentee owners?

I say put it on there. I'm no expert but I'd be curious to see what the experts think. My last 3 motivated sellers contacted me via Facebook messaging or text. We chatted there before having a phone conversation. One of those lead to a deal. 

Email and text is a lot less stressful for someone that is shy, timid, or slightly embarrassed about their situation. 

@John....Not working on my android phone..

Looking at your profile, 10k in cash flow monthly! Awesome! That's my goal in the next few years. How do you pay yourself? Are you reinvesting it? Do you take a set monthly amount to reward yourself? Or do you just use it when you want on anything you want/need?