All Forum Posts by: Christopher Davis

I appreciate the input, it's pretty much what was expected.  They have a lawyer telling them short sale = foreclosure.  I know this is just wrong but I do not have the expertise to advise them on a short sale, hence this post.  I'd like to refer them to someone who knows the process in this area well.  

We have a close friend who has received notice of trustee sale.  They are under a bit of stress as one might imagine so the information I have right now is incomplete but it should still be enough to start exploring their options.  

- Litchfield Park, suburb of Phoenix, AZ

- The sale is due to take place in September

- Home value guestimate ~$170k

- No equity, they are a little under-water and owe 180-190

- They are currently paying on another plot of land and trying to get a house finished after it being botched by an unlicensed contractor.  So they want to maximize the time they can spend in the current house. 

- Conventional loan is with Washington Federal

I happened to have just heard podcast #19 which featured @Tracy Royce talking about this very issue.  I am not really looking to work this as a deal, I would like to be able to get them in touch with a person who knows the Phoenix, AZ market who can best explain the best options for their situation.  I will consider this a learning experience and perhaps an experience BP member can earn some money. 

I'm a bit puzzled regarding the math of having a conventional mortgage and being upside down by 10-20k, but she admits to not understanding the process well and might just be a little confused on the terminology.  Once I can go back to her with more information or someone to talk to, I think she'll be more open to getting her head around the specifics.  

That nervousness will fade quickly the more time you spend learning here.  The BP has blown me away with their helpfulness and willingness to share knowledge. Good luck!

It's great that you're parlaying your skills to achieve more.  Welcome to BP!

Welcome from AZ!

a prospective tenant asked me if I take Section 8. I began articulating something like, "um, well...." Then she followed with, " and can you build an enclosed area for my pit bulls?"

Hello Ryan and welcome.  Have a look at the Ultimate Beginner's Guide: 

http://www.biggerpockets.com/real-estate-investing 

Great idea for a thread @Brandon Barnic: 

I suppose I have a few advantages in that I'm a bit older, patient and analytical.  Most importantly I have a fantastic, supportive and organized wife who is an excellent number cruncher and will forensically audit the books and records until they add up.  Try to slip one past her and she'll hit you over the head with it.  

 azreia.org they hold monthly PHX and Tuscon meetings and give you the heads-up on networking groups  too.  And welcome from a northern neighbor in the Phoenix west valley!

Welcome from AZ.  You're right about the podcasts, I found out just how quickly one can generate a data usage alert on a 10gb wireless plan.

If you have heard podcast 22 with Tucker Merrihew (or at least I think it was show 22) keep up the momentum.!