All Forum Posts by: Craig Norris

Hey BP!

In my next campaign, I'm considering including a handwritten post-it note with my phone number. I (don't) fully expect each seller on my list to firmly affix that thing to their fridge and call me when they decide to sell their house. 

Does anyone else have interesting things they include in their direct mail pieces?

@Brian Gibbons Thanks for the video. We certainly have never mentioned or hinted or implied to provide the seller with "help" regarding their primary residence. The only property being discussed and negotiated for is the rental property, and that mortgage is up to date. The seller mentioned there is a "payment due", however never stated what that payment was for. I only know about the NOD because of my own research. Likewise, I have not counseled the seller as to what they should do with the proceeds from the sale of the rental property.

On a side note, if anything were to happen, my wife is a criminal defense attorney and would likely represent me at a considerable discount! ;p

Thanks for the input, Bill. We are actually doing none of those things. 

Sorry if I was unclear. Here is the situation: Sellers are selling a rental property for which the mortgage is current. The home they live in currently (different than the one they are selling) has an amount due from a NOD last August. We are cash buyers, purchasing the rental (not primary) home, and paying off the mortgage on the rental property. The seller plans to use that proceeds from that sale to pay off the amount due on their primary residence to reinstate the mortgage.

Does that make more sense?

I have a seller who received a NOD on their current home last August. I am currently negotiating a contract for their rental property. They plan to use proceeds from the sale of the rental to put towards reinstating the mortgage on their current home.

Question: 

1. How can I find out when the next step of the foreclosure process begins, aside from asking the seller? They say there is a payment coming up soon, but haven't given me a date.

2. If there's no way, does anyone have any strategies for getting that info from a seller (besides the obvious "Just ask!")?

3. Are reinstatement periods negotiable? Or, are there defined timeframes that banks must adhere to?

Thank you all in advance!

Today I called up my business partner at 9am and said, "I'm going to get a haircut and I'll be by to pick you up at 11. Let's go find a deal today."

We drove to an area he was familiar with near his home in Long Beach, CA. Came across a beater, knocked on the screen door (my first door knock) for no answer. Went back to the car to write a note. Older man comes out and picks his mail up of the porch, so hurry up and finish my note and go back to leave it. He was standing behind the screen and introduced himself. 

We started talking and went on for about 20 minutes. Nice older guy. Informed me he lives off of his SSA, and it easily covers his mortgage but definitely isn't enough to do the remodel his house needs to bring it up to date. 

Here's the situation: Property is in distress, no doubt. Owner is comfortable as a bug, without a reason to leave. Has an LTV of +/- 20%. Just to feel him out I made 3 cash offers, with the highest leaving him walking with up to $270k in his pocket. Received quick "No" to all 3. But he never said he wasn't going to sell the property.

Am I going to follow up? You're damn right I am! 

Thanks, @Joe Homs! Will do.

Hey hey!

I joined BP a more than a year ago after listening to a few fascinating podcasts. I was focused on some other things (kids, family, intentionally not doing real estate, telling myself I'll get around to it after... whatever, I was scared), but am back and going in deep after my hiatus.

I just joined up with my new business partner; we are focusing on a small area here in Orange County, marketing for wholesale deals and whatever else we can get our hands on. 

I also took the plunge and signed up for a pro account - mainly to leverage the calculators.

I look forward to interacting with everyone here!

Best,

Craig Norris

Thank you for the warm welcome, everyone! I appreciate all of the helpful tips and advice. 

@Brandon Turner Have you thought about investing in Detroit? I hear it's awesome! 

@Matt Slykhuis my mistake! I thought I read Anchorage rather than Fairbanks. I am not familiar with your area after all!