All Forum Posts by: Dustin Wise

Anybody from Orange County or the surrounding areas out there? Looking for like minded people to network with. Especially wholesalers! Has anyone had good experiences with local REI groups? Look forward to hearing from you!

James,

Could you expand on this a bit. When you say your lawyer told you stop dealing with owners in foreclosure what part of the process were they in? 90 days late, NOD, NTS, etc.? Maybe you could point me to the 16 type written pages you mentioned. Thanks ahead of time for your help!

Does anyone have experience with using her foreclosure lists? How about the 3 day lab or the coaching they offer?

I really like her approach of ethical investing. She has over 1200 testimonials from satisfied investors on her site but I'd like to hear from others in this community. I'd love for her claims to be true.

Thank you Kristi! That's really what I was hoping to hear, some personal testimonies.

I'm familiar with the AUS, just wasn't sure if the underwriter would call out the title issue and let it hang up the funding. I looked through the FHA guidelines and saw the definition of flipping to be vague. I'll re-read your response and print out your guidelines.

I think the key here is the wording about "artifially inflated" price. That wouldn't be the case. Before and after pictures and receipts would probably help my case.

Thanks again!

Got it. Thanks for responding!

I'm glad I did enough work upfront to find out about the title seasoning before I got into the project but it's still a bummer. :cry:

The only way I see around this is to hold onto the property for longer before I sell it. I'll have to calculate what the profit will be after the extra holding costs and see if it's still a good deal. Thanks again.

I'm currently putting together my business plan for fix and flips in Southern California. We've found some projects that could be turned around quickly since they are condos that only need minor work.

The rehab would probably take about 3 weeks so if priced properly I could probably have a buyer as soon as 3-7 weeks after I acquire the property!

Recently I was told about a title seasoning issue with FHA. It appears that unless I own the property for more than 91 days any interested buyer can not use FHA financing.

That's a problem. FHA is making a come back and people are really starting to realize the benefit. 3% down, gift funds allowed, non-occupying co-borrowers and on and on. I'd basically be cutting out a huge sector of the buying pool.

I'd be buying these properties as a short-sale or REO in most cases. Does anyone know if there is truth to this title seasoning issue? If so is there a way around it? What about buying in an entity and not as individual (which I plan on doing anyway for tax and liability reasons)? Help!

I'm considering selling a couple of houses I own in Anaheim and Fullerton. My wife and I are both agents but are not what I would call short sale experts.

A short sale expert in my eyes is someone that does most, if not all of their volume as a short sale listing agent, currently has multiple short sale listings, has been succesful at selling at least 20 short sale properties, a relatively short amount of days on market and has a solid base of references.

I'm willing to bend on a couple of the rules so don't let that discourage you. I know that may sound like a lot of stipulations but there are a lot of agents out there that think they are short sale agents because they've done 1 or 2.

I'm really motivated and I'm open to other opinions and possible other options presented. If you are a short sale expert or know of one please call me directly at (714) 875-3667. Thank you!

That's good to know. I was going to post a question about Realnet and then I saw this thread. I've been hesitant about their ARV's and rehab costs. I guess we always have to do our own due dilligence.

I like the agent from Realnet that I've been working with and he's the first one to say make sure you talk to your contractor about the rehab budget and find your own comps. Afterall, it's my money, my risk and my neck on the line.

I'm glad to hear that overall you think they are legit and your experience was good. I don't really care for the fact that they pass on the closing costs to the investor but for now it will have to do. Thanks again for posting!

Welcome and congratulations. It sounds like you are charging forward and well on your way towards a great future investing.

It appears you found what I've been looking for. A simple, cosmetic flip to get my feet wet in the Texas market. Again, congrats and good luck!

I dont live in Houston but my wife and I chose the area for our fix and flip business. We live in Southern California and are currently seeking deals to move forward on. Always looking to make new contacts and relationships.