All Forum Posts by: Dvorah K.

Thank you Jon!

Is this for short or long term?

Hi Sheldon,
It totally depends on the investor. If you have someone who wants to invest and has all his money making a whopping .6- 2% in a mutual fund now - 7-7.5% return a year looks great.

If you have a seasoned private lender that knows if the deal is right, he can make 20%+, he will want those type of deals.

I am not super experienced in this by any means, but I think I remember hearing you really don't want to offer anything over 10% if the deal is long term to make sure you make things profitable for you too.

Seasoned investors or private lenders - please jump in and give some advise if I am incorrect.

Just happened a week or so ago. Weird - yes... but it's BoA, nothing they try to dish out surprises me. I think it is just another pin that they are trying to prick investors with, because lots of us are cash buyers. They still don't seem to like us much. lol

I don't know if you could create a note for yourself with another business you own. Good question!

Hi Chad!

Welcome to BP!

I just closed on a property in Jacksonville last week. Our funding was different than what you will be using, but I do know a very honest and ethical wholesaler there in Jacksonville that will hold your hand every step of the way -when you are ready. Or even to talk to him about the market there now and what you want to do. Please contact me at the number below my post and I will be happy to talk to you.

Happy investing!

Dvorah Kane

Hi Marc,

Are you talking about the newest 60 day deed restriction BoA imposed for buying their REOs?

The answer is, in my humble opinion, don't pay cash! :-)

I would think an easy way to get around it - buy with a pre-approved mortgage by your 3rd party funding source.

Just let your funding source know that you're dealing with a BoA REO and have them simply record a note and mortgage or deed of trust.

This way you are choosing not to be a cash buyer. With BoA, it is better to present yourself as a buyer with pre-approved financing, then the 60 day restriction won't apply to you.

Even though it can be a same day deal, the mortgage can be recorded. There will be an extra expense involved, like a mortgage tax, but it will be nominal and sure beats waiting the 60 days to resale!

Happy investing!

Hi Tom,

I don't know anything about this guy or his company personally, but I do know someone who just got royally screwed by Property 23. I was looking at their site and it says they do all due dil for you and they get comps from RealQuest and check out tax records, etc.

I know for a fact that - at least on the property they sold to a person I met thru the GDREIA - they sold it for a price many MANY times above what RealQuest comps are and they surely did not know the neighborhood because it is smack in the middle of a gang area. Repairs are around $45K (just to make it livable). Pics were not recent. By the way, the house wouldn't even be able to be sold for $1000, let alone what this person paid for it.

This company has quite a few complaints of wrongdoing against them on the internet if you do a search on Property 23.

It all goes with doing your due dil. It is important.

Again, don't know anything about them myself, but I do know one person that was taken in by their hype and believed it.

Hey Anson!

That is fantastic! Congrats to all 3 of ya! :-)

Just wanted to thank all of you awesome wholesalers who have sent me emails with qualifying properties!

To Anson...I got it buddy! First lender I get with that price point, you will be contacted! Thank you!

Anson,

Thank you for your reply. Please send me an email with what the price point in the Denver area is for purchase and rehab in retail areas - so I know for future.

This lender has a $55k limit, I could get one next week or next month with a $150k limit.

Thanks again! BTW, love your status statement... coffee is for CLOSERS!!!