All Forum Posts by: Glen Andrews

Sniper,
If you're dealing with motivated sellers it won't matter. In most cases they already know you're an investor.

I tell every seller I come in contact with that I'm NOT a NON PROFIT Organization and I do plan on making a profit.

David, The 9 Key's to short sale success is on this site. Alot of people don't know what their talking about either
"Tread Carefully"!

Sean, read my "9 Key's to short sale success".

BM,
If you're unable to get the seller to agree on a short sale and get the proper paperwork signed the bank will NOT even talk to you about a short sale.

But if you're asking how a short sale works with the property you just described above. If you can get the seller to sign a purchase and sale and a authorization to release you would be best to short the second lien holder depending on the repairs. Take over the first subject to the existing loan until you're able to fix it up. You then have the option of renting, lease option, Owner financing or selling for all cash.

This would depend on the amount of fix up and monthly payments.

You should be able to get a full payoff on the second for approx. $2,000.00 as long as the lender doesn't hold the note on both the first and second. Either way if the property needs work you will get a short sale it all comes down to the BPO (Brokers Price Opinion)

Joshua, how can I copy and paste the scripts for everyone to see? If anyone needing this info can also email me whatever is easier.

Alex, the option agreement give you an owner interest in the property which then allows you to sell the property without a realtors license.

Alex,
A hard money lender in most cases will cover the assignment fee if your assigning to an investor and all the other criteria is met.

if you're selling to a buyer who is going down to get a loan from the bank then the answer is NO, the lender will only lend on the purchase price of the property NOT the assignment fee.

The title company or attorney pays you your assignment fee from the proceeds coming from the seller or buyer. They themselves do not pay you.

If the numbers work and you think you can sell it ask the sellers if they're willing to pay you a fee if you bring them a buyer or have the seller sign an "Option" agreement.

Alex,
If you need a wholesale deal you should be looking for junkers in lower income neighborhoods. (NOT War zones)

Go to you local reia club and ask other investors (rehabbers) what areas they like to work in and what type of properties they are looking to buy (Beds/Baths)

I was just up in Raleigh last month at the reia club. You're in a good market. You just need to focus on looking in the right areas for wholesale deals.

With what you're trying to do above can be done. Your end buyer will have to bring cash to pay you your assignment fee because the bank will only loan on the contract price.

Having said that you can have the seller
sell to your buyer and put on the addendum that the seller is willing to pay you an assignment fee of whatever you agree on at closing from the proceeds of the sale if you can bring him a buyer.

If you do this that way just check with the closing attorney or title company to see what you should call your fee. If you're NOT a realtor you can NOT call it a commission.

I have done it this way and my attorney put it down as an assignment fee. Your closing agent may want to call it something different.

You can also do an "Option" on the property. This gives you owner interest in the property and a right to sell it.

Alex,
Yes, Bandit signs. I've tested both ways and the professional ones out pull the ugly handwriten ones 2-1. If you email me I'll give you my sign guy. He only charges $1.50 a sign plus stakes. If you can get them cheaper great.

I understand that there is only so much room on a 18x24 inch sign but make it your own.

Example.. I have a student who put Erica Buys Houses with a number and website and she gets comments from people about seeing her signs every where. She had one seller looking for them because he saw them months back before he was ready to sell but he remembered "Erica."

When investors put "WE BUYHOUSES on their signs they're all lumped together and it's easy to become the big fish in a small pond quickly if you just take the time to market your business completely different than everyone else.

By the way a ladies name is less threatening than a mans. We've tested that as well.

Just a quick not: When you sell on a lease to own a handwritten sign seems to work better than a professional one.

Alex,
Do you know what the house is worth? Do you know what's owed on the loan and what the payments are?

I don't know how motivated these people are but it could be a great subject to deal depending on whether you can cover the monthly payments or not.

Do you know how to do subject to?