All Forum Posts by: Brett Goldsmith

@Lukas Koube That's great stuff and yes, the 2% or 1% rule are tough to come by in LA without a large down payment. They do exist and are true gems. The market is high right now too which makes it that much tougher. 

Are you looking to buy at a foreclosure auction or an online auction?

It would need to go through probate so you could be named the executor of the estate otherwise servicer won't work with you. You won't be able to do any of those things you listed to make a profit. If you occupied home depending on the investor on the note they may offer relocation money. 

A short sale will be the only way to get in with equity based on those numbers.

Why would you want to assume a loan at 1.1M on a 900k home? Also, from my experience, it won't be assumable (if it truly is assumable) while the loan is delinquent.

You should be trying to get a hold of the borrower to get an authorization letter to speak on their account. Also, I'd be asking title to see if they could send a letter requesting a payoff and maybe they'll get lucky and one will be provided. 

Yeah, the QCD would just allow someone to take ownership, rent it out, and collect rent presumably. 

It's a tactic used by some people but obviously that does not help in getting the property in an equitable position in this particular case.

@Deepika Tandon

Borrower or an authorized 3rd party can get a payoff and reinstatement quote. Most agents won't be able to help with this unless if they are very investment savvy. These scenarios can be complex and very sensitive, a custom contract is needed to do it the right way.

Team model can help to gain experience quicker, leads, and support group.

Do you get to list your own deals or would the team leader list them? Do you get to brand yourself or does the team lead get all branding?

Different strokes for different folks!

I'd rather be a partner then on a team. 

What is the home worth in its current condition and what is owed on the liens(s)? If it's underwater, it should be reviewed for a short sale. 

If the debt was discharged, why doesn't he just short sale it to you if he wants it out from under his name? I'm not an attorney and the below is not legal advice. Generally a ch 13 surrender means the debtor has no intention of keeping the home and they will let it be foreclosed on. Also if a BK is filed and debt is discharged on the home from my understanding creditors should not be trying to collect.

What are the arrears on the mortgage note? Get a payoff on the account and a reinstatement quote. Have you checked title to confirm how many liens are truly on title? If you take the property subject to, ensure to get an authorization letter or a power of attorney to speak on behalf of the borrowers with all lien holders on title.