All Forum Posts by: Joaquin Caballero

I was approached today by a realtor who had a possible deal but it was way too complicated for me to give him a hard line "yes or no" and I wanted the BP community's take in it.

The homeowner owns an invesment property with tennants living in it. The tennants pay on time and are interested in buying the property from the seller, but less than what they owe as they are underwater. The rent is a little more than half of mortgage payments and the seller is about 3 mos behind with a NOD filed and trustee scheduled for Septemeber!!

I know it sounds like I should just pass......

But for education's sake, Deal or no deal?

I know insolvency has a lot to do in proving your case to the lender to sell short, so does the fact that the property is occupied by paying tennants show that the seller is NOT insolvent but just made a bad investment?

Jackie,

I see what you are saying in the fees being a little high, but I also see my national guy's point in being a finance last resprt for an end buyer. My reasoning is that fees are all relative as long as our net is good.

What I mean is this: there are two kinds of buyers - cash wholesale buyers and retail buyers who need financing. If a retail buyer is offering 5k,10k,20k or even $30k more than a wholesale buyer, than why worry about 1% or up to $2000? You're making more money NET than you would if accepted a cash offer, and thats the bottom line. Plus, this guy has closed many of these typed of transactions so you are not "testing somebody out" for the first time - ITS THE REAL DEAL TO GET YOUR DEAL CLOSED.

Richard,

Thanks for the update on Tracy. I was not tryign to throw you under the bus at all with the misunderstanding I was more apologizing for my own interpretation of her experience.
Please keep us all informed on the confirmation of whether or not she can do this with confidence.

smitnlit,

Thanks for the updates!

I have meant to update that Tracy at SunTrust is not a good contact as well. I was referred to her by another BP memeber that I thought had confirmed her as "flip friendly."

Maybe I misunderstood.......

It was my understanding that Jacob Jacobson at Wells Fargo COULD do this type of financing, as he told me over the phone he could and was just going to double and truple check with his underwriting department. Oh well....

I have a guy that is ABSOLUTELY SURE he can do this nationwide, will give references of investors he has done this with, and can answer any specific questions with an investor over the phone. Cant post his info on here because all I have is his personal email and phone$.

ANYONE INTERESTED PLEASE SHOOT ME AN EMAIL AND I WILL GLADLY GIVE YOU HIS INFO.

Thanks Ted for your contributions on this thread.

Anyone else want to contribute?

UPDATE: I spoke with a Mortgage Broker last week who knows exactly the issues that we are dealing with. He has worked with short sale flippers nationwide and comes highly reccomended from a local short sale flipper here in San Antonio.

As soon as I told him that I was flipping short sales he interupted me and said "You guys are probably running into title seasoning issues, I can solve that."

He has contacts for lenders who dont care about title seasoning and can lend in 50 states, FHA or conventional.

I wont post his info here because all I have is his personal contact info and I wanr ro conform to the thread rules, but if youre interested in this awesoem contact shoot me an email and I will give you his info.

:D

Hey Eric

Im interested to see their paperwork.

Can you send them to me? (Email in my sig.)

Ok Jon. Thanks for the guidelines. I will start this thing off an dI encourage everyone else to throw in at least one or two in accordance with the guidelines Jon posted.

I have no financial interest in any of these companies and I have not made a single transaction with any of them. All contact has been over the phone and via email.

Mark Hoffman
PrimeLending, A PlainsCapital Company
512.716.3505
mortgagesbymarkhoffman.com
*Broker based out of Austin, TX - I think they lend in all 50 states

Erika Naegelin
Branch Manager, Prime Lending
Phone: (210) 483-4920
*same as above

Trimark Funding, Inc.
5101 E. La Palma Ave. Ste. 101
Anaheim, CA 92807
Mark Reynolds
(NO NUMBER YET)

Jacob Jacobson
Mortgage Consultant
Wells Fargo Home Mortgage
P6178-011
2121 W Burnside St
Portland, OR 97210
(503) 276-2282 Tel
*spoke on phone, can lend in ALL 50 states and is aware of FHA listing the 90 day rule, is ready to go

Randolph Brooks Federal Credit Union
7700 N Loop 1604 E
San Antonio, TX 78233
(210) 599-4070
*local San Antonio, TX credit union. only lend in greater SA area

Advantage Lending Center
Danielle Burgess
720-320-2023.
Bank of Commerce
www.mybocagent.net
*fellow BP member here who claims she has not tile seasoning on either FHA or conv product as long as deed is recorded - all 50 states

Shawn Kaplan
Access National Mortgage
www.AccessLendingTeam.com
(615) 426-3182 Direct
*all 50 states. highly recommended by a FB friend of mine. not broker but a federally chartered bank

Sun Trust
Tracy Dickson 252-335-2455
https://www.suntrustmortgage.com/homlnh.asp
*can lend in 48 states - never spoke with her as just got contact info yesterday from fellow BP member

ICON
-have been told by several BP members that have used them in the past that they are “flip friendly†but still working on finding a contact for them

PRNG
-same as ICON

These are lenders I have been told will work, but I am working on finding an “inside†contact
-US Bank
-FlagStar
-Bank of America

Hope this helps

I see your point Nick but what Im proposing is a collaboration to compile a list as a resource IN CASE their lender doesn't.

You are dead on when you say throwing a list at them upfront would look shady and like we are sending them to our cousin or somethign to get some more $$. But if we get a non cash offer from a buyer whose lender is giving them a hard time, it will be useful to have a list we can email them that has national lenders/mortgage brokers with contact info so as to say "Your bankis a f-ing idiot, I know a bunch of people that will do this"

In responding to a post on this forum titled "Losing Buyers", I thought of an idea...

Why don't we all contribute to creating a list of "Flip-Friendly" Lenders that don't care abotu title seasoning or only look for a day or two of vested title to fund an end buyer??

I think it will be beneficial for everyone to have nationwide lenders that they can show to their end buyers to legitimize our short sale business.

This would not be an advertisement for any one lender/mortgage broker but a resource for everyone to reference in the future.

Moderators?? Ill give you a day or so to ok this and then I will post some contact for a few guys I recently came across. :D

Richard,

Thanks for the heads up!! Im legally blind so typos are very common for me....ha ha.

Ill put it on my things to do list and maybe get to it next week.

hey smitmlit, ive got a couple of resources that may help you out as Ive recently been in the exact same situation as you are in and started compiling a list of "flip friendly lenders"

shoot me an email @ [EMAIL REMOVED] and I can send you a file with some contact info for FHA lenders that dont care abotu title.

anyone else interested I am not stingy so shoot me an email as well and we can all prosper.