All Forum Posts by: Jody Young

FWIW, Wells Fargo was telling me this week that they only go 80% LTV for cash out refi. That was not what I was hoping for.

Justen Ashcraft Is it too late to find the owner and ask then, and attempt a short sale?

Benjamin Ellis Hi, the house that I am living in now I had purchased and rehabbed with a 203k loan with Wells Fargo. Since you are thinking investment property, checkout Fannie Mae's Homepath Renovation Mortgage which is similar. I'm not a LO so I don't know the full details.
My biggest challenge was finding a contractor that would be approved by the lender and also could sustain the long period of time to get paid through the draws. I ended up with a contractor friend who was sloppy but completed the work. Also, Lowes is an approved installer so I bought my water heater, flooring, and s/s appliances through them.
I'm thinking about starting a contracting company to specialize in rehab loans.
Good luck!

Unfortunately all of my luck has been disguised as persistence lol. I am thinking that I should bump this list against the list of unpaid property taxes to increase my odds of getting a response.

Today I made an agreement to purchase a list of properties where the tax bills are sent out of state. Each record is 10 cents each, and I'm buying the list in a lot of 100 records every couple of weeks to give me time to drop letters. Does the price and plan for the list sound like a good path for marketing?

John A. In your itemized post above, you mentioned in #4 that you had 48 hrs after HUD accepts your bid to accept. Can you expand on that please? I would be worried about being blacklisted if HUD accepted my bid and then I didn't perform. Thanks!

Yes Jimmy Hong, what is crazy is that there were 3-4 of us peers advising my cousin that he was taking the wrong path.

Wendell De Guzman I didn't even think about negotiating down the medical debt, thank you for adding that!

True Sad Story: My cousin wanted to invest in RE. His wife called me, really excited, and wanted me to attend a seminar with her. I asked from who, and it was Montelongo. I advised it would be better to pass and to Google his name, yet I'll show her and my cousin how to find pre-foreclosures and would be happy to help.
Now...
They have given up on REI after "investing" nearly $10k on the Montelongo upsells. Oh yea, and they're filing BK and losing their home to... foreclosure. You can only do so much to help someone that has "bought in" to the hype.

I'll have to read this article to see if we're talking about incompetence or malicious business practice... the latter would be a shame.