All Forum Posts by: John Slater

@Matthew Wilson

Hey. He may not be motivated now, but depending on his circumstances may become motivated soon. Securing finances now will become a bigger challenge having made it to the foreclosure process.

Clearly he has a challenge, figure out the pain point, and become a problem solver.

DM me if you have any questions, I have a lot of experience in foreclosures in California.

@DJ M.

Good point, but also to a point I disagree. We are investors. We are in business, and running a business and while I do rehab and close on some properties, wholesaling sometimes just makes sense.

@Account Closed My contracts have been drawn up by an attorney.  We live in California, the land where everyone loves to sue people.  My purchase contract is very generic for the most part whether wholesale or fix n flip but has specific wording.  To be safe, its always worth spending the right attorney money to protect yourself.

@Greg Moskalenko

I don’t believe refi will work as being in foreclosure and filing bk isn’t a good risk for a new lender.

Adding yourself to title does nothing. No implications on you as the foreclosure is on the loan and your not on that. If recently filed bk, if it will sell quick you could list it and sell before bk finished. However, if you have money to bring it current, solve the foreclosure, then sell it obviously eases the burden of time. Bringing it current will mean less fees accruing.

If it were me, and I believed I had time, I would list it to sell.

Only other thing would be assuming bk 13 works and a payment plan $$ amount makes sense to pay in addition to mortgage payment, that would also solve the foreclosure but then he has bk on his record also.

@Greg Moskalenko did he file 7 or 13? Was the BK just to slow down the foreclosure?

@Kosta A. Me neither. I bought a rental last year in hemet, for now it’s flipping and wholesaling to build more capital, then if the market takes a downward shift, maybe then it will be a better time for more rentals

@Kosta A. Hi. Multi Family's can be a good cash cows for sure, the challenge is it seems everyone wants to get in to that business and with So.cal being so expensive, it isn't the easiest place to start. Of course it all depends on where you're at personally. I started with a few flips, wholesale deals, put some experience under my belt, and capital, then bought my first rental. It's a SFR but it cash flows because we bought it creatively. Some argue it's better to look for cash flowing out of state, but that requires more experience and more back up cash in case something goes wrong, however having a good PM company would help. Do you have experience in the business?

k

@Vito A Carlin my business is 90% in the foreclosure market and there are plenty of leads and its easy to stay away from trouble...... Simply, Don't charge $$ to help people.... help educate them for free about their options! and If they want to sell, make them a fair offer.  No laws broken, no civil code problems. 

For those that do the opposite, they deserve to get in to trouble.  I've personally helped a lot of homeowners get some money back from scammers at the threat of shopping them to the DA.

 Hi.  I go out there, knock on their door and ask how I can help them solve their foreclosure.  99% of homeowners in foreclosure don't want to sell their house, they want to keep it.  You need to build real authentic relationships with the owners, educate yourself and them on the foreclosure process to build trust with them.  By helping them try to keep their house, should they find they have no alternative but to sell, then maybe your relationship is good enough to be in line to work with them.  You can't build a relationship over the phone, and for sure you can't build a relationship with "Hi, your in foreclosure, would you like to sell" which is often the agents first question when they go after foreclosures.  It isn't easy, but i've have hundreds of great conversations with homeowners, helps hundreds of homeowners keep their houses, which i made no money, but some of those who found they needed to sell were happy to work with me.

Hope that helps.