All Forum Posts by: Laura Alamery

Hello Andrew! I am also an investor from St Louis and I have been investing in the area since 1991 ... :)

I also run a real estate club locally and network with other investors who want to learn about the business. Come and join us some time. 

I assume it is probably a HUD property/foreclosure, since it is only available to owner occupants at the moment.

Don't put too much work or effort into it until after August 11th. With HUD it is definitely timing and a numbers' game. There is a whole strategy to it (I will write a blog post about it, you just gave me the idea :)

It is definitely more challenging dealing with tenants in low income housing. Usually it is better to rely on Sec.8 rental subsidy. I personally have either rented houses and apartments in low income areas preferably to Sec.8 voucher tenants or owner financed them with Contracts for Deeds (the tenant/buyer has more interest at heart, since he is more of an homeowner than a tenant.)

Yes, you could put a blind ad like what you stated to see what kind of feedback you get first.

Good luck! Don't be scared, analyze the numbers carefully, use some due diligence and go for it!

Postlets.com - they have a free version (that is all you need for start.) You can post all your properties and they make a Gallery page for you where you can customize the header and put your contact information, if you want.
Plus with a click they will give you a very attractive digital flyer that you can post on Craigslist, Backpage, etc. and syndicate to dozens for real estate site.

Easy to use and very professional looking.

You stated that the seller wants to get rid of the house, right?
Plus I agree with the previous post - unfortunately the seller does not get to decide on loan modifications.
My suggestion is you buy the property at $81k, flip it for a "quick sale" price (have an agent run comps and tell you the value range between a wholesale quick cash sale and higher wholesale - you start listing it at the higher wholesale and if you don't get an offer slide it down incrementally towards the quick cash sale price - that is your bottom line.)
You should come out ok, even after transactional funding and closing fees.

There are so many articles and blog posts on the Internet about short sales and short sales processing. If you want to start getting into real estate and wholesaling, I suggest you read up on them and jump into it.
You might hire a good short sale processor, that will help you out a lot, but other than that you can do it yourself. If you know someone with short sale experience, he/she might be able to give you a rundown, otherwise read up on them, hire a processor and you are in.

Sure! Fire away! There are a lot of experienced investors in this forum. I am sure you will find answers to any questions.

Here is a list of the 20 best ways to find motivated sellers - this should cover it :). It was posted on my personal blog.

1. Classified Ads in Newspapers – local paper, Pennysavers and local real estate publications (“For Sale by Owner”.)

2. Classified Ads online – Craigslist and Backpage.

3. Search Classified Ads online and offline – look for houses for sale with “Motivated Seller” or “Must Sell” in their ads.

3. Vacant Homes – drive for dollars. Look for abandoned or vacant homes and locate the owners via Recorder of Deeds office.

4. MLS Search - expired listings, short sales possible, fixer uppers – these are all terms to search for.

5. BirdDog - these are individuals that will look for houses for a flat finder’s fee.

6. For Rent Signs – especially if there are vacancies or are out of town owners, they will be motivated sellers.

7. Wholesalers – partner with them to locate properties and sell them to investors. They know where to look.

8. Preforeclosures – “Notice of Foreclosure” is published on the legal paper.

9. Divorce Filings – look in legal paper for divorce filings.

10. Probate Filings - look in legal paper and probate court.

11. Tax Sales – contact the City and County for tax auction dates.

12. Private Auctions – check online and local auctioneers for listings.

13. Foreclosure Auctions – check City and County for times and dates.

14. REO (Real Estate Owned by banks) – contact banks and MLS for listings.

15. HUD (Government Owned Properties) – check the site HUD.GOV for listings.

16. Networking – network with professionals (CPAs, Attorneys) and rehabbers/landscapers for referrals.

17. Bandit Signs – post bandit signs in strategic locations: intersections, Home Depot, vacant properties.

18. Business Cards, Flyers, Magnetic Car Signs - let everyone know what you are doing and looking for.

19. Website - a website targeting distressed/motivated sellers. Offer a Free Report like on techniques to avoid foreclosure and have the site optimized for your local market.

20. You the Investor – always have a positive and outgoing attitude, ready to meet people and network.

Yes. Definitely try to buy in an entity name, like an LLC.
If you have to buy under a personal name for lender's request and guarantee, you should transfer the property to your business entity soon after closing.

Welcome! It seems like you know where you are going with your real estate career and have a plan! I am also an investor and mentor in St Louis, Missouri, so we are "neighbors." :)

In cases that lenders do not accept POF letters (which is starting to happen in short sale situations,) I suggest to find a partner who has a liquid bank account (i.e. savings) to provide the required proof of funds and fund the deal at closing.
This will work as well, especially if you are flipping the deal, and it might even be cheaper than transactional funding.
Just educate your money partner how the deal works and that his/her money will be handled directly by the title company, etc., and you will not have a problem.