All Forum Posts by: Les Williams

Thanks! I will e-mail him on the next job.

Add to link
commdocs.house.gov/committees/bank/hba97524.000/hba97524_0.HTM
Also check Inmannews.com

Like I explained earlier, Call These lenders, Wells fargo, Green point
Fremont, WMC.They can explain better then me why they wont do
double closings FHA, CONV etc.

call: Morris & Scnieder, King & Assoc any attorney and let them know you want to do double closing FHA, Conv it doesnt matter.

title: Quickest way is alt 9. will give all ownership 20-50 years if requested. seller is required to own property for 180 days before
they can sell. foreclosures and Inheritance are the only properties
that I've seen get past this.

FHA is the toughest when comes to flipping. But no I'm not referring to only
FHA. this law was Flipping period.

I tried Zillow in Arizona and Georgia and I like their values. Its just the
county tax records and realtors comps evaluations come in alot lower. How can we use Zillow to help our business and bottom line... :mrgreen:

Ryan Webber

My connection is only if a Lender is involved.And you dont disclose to the seller that you are selling his property for a higher sales price to another buyer on the same day After you close. I did mortgage lending for nine years before I started doing Investing. The GAFLA law that passed flipping (double Closings) was one of the top five predatory subjests featured. At that time, (Now they are talking about doing double contracts). If you were in any real estate profession you would have been deeply effected by this law. The real estate market stoped completly. the Georgia Gov had to do special session to fix tihs big screw up. But, Flipping (double closings) wasnt changed. If you are using "CASH"
then no we are talking about two different types of flipping. Some Investors have no idea this exist and are doing double closings because they have a good relationship with the attorney that they use. Remember, this is a double wammy for the Attorney. If Sirceasar is using cash and there are no lenders involved then I stand to be corrected. And you are correct we are talking apples and oranges.

www.commdocs.house.gov/committees/bank/
best pages 6,7,15,16,17,20,26

And this wasnt the begining of the flipping discussions. Flipping (at the table) also known as one of the top predatorial lending topics in Georgia Has been around for years since GAFLA. buying a house, Rehabing and selling is not the kind of flipping that concerns anyone. I appoligize since I didnt say I was talking about Georgia only. but, I thought I was addressing Sirceasar who Invest in Georgia. You Know Atlanta Investors that still do double closing, I know Investors who have moved on to doing it another way. Im not fimiliar with Texas Law. But I'm sure you guys dont have flipping laws because every texas Investor who's posted has mentioned flipping at the table or another. Which is fantastic and Im jelious, Flip on brother.

Minna,
65% or less Is the rule I go by, Only because theres an abundance in Georgia right now. High ARV gives me more to work with in getting the house in exquisit shape. Curb appeal is what sells. If you know the house will sell fast then 50% of something is better then 100% of nothing I always say. Grab that $20k and get to the next deal. I betcha every deal
wont be $20K.

Go gett'em ct!

Sirceasar,
I am also from Atlanta. When I did Mortgages, flipping (double closing)
was one of the new laws that would land you in jail . I suggest
you check the laws before you go this route. the new respa (Disclosure)law is one of many that protects sellers and buyers from these double closing. There has been several arrest inreference to this kind of practice.
If the laws have changed in Georgia please let me know. I think Assignments are your best option, Just disclose to the seller up front and
you will be fine and Legal.

Good Luck! :violin:

Vdini,
Your absolutly right. I am a realtor who searches for expired listings for investors in Atlanta Georgia. The seller pays the commission. Im kinda like a bird dog, That helps the investors so they can be doing other things
instead of searching for property's.

I see lots of good deals just sitting and I wonder were are all the Georgia
Investors. I have to confess, I spent the last two months shoping Arizona
:beer: so I kinda lost track of Georgia. Oh well! I guess its the Holidays and all the money has been made for the year.

Merry Christmas!

My uncle use to own a gas station in long beach calif. It was a shell station.
It also was a franchise that he paid lots of money to get. They use to make him so mad, But he was in so much debt with them because of what they give the owners upfront and allow them to pay installments . He could never change the name to another company. Attacking the citgo stations would only hert good honest red blooded americans. I like the fuel
alternative Idea. Yea, you know the one we turn down in the 70's. the one that would have had use less reliant on any forien trade.

Good post!