All Forum Posts by: Melodee Lucido

Yay, got it handled. A local investor is going to work with her on her portfolio and get the kinks out :>

I've heard of similar situations but usually it was before the foreclosure.

I just got a call from a woman who owns other props but this one mil$$$ Santa Barbara prop was lost to bank when husband lost job. She wants me to find a l/o for her BUT her ideal sitch would be an investor that would buy this one back and lease it to her and her fam.

The glitch? She has 15k for a down and $3500 per mo for a lease. She's dreaming right? Don't beat me up here guys---I wasn't in the brilliant financier line when they were handing out brains : / BUT could she use her other props as collateral?

I know this is all speculative but just thought I would start gathering info that I will need in working with her. Should I just tell her to count her losses and let's find her a new home?

House isn't listed yet in mls. I'm gathering comps which are all over the place.

Any feedback welcome. I'll post any new details that come my way.

Thanks

Great thoughts guys. Thanks---really, for each comment! I don't deal in reos in Santa Barbara--it's just too crazy---25-35 bids on almost all of them---not my game.

J Scott, my thots exactly. Nice to hear that from someone with your experience.

Hi Natasha,

Welcome to the wonderful world of crei---it is a wonderful place tolearn what you are made of.

First . . . and this is only MY opinion---3 fsbos is not likely to bring you a deal. BUT you could be lucky like I was in the beginning and trip into a deal.

The biggest thing to keep in mind is that this is a learning path. As newbies we are constantly looking for the money. SHOW ME THE MONEY!! (remember the movie? so funny). The thing to focus on is what are we learning.

The biggest thing you could do with these fsbos is to ask questions (as follows) and the LISTEN LISTEN LISTEN. We can't help anyone unless we are "Getting" where they are, what is their pain (if any---most fsbos don't even want to pay 3-6% to a realtor, let alone give up 15-50% to an investor).

So, the questions; this is rocket science lol:

1: Can you tell me about your house?
2: Tell me more
3: Tell me about the neighborhood
all these are to break the ice and get them talking----get pas the awkwardness.
4: Sounds like a nice house in a nice neighborhood (if that's what they told you---almost always is) SO why are you selling?
5: Tell me more about that
6: Play it back to them
7: How much are you hoping to get from the sale of your HOUSE (not home)?
8: How did you arrive at that price?
9: Is that how much you need to . . . (buy your new house, move closer to the kids, get a place in the new town you've been transferred to)?
10: How long has your house been for sale?
11: How many offers have you had on it?
"wow, none? or "Gee, they offered you what???"
12: ok great, let me do a little research about the comps and I'll get back to you.

The most important thing is to truly get their hope. their pain. I call myself the investor with a heart----even so, I find most sellers to be idiots.

Sorry, that's come from seeing how many fsbos have their house priced at $50-300k more than the worst prop in the neighborhood. And they wonder why it hasn't sold sheesh.

This is the sorta, kinda scenario for me.

It only takes about 10 minutes at most.

Good luck. Keep posting, asking questions STUDYING all the forums and most of all enjoying the amazing game of crei.

Hey all,

I did a search and didn't find anything on this topic.

I was chatting with an agent to day about a killer prop---total rehab in Sta Barbara---and he said it's pending---for the 2nd time and he'd like a back up offer. Seems an unscrupulous investor tried some sneaky tactics and wasted the seller and agents time.

I don't have anyone lined up yet as a cash buyer but we'll see. I'm wondering if any of you rehabbers ever do a back up offer. This isn't a pitch for the prop. It's a genuine inquiry. I've never done a back up on a pending.

What do you think?

Hey there Mark! Welcome home to BP :> It's the best investor spot on the web.

I'm in Santa Barbara area and have been branching out into other states. Though I have had some interesting things fall in my lap and I've found a couple of investor friendly agents.

Inventory is tight and the competition is fierce but if you have thick skin it can be fun. Seems lots of opps for lending $$$. Brandon had a good suggestion for sure.

As always networking with other professionals and being a contribution to the community will help you get into the stream of possibilities.

Best of success to you.

p.s. I am working with l/o's mostly---I can do 0 equity or even a lil under water. Don't throw any leads away :>

Hey there Josh!

So glad you found BP. I'm not a brand new beginner but don't have years under my belt yet either. This is the best place anywhere on the web to learn and make wonderful beneficial connections.

I have gotten advice that I see others charging BIG bucks for right here at home on BP. I've also done business with some of the members who have become friends.

If you spend and hour (or ten : > ) here every day you will soon find yourself built up to the point that you're jumping in with both feet.

I love it here and hope you will share your journey with us all. I know you know there's no such thing as a stupid question---so ask away.

Happy investing!
Melodee

Thank you Luis. Wow, you guys are so far ahead of me in understanding how to structure something like this.

BUT I have definitely learned some good things here. i am so glad I posted this possible deal. It's not always about the money . . .but it's a nice part :>

The seller is out of touch while he moves his family out of state. I can't wait to see how it all turns out.

This was an interesting thread back then but CL changes its mojo every now and then.

I've had some luck using it for finding buyers . . . not sellers.

Would any of you be so kind as to comment on the current pros and cons around all the many rules as to postings etc. ? I market properties in multiple places in the country and it makes me NUTS that they regulate the postings so intensely . . . I know, the spammers made it so. The sad/crazy part tho is a lot of the spammers are the agents and lenders etc.

One trick I learned along the way:
When I send out emails I copy and paste the email codes into my notepad with commas in between and then copy all those into the bcc frame of the email address in compose.

I put a catchy title and then just once I paste whatever message I'm sending out. In this way I can send out more than CL normally lets us---tho I haven't had any problems with that so far.

This is great and SOUND advice Robert. I am in a similar market being on the "Gold Coast" as they call it. This is exactly how we have to submit offers.

Thanks for posting this!