All Forum Posts by: N/A N/A

I have a very unique opportunity to take advantage of if you have that kind of money. Low risk and high returns on your investment.

Definitely no more dealing with tenants.

:superman:

Your home value is based on what like homes have sold for recently in your area.

If the homes you are comparing to yours are superior in quality, you still have an opportunity to make your home worth more by upgrading.

Match up the type of homes by looking at the bedrooms, baths, square footage, upgrades, age and lot size. Which one is closest to yours? that is the best idea of your home's worth.

Also, you are allowed to receive a copy of your appraisal from the bank you received the loan from (It is a requirement by law). This will give you all the information you need to know about your value.

:superman:

I would not recommend buying a house before you sell your existing one. I just got my best friend purchase a home and he still has not sold his old property.

You can get yourself into a lot of trouble if you do that, especially if you are spreading yourself thin by purchasing the triplex.

the market is slow and it could take 6 months to sell your condo.

I have seen it happen many times because I deal with foreclosures on a regular basis.

I wouldn't move forward if I were you.

:superman:

I think the best way to get started would be to try to work for a property management company. That should give you the knowledge you need to be a potential investor/landlord yourself.

I would recommend to be very careful when buying a home. Make sure you have a job which will help you make your mortgage payments. Real estate investing is not easy.

Also make sure you will make money on the property not by the potential appreciation, but more by purchasing the property under market value.

Homes are declining in many areas right now and buying a home can be a good investment if you are smart with the purchase price. I would recommend speaking with someone that can offer insight into what the negatives will be with investing.

DON'T JUMP IN TOO QUICKLY!! That was my mistake and I lost a lot of money.

:superman:

Good luck,

Wesley,

It's my pleasure.
:superman:

Hi,

I am a mortgage consultant and have been in the business for 4 years now. After speaking and working with numerous subprime lenders, 80/20 loans make up the largest percentage of foreclosures within the company.

The reason: You did not need to have good credit to qualify for 100% financing (580 credit score full documentation). Other programs allowed homeowners to state their income to buy the property.

The banks are getting much more strict and are requiring money in the bank as well as a stronger credit score (620-640).

Subprime banks have a lot of pressure to keep their foreclosure rate down because they can loose their license if a certain percentage of loans go into foreclosure.

If you have any more questions, please let me know.

Phil Altieri :superman:

We have an office in Pennsylvania, the phone number may have been routed to that office. My office is in Parsippany, NJ.

If you call the number again and ask to be transferred to the Parsippany office, that should be fine.

Sorry about that.

:superman:

I look forward to hearing from you.

Give me a call and I will be happy to answer any questions you may have.

Regards,

Phil
:superman:

The people that are successful with preforeclosures are probably not going to reveal how to market to these people. There is only so much business out there.

Let me know what states you are working in and I can give you information on how to market as long as it is not the states I deal with.

Thanks,

Phil

I am in the sub prime industry for 3 years now. Ameriquest is known for very quick closings, no appraisal needed and a big name.

The reason they close so quickly is there fees are always extremely high, which they do their best not to disclose, they blow up their appraisals so you have a great chance of borrowing more money than your home is actually worth (personal experience with one of my clients), and the rates are higher than every other subprime company.

For people with bad credit, find a mortgage broker to shop the best rates for you.

STAY AWAY FROM AMERIQUEST.

COUNTRYWIDE: There good credit division is pretty solid, they are knowledgable in what they do. Strong rates

BAD CREDIT DIVISION: Stay away, the people that work there are trained to sell and that's it. They know nothing about producst and will do anything to get your business including underquoting the rate and then increasing it at closing.