All Forum Posts by: P. Martin

 You can only place a bid on a hud property through a registered agent. 

That agent needs to work for a broker who is also registered with hud.

HUD prohibits agents who are affiliated in any way with a broker that sells hud from purchasing. This includes placing bids for family members etc.

So there is no way to place a bid for yourself without expressly breaking HUD rules.

If the OP wants to bid on hud properties, they can not be affiliated with a broker that sells hud and they must place a bid through a registered agent and therefore what commission is there for them to negotiate? 

 The other posts by the OP are hilarious disasters. Landlord from hell. How do all the crazy people end up with all the money, while I stay broke!

I haven't wholesaled but I have sold HUD homes as an agent.

If you are marketing out of state, I would get a local area code as opposed to an 800 number.

You really need to consider all of your options and speak with someone trustworthy and experienced who can help you make a decision before you move forward with this. It sounds as though you are in a fairly precarious position, and taking out a hard money loan without being familiar with the process seems like a recipe for you losing this house and more.

Ring Central can provide 800 numbers at a decent price. 

Really depends on what you want the 800 number for. Are you trying to get older clients that only have a home phone line to call you? Even then, wouldn't they be mostly local? Trying to appear more like a large company? 

I don't personally see the need for the expense in an age where nearly everyone is using a cell phone.

What Brandon said. HUD has strict rules about agents bidding on properties for themselves. Be certain you are not breaking any of them before you bid. This includes not buying an owner occupant property as an investor(a felony).

As for your commission, you can't reduce it because you can not bid on this property for yourself, even if there were a way to reduce commissions in a hud sale.

At any rate, a HUD sale is different from a normal purchase in that there is no one sitting there making an emotional decision based on things like "oh look this agent is reducing their commission so let's pick that offer instead." It is based purely on a math calculation. Highest bid above the reserve price is selected.

I'd probably pay a weekly or monthly amount with clear expectations of hours and responsibilities.

Paying per call, or by deal sounds needlessly complicated to track and a barrier to finding someone good.

Craigslist. I bought a nice fridge from the wealthy part of town for $50. Look for kitchen remodels

If you have a good buyers list and you can get a winning bid as an investor on HUD, you could use your 48 hours to shop the property around before turning in contract and earnest money.

Send out the property to your list immediately after your winning bid confirmation. Give your buyers 24 hours to claim it.

Collect earnest money from them, turn in contract to the asset manager.

There is no risk in placing bids on a hud property until you actually submit the emd. So if none of your buyers bite, then just let it go.