All Forum Posts by: Scott Matthew C.

Howdy, and welcome to BP! I'm not entirely sure what you're asking. Perhaps you can provide more detail of what you're wanting/asking. 

@Dan Mitkovski I forgot to mention. Read up on Pre-Foreclosures process for that state.

@Dan Mitkovski Go and introduce yourself if you know for a fact the owners are still there. You can always send them a letter. You can skip trace if you’re not sure the whereabouts of the owners. You can always knock on the neighbors houses. My point is to be proactive. Do something. However, be tactful about your approach.

Thanks for the reply. I have a solid friend who just in the last year or so has retired from his daily grind and does real estate investments full time . He is located in San Ramon, CA. I’ll speak with him and will get back to you. 

@KIran Kaur

I share your pain! I currently have one of those as I type this. It’s cost me over 200k. The contractor ran with my money. Little did I know my partner was in on it. It’s a messy legal battle for four years going on 5.

The take away for me, Trust but Verify!

Is Michigan a state you would consider?

@Steven Albinder Become a rehab partner. Establish a trusting relationship with someone that has a proven track record of flipping. That is going to be the fastest way to build up your cash.

Don’t wait another year. You need that money working now.

Or

You could be a small private lender. Your return could be a percentage of the proceeds of a sale instead of charging interests, points, etc.

Best of luck!

@Charlie Anne Nope, don’t do it!

@Brad Johnson You don't have anything in your Bio about your investment background. A commercial lender will want to know if you have experience for starters. Would you mind sharing your investment experience?

Hi @Adam Chmielewski, welcome to BP! @Lynn McGeein has a great answer, but the truth be told it's probably more than one reason. I have purchased short sales and processed short sales. The most important player to a short sale is the actual Borrower/The Person That Defaulted. It's an emotional roller coaster for the Borrower. Trying to keep a positive mindset and keeping them proactive is a real challenge. There is a lot, and I mean a lot of paperwork, a lot of meetings, and a lot of back and forth with the Bank(s) because sometimes there is more than one bank involved, which is typical. Again, the Borrower can be challenged because he/she can't find relevant documents that leave me to investigate a rabbit hole that may lead to another rabbit hole, which means I have to connect the dots logically in hopes that when I present those documents, it makes sense, if not I have to start all over again. 

Short Sales SUCK and take a lot of time. I'm getting grumpy, just talking about it. Anyway, the slow-up could also be that there is an incompetent Realtor/Broker behind the wheel trying to be the hero. 

Short Sales have been very good to me but I only select the ones that make it worth my while. Therefore, I don't mind doing them. One of the greatest investments in my earlier career was buying a short sale. I bought it for 200K and within 6 months we closed on it and when I went to get it insured it appraised for $410K. To this day I don't know why the bank let it go and I don't care.

I hope this helps. BTW, I suggest that you talk to the neighbors and ask them about the owner of the house. Neighbors like to talk. 

Best of luck to you!

@Mike Jordan My properties are not anywhere close to your target location. I'll reach out to you if something comes along that meet your criteria.