All Forum Posts by: Albert Arguelles

Hi Guys,

So, I wholesale and market to foreclosures.  Some of the properties I research are owned by banks, how does that work?  Who is foreclosing on the bank? They're supposed to be the note holder and beneficiary; what happened here?  Is it that bank A got a loan from bank B and used the property as collateral and now bank B is foreclosing on bank A?

Thank you in advance.

@Brian Gibbons I've never done a short sale before. In talking about this with another investor in town he mentioned foreclosures not being what they used to be. Especially because the banks 'are wising up' and starting to letting homes just go into foreclosure and doing the repairs and selling them on the MLS. What are your thoughts on how the banks seem to be responding to doing short sales these days? Thanks again for your input. =)

Hi @Tim Macy, welcome to BP!  I also have a similar background.  That's great you're taking the plunge.  This is definitely the way to go.  Let's connect sometime! I'm currently a wholesaler sourcing deals and working on my marketing, you know the usual stuff: Signs, letters, etc.  What side of town do you live in?  I've also done two flips in the past.  Looking forward to meeting you. 

Take care.

Thank you so much for your replies I really appreciate your time. Unfortunately the seller was not completely transparent, big surprise right? Somehow he got duped into signing a loan way above the house value. Perhaps it was a textbook example of predatory lending. Once I pulled his teeth and pulled the mortgage statement I realized this was far too gone, or is it? The note has been accelerated and he now owes $144 and it's $44K to reinstate the note. The house is only worth $120 ARV based on MLS comps. So I don't really see a way to make money on this one. I do highly appreciate your time guys! Good luck and hope to help back myself soon =)

The house is in a good amount of distress.  Will need a new roof and the foundation was worked on but not done right.  There are some areas that are not level and it's noticeable by just walking it.  In its current condition the house is worth very little, around $30K maybe?  There are no liens or judgements just the foreclosure situation.   How do we deal with the lender directly? In my past experience they don't talk to anyone besides the note holder.  

Thank you for your reply!

Please help me with your creative skills guys!

I tried this foreclosure deal with the usual 65% minus repairs (5% wholesale)

But the numbers don't work. What else can be done with this?

Seller is in foreclosure. 1 month before the sale

ARV is $120K

Owes $50k

Past due $5k

Repairs $30K

No other judgements or liens

= -$7000

What else could be done to wholesale this deal??

Thank you in advance for all the feedback!

Hi Peter,

Congrats on the new job!  And good to know you're making good cashflow on your rental.  Why don't you inbox me your phone number so I can give you a call sometime.  I'm a wholesaler here in SA and I can send you some deals to look at for a rental.

Thanks!

Have a great weekend.

@Scott Costello, number 3 definitely can be the issue!  Great insight, much appreciated. I also just realized I've been to your website before and really enjoyed your blog.  Thank you! Keep it up!

@Scott Costello thank you! I just started playing with the calculator on Podio thanks to your input! Much appreciated!   One small snafu I ran into is that I seem to have too many fields that I've added where the "Repair" number is not available from the list when I use the @ symbol.  Have you had this happen before to you?

Thanks again!

Thank you soooo much for uploading the app @Taylor Jennings!!  Just what I was looking for.  Learned the basics of Podio app creation and was about to start adding fields and customizing, good thing I checked BP!  Looking forward to using it.  The formulas for Wholesaling would be so nice to have too, have you added this by any chance?  Also, do you know what it would take to make the app calculate? Just embed an Excel sheet or formula?

Thanks again and good luck on your deals!