All Forum Posts by: Ricky Gibson

Welcome back to the boot @Allen Alix I invest in Southeast Louisiana. I focus primarily on SFR fix and flips and Short Sales. If there is anything I can do to help facilitate your transition to Passive Cash Flow Investor, I make myself available. God speed.

@Braden Smith In Baton Rouge they're recorded as "Executory Process." These are the same as Notice of Default or Lis Pendens 

I used to live in Pineville and always dreamed of starting a REI Meet up in CenLA. Did you ever get this one off the ground? I still invest in Alexandria/Pineville. I'd love to come to a meeting there to see who is actively investing.

I just started tracking my counter offers on a spreadsheet as of March 04. It's too early to establish a consistent pattern for the price reductions; however, I'll continue to bid daily and track the counters looking for any type of pattern.

Here in Louisiana the two best ways we have found to get short sale leads are:

1. Foreclosure sale dates are posted online at the Parish Sherriff's Website. 

2. We have a subscription to the Clerk of Court website where we can pull Notice of Default/Executory Process. We knock doors and do Direct Mail.

We don't work short sale leads that are listed in the MLS. We've found that these are already being worked by a Realtor. In order for us to successfully negotiate a short sale we want to be in control from the beginning to the end.

I also bid on HUD homes. You don't have the luxury of countering HUD's counter offers. If it's a property that you're seriously interested in just bid on it again at the same price you were bidding previously. HUD's computer knows that you're still interested as it tracks how many times you have bid any particular property and how much you bid. Continue bidding with the expectation that the price will eventually be reduced to accommodate your MAO. Don't stray from your formula.

You never know what a bank will actually approve for a short sale. The best way to find out is to submit a completed package to the lender. The second mortgage can be shorted as well. Because they will be wiped out entirely if the first actually forecloses they are more inclined, generally speaking, to accept more of a discount. If the property needs structural repairs get good estimates to be included with your offer substantiate the low offer. $150k is a good place to start.

Not necessarily. It could mean that the first one wasn't legible. Your answer should lie in the reason for the request. 

I just got off the phone with Realtor who recently has a listing expire that has a pending sale date of April 30, 2016. The Realtor informed me that her client didn't want to do a Short Sale because the Title Company told them that they would have to come to the closing table with approximately $30k. Payoff was about $308k and the Realtor said she had a buyer who was will to pay $299k. Is there something that is done differently in regards to working a Short Sale with VA Loans? This is the first I've ever heard of VA Loans being handled differently than say a Freddie Mac or Fannie Mae. Any insight would be greatly appreciated. Thanks in advance.

@Jordan Cordwell Welcome to BP. I'm just up the interstate from you. Let me know if there is anything I can do to help facilitate your newfound journey. We always make ourselves available. Everyone of us started exactly where you are right now. Don't be afraid to make mistakes as you go, it's part of the learning process.

"Failure is not the Opposite of Success, It's Part of Success"