All Forum Posts by: Tracy Royce

Congratulations Joshua Dorkin for reaching a new benchmark; I wonder how your vision 8 years ago aligns with where you are now? :)

BP is one of the only resources I feel is worth spending time on to learn, network, and research REI trends from a local and national perspective, as the landscape of the crowd tends to be a helpful, knowledgeable bunch (and the fact the site was not turned into a platform for the gurus and internet marketers to cannibalize).

To add to the the topic of this thread, my main website was created a little less than a year ago, and I've seen a 3,987.50% increase in visits from referral sources, with the number one being from BP. If I look at the period from 12.3.12-12.31.12 to 1.4.13-2.4.13 I've seen a 236.36% uptick for BP (as a referral source), which accounts for a very healthy chunk of the referral visitors.

If I might share, personally I think the shortage of inventory for those of us who work seller direct will be best overcome by continuing to grow our connections, network, and online social influence and not just trying to go it alone. Might I say that BP is a wonderful blend of all of these, and I am elated to have such a wonderful resource, but also to be a small part of the BP team (as a contributor to the BP blog).

Keep up the good work guys, good sign of more growth to come.

Hi Jason, welcome to BP! If you're financing (personal) is a challenge right now, might I suggest wholesaling a couple deals, and using that to pay off debt? Then moving FW into flipping? As well equity partners might be an option if funds are limited (or non existent) on your end. Either way, welcome aboard.

Hi all, thanks for the mention Brandon Turner.

Rich, if ultimately your question is how to position yourself as a buyer, whether it ends up being a short sale or not, I'd speak with a commercial loan officer to see what you need to do to be able to qualify for the loan..( of course working within some assumptions and guesses, but he can still point you in the right direction).

To that affect, perhaps leave a message (from a different phone number??) to the owner simply saying, "Hey, not calling to harass you like everyone else. I want to buy the property call me to talk..." Maybe send him a letter of intent. Like Mike said skip trace if necessary.

Short sale can be done, they're not as drawn out on commercial properties as they are on single family. There is some difference in deficiency though but that would be for the Sellers representative to try to negotiate out with the lien holders.

I agree with Mike Neubauer, try to get creative and find the owner, but parallel those efforts with getting yourself aligned as the buyer with a commercial banker, and finding a short sale expert in your area that is well versed in commercial to try to approach the owner as well. Just keep at (owner)with the fact you're offering solutions and maybe he'll bite. Good luck!

Hi Mark Wuollet, welcome to BP.

Good to see fellow Phoenicians in here.

Hi Ray and gang, thanks for the mention.

Besides knowing if the listing agent is designated, I'd offer a few pieces of advice to curve potential hiccups later that could have been avoided on the front end.

Ask her/him
1) how many lenders/lien holders are being negotiated with? (HOA, etc)
You might want to pull title, if it hasn't been done already. The less liens the better but get a clear picture of what you're dealing with.

2) Is the short sale freddie mac or fannie mae backed? If so, if you're looking to flip this you're could be looking at some holding times 90-120 days.

3) Is the LA doing the negotiations or someone else? Ask where they're at in the process

4) Is the homeowner good to work with? As much as the listing agent worries about a buyer walking, I'd want to know how cooperative and dedicated the seller is. If there's tenants involved, that brings in another dynamic.

Depending on the bank it could actually go pretty quickly but much of this depends on someone (namely, the listing agent) understanding the process enough to set expectations and advice workarounds if the bank counters back too high, can't do a HAFA short sale, etc.

Feel free to keep us posted and I'd be happy to provide some feedback.

Good for you for being out there buying though; nows the time!

Wow Jason, you really came out guns blazing in your very first post!

Congrats for enlisting your current talents to parallel into RE. Systems, an eye for detail, and any sorts of understanding of efficiencies will certainly give you a leg up.

It's positive to read posts from newbies that read "I've already done this, am already marketing, I'm already getting buyers, etc etc...". All a good sign.

There's a good network of established investors here in AZ (including myself) so please feel free to use me/us as a resource.

To your success -

You're on the right track, Pace, keep it up.

Hi Deborah, welcome to BP!

Congratulations on the two rentals and since you are already exposed to and own real estate, you should be able to hit the ground running.

I am here in Scottsdale so please feel free to use me as a resource.

Cheers - Tracy

Hi Pace, welcome to BP.

There is a lot of information here at your fingertips for private lending and flipping. (and I'm sure there's 1 or 2 people in here that would like to buy investment properties in Phoenix :) I am local as well so please feel free to connect if I can be a resource.

Good for you for taking the next step. Cheers!

Hi Tim, welcome to BP! Glad business is going well.

I'm a short sale realtor here in Phoenix so be glad to help you out with owners in CA that have homes here or sellers in Arizona that need short sale help.

Cheers -