All Forum Posts by: Shaun J.

I'd forget about the washer/dryer that they want to keep. Just buy new ones. Now if they start wanting to take other appliances as well, that is when you need to step in and remind them of your contract. 

@Dennis O. Evans; 

Driving for Dollars is where you drive around areas and look for distressed properties. You take down their address and then skip trace them on websites like True People Search etc. 

@Dominick A.; 

I gave my opinion on your original post about this issue. 

I'd just let it go. It's like 600-800 for brand new ones. 

If you renegotiate, will you wind up losing the deal? 

What is this exit strategy? Buy and hold, wholesale, fix and flip?  

I have one I was looking at on Long Island NY and another one in Delaware. 

Thanks for your response @Dan Barli

Hopefully, someone can answer this for me. 

Are there any seasoning requirements on Fannie/Freddie Foreclosures? If so, how long and what other Stipulations do they come with? 

Thanks in Advance 

Ultimately it was my fault at the end for not catching it. 

It's not like it was 3 years later. It was within the first year. I stated that there was enough money in that account to cover it for 3 years on auto-pay. 

If it's in not in full REO foreclosure the owner may be able to help with a short sale or a sub2 takeover.

As a former out of state investor (Properties gifted via my father's Estate), I can tell you that you are 100% on the money @Amy Hu. It's hard to trust someone miles and miles away to treat your money as if it was their own. It's something that kept me up at night. I cringe on the very thought on investing outside of a few hour drive for all the reasons you explained and more. 

A TLDR; to my story was, not only did 1/2 of my houses go on fire after multiple break in's, but the Local insurance company screwed me and bad. I had enough money in that account for auto-pay on taxes and insurance for 3 years (set it and forget it) but they never drew a dime, because the dumbass insurance broker (Part of StateFarm) messed up a number or two on the bank info. Not only did it cost me $100k, but StateFarm corporate people told me to get lost. PS; I never got 1 single letter or call to tell me my account was past due or about to be canceled for lack of payment due to their screw up. 

You win some and lose some. But my investments stay with a few hours drive of me now. 

If you can buy and hold it for 3-6 months in a "Reno" period and your numbers are right taking all into consideration, offer the short sale. It helps all parties. Seller, Bank, and you 

Maybe offer a sub2 if they keep the loan in their name and you make good on the back-end owed payment. 

Short sales can get sideways, and a lot of investors shy from it, but if a good deal can be made, shoot for it. 

Remember, banks don't want to hold RE. They want to mitigate their losses based on a calculation of holding it "Over-time" Taxes, etc.