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All Forum Posts by: Shaun J.

Shaun J. has started 11 posts and replied 130 times.

Post: Newbie advice: Should I renegotiate

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

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. 

Post: New investor need help

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

@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. 

Post: Newbie advice: Should I renegotiate

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

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?  

Post: Fannie / Freddie Seasoning

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

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

Thanks for your response @Dan Barli

Post: Fannie / Freddie Seasoning

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

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 

Originally posted by @James Wise:
Originally posted by @Shaun J.:

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. 

 C'mon now. If this insurance issue isn't the biggest case of passing the buck I have ever seen I don't know what is. You didn't pay an insurance bill on the home you own for 3 straight years. You are an adult, take responsibility for your screw up. Don't slam StateFarm lol you don't do an audit of your books during tax season? Or is that the CPA's fault for not catching it?

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. 

Post: What is the key to wholesaling a foreclosure

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104
Originally posted by @J.j. McGuigan:

I think the owner may be out of the deal per se but correct me if I'm wrong @Shaun J. are @Najee Hoggard best options to try and wholesale with the bank if nothing can be done for the owner?  I know banks don't like having RE on their books for too long at all cause of illiquidity.  Would the best bet if nothing can be done with the owner to just work with the bank on it?

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. 

Post: What is the key to wholesaling a foreclosure

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

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 

Post: What is the key to wholesaling a foreclosure

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

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.