All Forum Posts by: Jamie Cox

EMD = Earnest money deposit

My team and I have done a lot with HUD. Dealing with BLB and Western Title has not been the best experience. I am a bit confused by your question though. If you have not closed on the property I would draft an addendum requesting issues be addressed or for you to be given a credit to address them yourself. If you have already closed on the property and they were aware of these issues prior to closing there may be a disclosure issue but it would be extremely difficult battle to prove it.

Congratulations on putting your first deal together! The worst that can happen depends on your contract. Usually losing your EMD is all you'd have to worry about so hopefully you limited your exposure by keeping that as low as possible. The investors we work with try to get as much time as they can (usually 45-60days) Unless you have a solid buyer list 2 weeks will come fast. Good luck

I've found creating an add that has a list of buyers you're working with works well.

I create the ad in paint and upload it to photobucket so I can paste the html code in craigslist. This makes your ad an image rather than the plain craigslist text.

Something along the lines of....

NEED TO SELL?

I'm working with the following buyers that can close in x days.

Northwest Las Vegas 3 Bedroom up to $150k CASH
Southwest Property that needs TLC up to $80k CASH
Southwest 5 Bedroom with Pool up to $450k Financed

Call xxx-xxx-xxxx for details.

I have an amazing agent in Apopka if you are still looking. He helped me sell several homes there and in Orlando. Shoot me a message and I would be happy to connect you guys.

I have been investing for a while now and recently completed my Nevada licensing course. I will be joining a local broker in the next few months. So long as you have full disclusure and are acting ethically you should not have any problems. Good luck

Right now bandit signs are my primary source of lead generation and I have always used my cell phone number. With lending in shambles I've been marketing towards sub to deals. The signs I'm using now are the same as someone mentioned before. They are generating leads but mostly for short sales.

[b]We buy houses
We Take Over Payments
XXX-XXX-XXXX[/b]

I'm considering a new campaign for my next order that is probably going to rub a few people the wrong way but I think I will get a huge response. I would appreciate any feedback....remember I'm in Vegas people here are accustomed to "shock" marketing.

[b] F#%! THE MARKET
I'M STILL BUYING HOUSES
XXX-XXX-XXXX[/b]

Perhaps take it a step further and put a web address on the signs with a elementary landing page simply reading.....

"I don't have time to build a fancy website. I'm to busy buying houses. Call me at XXX-XXX-XXX." NOTHING ELSE-THAT'S IT

Any thoughts? Anyone want to volunteer to bail me out of jail the day after they go up? I'll pay you back, I'm good for it.

I'm so tired of hearing the "market is bad...blah blah blah." It's my lenders fault. Why didn't he tell me a $400k mortgage really isn't $900 a month. .....blah blah blah. Maybe this will help skip the small talk and get down to business. We know the market is bad but who cares I want to buy your house.

Primo, I tried the approach you suggest above a long time ago. My very first day of contacting landlords I received a "nasty gram" from Craigslist saying they would not forward any more of my emails for 48hrs. If you are going to send multiple emails you can only send them to people who show their real address. With that said however, I've found calling is much more effective. It does take more time but they will tell you immediately if they have any interest. Either way I end the conversation by making sure they have my contact information for when they want to dump the property in the future. I've also found that craigslist has been taken over by realtors and property management companies making it difficult to get to the owners directly. More recently Backpage.com has produced more solid leads for me than craigslist as it is still new (to me) and mostly contains postings from the owners.

Do you have an example of the email you send? I'd be interested in seeing the approach you take to get them to respond.

I have a property with a tenant buyer in place. This property was my primary residence in the past so it has a very nice 30 year fixed mortgage. The tenant is very interested in purchasing the property but with all of the restrictions in place he isn't able to get qualified. Normally I would say "to bad so sad" and move on collecting another option payment from someone else BUT, this property is 2500 miles away. I would rather sell it so that I can focus on picking up properties locally. His payments have always been made on time so I am considering doing some type of seller financing such as AITD. The mortgage balance on the house is somewhere around $190ish @ 5.25% the sales price on his option is $230. I'd like to set something up where I finance the $230 @ 7-8% pocketing the difference between my mortgage payment and "his" mortgage payment.

To get to my question; has anyone ever successfully completed a transaction such as this? What kind of terms would you suggest? I read somewhere that you could set it up where if they missed even one payment you could foreclose and the deal was done.

Any advice is appreciated.

Thank you

Thanks Dave. I appreciate the info. I'm pretty familiar with the process I just have so many short sale leads I was curious how to figure out which ones to persue. Would you mind if I PM you if I come across any specific questions?