All Forum Posts by: Jamie Cox

I am simply a buy and hold kind of guy. I am mostly interested in rental properties that cash flow to hold long term. Right now I am testing out some marketing geared towards finding sub to deals but I'm getting nothing but phone calls with short sale leads. Closing is not an issue as long as I can sucessfully negotiate a deal with these lenders.

I've used bandit signs for years to generate leads, advertise rentals, find tenant buyers, etc. They are a code violation and the only thing that has happened to me is code enforcement takes them down. I put them out on Friday night around 10-11pm. This gives me at least 2 days of exposure before code enforcement is back on the beat. The way I look at it anything after that is a bonus. I generate more than enough leads to keep me busy and other than craigslist it is my only source of lead generation. I know there are a lot of people here that do not like bandit signs but they work so I stick with them.

I use banditsigns.com and supercheapsigns.com. SCS are usuall less expensive but if you keep an eye on banditsigns weekly specials you can find good deals as well. If you place an order through SCS and use coupon code SCSSHIPME you will get $15 off of your shipping.

Thank you. Is there certain criteria that will increase my chances of seeing a short sale all the way through? Like hardships the banks are more likely to accept or something along those lines. I hate to waste weeks or months of my time working on a deal that just isn't going to happen.

Am I correct to assume I would tie up the property with a contract similar to any other transaction but have the offer contingent upon the bank accepting a short sale in the amount of $XXX,XXX? Then have the person sign a release allowing their bank to deal with me directly?

Last weekend I put out a load of bandit signs around the Vegas valley. I'm noticing the type of leads I'm getting has began to shift drastically. Many of the people I have spoke with through-out this week I cannot help by purchasing their home sub to, lease option, etc. I received three calls today. One lady has a 3000sq/ft 4 br 3 bath she paid $415k for in 2007 with LISTED comps at $389k. (Probably sell for $360ish) Another lady has 1300 sq/ft 3 br 2 bath that she paid $129k for in 2001 and through a series of 4, YES 4, cash out refinances her mortgage is $235 and she is approx $10 behind, finally a young couple that has a 2000 sq/ft 4br 3 bath with a pool wants to sell "subject to" but they paid $389 and comps are around $250. Zillow has an estimate of $259. It looks like I've avoided helping with short sales as long as I can. Anyone have any experience with negotiating these deals with the banks? Are certain banks more willing to make a deal than others? Any advice you are willing to share I would appreciate.

Your wife uses a foreclosure analogy to help you understand why she needs more of your time.

When I lived in Florida I had properties in Central Florida and South Georgia and it seemed to work out just fine. The farthest property was 3 1/2 hours away so I could still get to them on a weekend if I absolutely needed to. When I moved to Vegas it proved to much more difficult managing properties from 2500 miles away. It's a bad feeling to have to take the word of your property manager, handyman, etc and not be able to hold them accountable. With the exception of one house in Orlando I've liquidated everything I had on the East Coast. My advice would be to stay close to home.

I'm looking to network with local investors. I have been investing in real estate for 5 years. I relocated to Vegas last summer because taxes and insurance in Florida has gone through the roof (thanks to all of the huricanes) making it extremely difficult to have cash flow. I specialize in long and short term rentals, lease option, and wholesales. PM me if you would like to be added to my buyers list or simply bounce ideas off of each other.

I have a property in Apopka, just outside Orlando, if anyone is interested PM me and I can send you the details.