All Forum Posts by: Westin Hudnall

Brandon --

Your a real estate stud... Why are you dealing with this mess ?

I would cut the chain ; fix any damage ASAP ; then try to come to an agreement with the tenant to get her to move out. Your business is too large to deal with "headache customers" in my opinion. Maybe next time she will hide any house problems so you and your team won't have a reason to come in. That could cost you way more than any positive she brings I would think.

I deffinately wouldn't want to do anything unethical (not against walking close to the line though) and I wouldn't mind being that guy that the bank discloses these deals to once they achieve foreclosure.

In this case would an investor be able to purchase them once they hit foreclosure but before they become active on MLS so investors could essentially buy pass the investor waiting stage aka home owner occupancy purchase stage ?

Thanks for your insight @Hattie Dizmond and @Ben Reiss 

I was told by a loan advisor closing one of my loans that once a loan closes the bank would only look to see that payments are being made on time and never would re check on the title (or other pre closing concerns) ---- but that's just info I was once told ; could be false.

@Curt Davis 

I understand. What about getting a list of addresses from the bank where you could then go "driving for dollars" and calling on all these potential leads to work out deals with the sellers in exchange for a referral fee or something else ? (im not sure if ethics would come into play here ; if it would maybe there would be an ethical way to come to an agreement?)

: Maybe another idea would be to find Project Managers that fix up foreclosures and paying them for leads then negotiating with the bank before they hit MLS. (once again if you could find a way to do this ethically)

Just so your aware @Nathan Eckles ; getting your rental retitled to the name of your LLC after you close is not hard or as scary as it sounds to a newbie; its as simple as walking into any title company with about $75 and signing a piece of paper ok'ing them to change the name

@Curt Davis 

Heres why I think its possible : Big players in Wichita (certain top level real estate agents firms) seem to be buying up a ridiculous amount of good rentals ; I know they aren't doing it the same hard working ways that all of us average investors are because they would be find 30-50 steals per year.  They must have insider knowledge from banks ; or some other source that is allowing them to achieve what they are achieving. 

I don't need to be the best; I just want/need to beat the best ; that's what I am trying to learn how to do.

While listening to Brandon Turners podcast earlier tonight I began to brainstorm in attempts to find a way to easily find great deals (if there is such a thing)and heres what I was thinking :

Since banks know what loans are going in default and will hit their books in the next year ; is their an employee at the bank that you could go to that would have a list of these homes of potential great deals : You could save the bank a year worth of foreclosure costs while taking a handful of properties off their plate

Genius or Idiotic ?  You decide :

@Account Closed  Joe - I often see you make ridiculous comments on the blogs. Get off the blogs if you can't be positive. I never suggested I wanted to do this; I simply posed a question for educational purposes for everyone wanting to read about this topic. 

My real estate net worth is over 1 mill so obviously I am not struggling for funds.

what does anyone out their do to reduce rates ?

@Jon Holdman Thanks for your insight. We put in our lease that all renters must purchase atleast $300,000 in liability insurance so that way if they burn the house down for example; its on them.

I guess the only reason I was even pondering the question is because my normal price of investors insurance (around $500-$600/yr for a $150,000 property) went up to $1700 as a quote for my newest property. Any ideas to help get a better rate?