All Forum Posts by: Bryan Balk

And Obama just vetoed a bill that would make it easier for banks to foreclose. Can anyone out there tell me a story about someone that has been paying there mortgage and was accidentally foreclosed on?????? Who is this protecting? Love the philosophy behind this.


http://www.illinoisattorneygeneral.gov/pressroom/2010_10/20101007b.html

Find a new bank you can surpass the ownership requirements with an underwriter that knows what there doing. You can just prove you own the LLC this kind of stuff is done all the time. I think Fannie limits you to 4 now. Not 100% sure they seem to change that ever other month. But Bryan is right commercial will work too. But you would be lucky to find a 5 year balloon. Most are 3 at most.

Seems like a real winner to me. I'll buy it if you don't want want it good luck. You may want to see if a Realtor can do a CMA for you just to be certain. Any Realtor will do it for free hoping to get the listing.

The banks are holding back some of the inventory. I think a lot of new investors are getting into the game with a buy and hold strategy. With rates and pricing at historic lows you can't really blame them. That means they can often pay more for a house than a flipper. The front end (Reo pricing) seems to be going up while the bank end ( retail pricing) seems to be going down.

Love it congrats!!!!

Ask a realtor.

It only matters what the bank wants. All bank appraisers are different. And whoever said go back a year is crazy. I f you do that your going to lose A LOT of money. Since the tax credit ended there has been a huge drop in prices. In my area anyway I can't speak of everyone else. When were trying to find value for just us which honestly means nothing these days max we go back is 3 months and .5 miles away. If your in a low density area I'm no help sorry.

Cash is king my friend. That being said take your cash go get a line of credit or at least approved from a commercial banker to purchase properties. Write the contract up with cash after they accept them switch it to your commercial banker that can close fast with 20% down. Rinse and repeat you just bought 1.5 million in property when your cash would of only bought you 300k obviously minus rehab. About 10% of the time the bank will ***** about it but, you know what they want to close too. Or take the cash to that special auction in your area where you can really find some home runs. You'll have a lot of sunk costs but it can really payoff. Good Luck. Or go back to wholesaling and lend me your money:). cause you won't need more than $5,000 to get started.

Get the Heloc payoff the credit cards its probably the smart move not even considering the FICO. you won't see much movement for 6 months. By the way where I'm at a 740 is the same as an 800+.

It is possible to make a million wholesaling even though these people don't believe it. We came close about 2 years ago. Then moved to flipping where the money is a little better. But back to wholesaling, if you want to make that kind of money you will have to work 80 hours a week and have a great team. We had rehabbers, leasing agents, banks, hard money lenders all in place for our customers to use for our product. We went out for drinks dinner almost every night with a new potential investor that may buy our product. We didn't go out and find established investors to purchase our great rentals we built them. This took a lot a lot of servicing, phone calls, emails, dinners, drinks. But It can be done investing in Real Estate is really an easy sell. Just don't hold yourself back to only selling to current investors. Talk about the advantages of buying real estate to everyone you know NETWORK. This is a common mistake wholesalers make. They only sell to current investors when you can take your neighbor and make him and investor.