BiggerPockets.com Real Estate

RE: Who's That Guy Stealing All Your Deals?? :)

Posted: Sat May 17, 2008 8:40 am (GMT -7)

4rmgt wrote:

Hmm. I do remember seeing an ad for something like that.... Yeah I saw it on a website at REIEvents.com back in Oct of 2007, Yes yes, it was Oct 26-28th.

Hmm. yeah I hate the GURU type stuff too...

Actually, there are about 30 to 50 events in any given month. Not just the one you cited.

However, the calender is a little leaner these days. Someone could not play nice in the sandbox with the other kiddies and thus was removed from the site.

Rehabs en-bulk?

Subject: Rehabs en-bulk?
Posted: Sat May 17, 2008 7:41 am (GMT -7)
I'm curious to know if ANYONE has tackled something this big.

A while ago, I started working on the whole bulk-REO thing, and had been working on it for quite some time, with no results what so ever.

Recently, the procespects of buying property packages has reared it's head again, and now they're looking great.

Anyways, I'm now looking at the prospect of rehabbing dozens of properties all at the same time, the properties all need work, from new furnaces, to roofs ,ect.

Have any of you done this, where you have delt with multiple properties in multiple cities (All within your state)?

I'm trying to figure out how to tackle this big prospect.

RE: 2nd Foreclosing Sub2 1st -- amout due on 1st???

Posted: Sat May 17, 2008 7:35 am (GMT -7)
Thanks Kathy for the great tips on finding someone! The deal I was looking at has passed (bought by the plaintiff/2nd note holder). It may be available as an REO now, but have been too busy to check and have better looking prospects in the works. I'm going to print and save your post for future reference, though, since you have some good suggestions. Thanks.

RE: Looking for sellers of bulk REO

Posted: Sat May 17, 2008 7:20 am (GMT -7)
LOL! You guys are funny! Someone comes on here and tries to establish relationships and you jump on them! I do not have to prove anything, nor is it worth my time and energy. I will say that and have said that I am an intermediary/consultant. Am I a mandate? NO. I never implied that I was. I have stated that I am ONE person away from the seller's mandate. I have a great relationship with the compiler. That said, if any of you are a compiler, we can do some business together. I try to weed out those wanabee buyers that make all of you so frustrated.
Have a nice weekend!

RE: Land Trust

Posted: Sat May 17, 2008 7:16 am (GMT -7)
I know that my family owns several properties that are currently held in a land trust to which the beneficiary is our LLC. This was done simply for the anonymity in dealing with most standard applications. If you have a determined lawyer they are going to find out who owns it eventually, however this does provide you anonymity from law suit mongers who are just going around looking for people to sue. If there is one more step in them getting your money, its one more chance they will say "it's not worth it".

As always consult a lawyer because I am not even close to one :P

RE: starting with $200 or less

Subject: Hmmm
Posted: Sat May 17, 2008 6:50 am (GMT -7)
A lot of guys make great points. I would just take your time and learn more about the business and your area if you haven't already done so. At the same time building up you cash and credit to put yourself in the best possible position when your ready to start investing. Having cash and good credit opens a lot of doors for good deals.

RE: 80,000 Posts and 17,000 Members!

Posted: Sat May 17, 2008 6:17 am (GMT -7)
I think we just need a name for the loyal Bigger Pocket posters...

Like those following the Greatful Dead were call Deadheads

Jimmy Buffet has his Parrot Heads

What are we called?

RE: Evict AND take late rent

Posted: Sat May 17, 2008 4:30 am (GMT -7)
He owes late charges from November and January and shorted me on a cash rental payment in March $20.00 (left it in an envelope so I couldn't count it). I understand landlords have to prove they actually had $10.00 a day late charge in court or risk treble damages if you try and take it from the security deposit in court.

RE: Attorneys and Subject To

Posted: Sat May 17, 2008 12:48 am (GMT -7)
Also a quick link to an interesting post in regard to sub2's.

You will recognize the author and he lives about 20 minutes from me.
Josh was challenging ME to interview HIM! LOL

http://forums.biggerpockets.com/viewtopic.php?p=86835#86835

Jason, There are real tough laws in regard to Real Estate transactions for good reason. Although many are ethical and also follow the Law, MANY creative REI investors in my opinion are quick to look for loop holes and do anything for a buck. 95% of the Guru's preach VERY un ethical and out right illegal business practices and don't even know it in MANY situations. It's the nature of the business. Dealing with competition for deals and home owners that are in a real bind creates a breeding ground for shady business practices. Equity skimming is the most common today.

Are you aware of just how many of these gurus as well as investors have ended up in prison? I am and perhaps I pointed you to a very generic web site in which the latest cases were not a good example? However, if your not familiar with reading findings and conclusions, rulings etc. your not going to be able to apply the cases to the laws very well. There is civil law, criminal law and case law to consider as well.

Your a good man Jason and my BEST advise, being that I have most likely been investing at least half as long as you have been alive is to align with the perceived enemy., as in get your self a damn good Attorney and listen to them. You almost come off as though you really have had a bad experience with Attorneys, or for some reason purposely totally avoid them or any legal direction.

RE: Renting my House - General Suggestions requested

Posted: Fri May 16, 2008 11:17 pm (GMT -7)

Wheatie wrote:

Your best bet may well be to just stay in the property and save like crazy. Once you have enough saved up to payoff the shortage, sell it. Or, put the extra money toward the payments so you reduce the interest charges.

I understand. Just like you, Tbone and James say it makes more sense to stay in here. However, going back to one of our prior conversations, if the interest rate resets in 2010 and the value (which I am assuming) is going to go down to 1998 pricing (which was $180,000), I will then owe more than $230,000 on this house... Bottom line, I am seeing myself in deep (@#$^) under Water! LOL

Tbone: The only thing that I still want to continue to do is look for investment opportunities but with 'Extreme Caution'. Because the "situation room" I am in, that could be the only lifesaver!

Either way, we are contemplating on all your suggestions and see how we can move forward. I will keep you posted even if it is going to take 3-5 years from now to get rid of this ALBATROSS (like u said, Jon!) . I feel this could be a lesson to Homeowners like me who buy houses with plethora of ignorance...

Thank you very much once again!!!

Have a wonderful weekend All...

Cheers
Ram

RE: I stopped smoking!

Subject: Re: I stopped smoking!
Posted: Fri May 16, 2008 11:03 pm (GMT -7)

silveraden wrote:

My ex girlfriend got married last May 5 and everything between us were done.. I was badly hurt... I promised a total changed so then, from that day...

1. I stopped smoking (smoking since 1996)
2. I go to gym for 3 times a week (never done before)

Do you think this is a good idea?... it's been hard to quit smoking during the firt 5 days but it's getting better now.. I just drink plenty of water when I want to smoke...its working.
__________________

When I divorced my ex wife I went through a similar experience. I got on a health kick for a while. It's a good thing. I was topping out at 315 lbs. at the height of the "pain". I got down to 260 (healthy for me - I'm a very big guy) then regulated at about 250-260.

For me it was all a mental thing. I looked at myself in the mirror and determined I was no longer a 300+ lb. person. One thing that was a huge help was I took post it notes and wrote down my daily progress and stuck it to the mirror. In my case I wrote down my daily weight and saw it as it dropped. My suggestion would be to write down "7 days smoke free", "8 days smoke free", etc.... and see the visual evidence of your progress every day when you look in the mirror. It helps a lot.

RE: Hello from Virginia

Posted: Fri May 16, 2008 9:56 pm (GMT -7)
Good ol' Google search

The reason I started looking is since I started recently acquiring properties out west. I got more interested in the buying selling land - owner (being me in this case) holds the title and sell with small down payment + fees kinda deal. Make interest & markup on the land. Not much risk, because if they default I have the title not them, they forfeit their payments upon default.

Thanks for the welcome!

RE: Small bulk reo ?

Subject: NY Small Package
Posted: Fri May 16, 2008 9:40 pm (GMT -7)
Remy,

I doubt you will see such a small NY/5-Boroughs package go for anywhere near 55-60%. As ROYALT pointed out, those are just 3 - 10 houses in our area. Based upon local investment knowledge, your probably looking at somewhere between at least 65 - 80%, depending on how long they've been on the market.

You might do a little better (than 65-80%) with short sales negotiated by some local companies that specialize in those types of sales. Reach out to the NYC local REIA, and I'm sure there are some investors/realtors that specialize in that. I get similar lists all the time for Long Island and NYC short sales that have already been negotiated, but more Brooklyn & Queens than S.I., being that my contacts are on Long Island.

If you're interested in Long Island/Brooklyn/Queens, let me know and I can give you a couple of local contacts.

RE: Acquire a property via owner financing, the refi?

Posted: Fri May 16, 2008 9:19 pm (GMT -7)
Maybe. If they sell you with terms like 30 year amortization, due in 3 years, they're expecting you to refi within three years to cash them out. Sellers certainly can't expect you to keep the loan for the full term. You could sell it, which has the same effect as a refi. Just avoid any prepayment penalties or unusual payoff calculations. Car loans, for example, used to use a "rule of 78's" calculation for payoffs that meant the initial payments were even more loaded with interest than normal loans. Be sure the note spells out the amortization and any pre-payments penalties.

RE: Absn entee list...

Posted: Fri May 16, 2008 9:15 pm (GMT -7)
Contact the county clerk and ask if you can get a list of all properties where the owner address is different than the property address.