Newbie-Chicagoland Area

[Dana Dotson]

Hello Everyone,

I joined a few months back but never posted. I am a newbie in RE investing. I have been an PT Real Estate agent for the last 10 years and I know there has not been a better time to buy real estate. Different story on the selling.

However, I want to purchase short sells with the intent of selling them for a profit. I know of transitional funding and such and would be looking to close the deal anywhere from 0 to 30 days later.

My issue now is finding team members in the Chicagoland area (and also Charlotte, NC). I spoke to a few Attorneys and they seem to be afraid of short sale investors. Also, looking for a group of negotiators.

Any help would be appreciated and also advice.

Lastly, I am looking at moving to Charlotte, NC soon and would be looking at investing there as well.

Dana

[Sean Terry]

Hello Dana,

Congrats on getting started!! This business is awesome if you know what your doing.

I would recommend that you steer away, far away from short-sales for these reasons:

1. Takes waaaaay to long.
2. To much liability, just ask your fearful attorney.
3. The need for earnest money & transactional funding.
4. The laws are changing quick, very quick, it's a tough business model to build a business around.

I get tons of leads that I refer to the leading short-sale agent in my market and she just told me yesterday that the banks will be only taking investor offers on SS at 100% of BPO. They'll take owner occupied offers at 88% of BPO.
Banks are trying to squeeze out the investors.

So what's the alternative? Motivated Sellers...Here's the benefits:

1. All deals are off market, you're the only one that knows about them.
2. I never put earnest money down.
3. No need for transactional funding.
4. Very little competition.
5. Deeper spreads, more money
6. Less hoops to jump through.
7. Chances of being regulated...slim to none
8. Turn a deal in 2 weeks

Is that enough?

So how do you find these motivated sellers:

1. Bandit Signs in strategic locations in your city.
2. Direct mail, preferably the Yellow Letter to these lists
a. Absentee Investors
b. Inheritance
c. Probate
3. Internet marketing.

There is an endless supply of motivated sellers especially in Chicago.

What ever direction you wish to go, good luck and remember...
Never, Never Quit, Just Adapt and Overcome!

Cheers :)

Sean