All Forum Posts by: Alex Bejenaru

@Account Closed I just sent you an email. Would love to get in touch with you about properties you may have in the IE or OC. 

As a Mortgage Lender recently, I don't think this should cause any major turmoil. The major issue with mortgages 7 years ago were Stated Income loans. In fact, many of the most popular loans available were referred to as NINA (No Income/No Asset Verification) loan or SISA (State Income/Stated Asset verification). To take it even a step further, the most popular loan I sold in 2005 and 2006 were the 1% Neg-Am loans (Negative Amortization with SISA standards of verification) which went as high as 90% LTV and allowed a 2nd HELOC for 10% of the remaining purchase. Countrywide and World Savings were the biggest culprits I encountered.

Nowadays every stupid little thing is scrutinzed...especially as it relates to self-employed borrowers. As @Aaron Norris mentioned, VA loans offer 100% financing and have a relatively low default rate. These loans always required income and assets to be verified thus making them lower risk. I think the 97% LTV is a great start as long as they adhere to the income and asset verification standards to qualify. Also, if FM/FM were to allow a new product, it should be a 70% LTV/Stated program with 12 months reserves for a primary residence. This would be an attractive product to people with larger down payments but may have more complex income to verify.

I'm always open to working with new Wholesalers, however, I get very skeptical when I can't even speak to the person who is actually putting the deal together. Their acquisitions managers don't even speak with anyone (that I know of) and leave it all to their account execs to solicit the properties to all potential buyers. 

Despite my own apprehension, Their model seems to work considering the volume they do

@Justin Williams thanks again and keep up the great podcasts! 

awesome! Congrats on a great week @Justin Williams  

Do you find yourself needing to look out of state due to the tighter inventory and margins available in Southern California to meet your goals? Or did you always plan on scaling to out of state opportunities?

BTW, your recent podcast with Bruce Norris was great!! I listened to it twice because of all the great insight he provides.

linkedin is pretty good. I think it will eventually replace the need for a resume but that is about it. It Seems to be flooded lately with people who try to get connected with anyone and everyone willing to accept them so they can inundate your inbox with advertisements. 

@Shaun Weekes have you considered just wholesaling the properties to another rehabber for a quick buck? $50k total skin in the game for 2 homes seems a bit low considering the loan for the remainder and rehab costs. Do you have contractors and a budget lined up as well? I'm close to you in chino hills and would love to talk further about the deals and options if you're interested. Let me now and we can meet up this week. 

Thanks @David J. mentioned earlier this week in Burbank, CA. Much of the LA area is very similar to what you described. You can have a small section of street blocks that sell very well, then go into the next block and have a completely different outcome...even though homes are less than a 1/4 mile apart and look very similar to someone unfamiliar with the neighborhood (similar home style, built around the same time, same size, etc). 

At the end of the day it is our responsibility to do our due diligence and analysis of each property. I personally prefer working with a smaller wholesaler operation that actually provides good analysis. 

Hi Everyone,
Wanted to get anyone and everyone's personal experience or opinion with NWA. I've been receiving some property leads from them and not sure what to make of the company. I know they have acquisition managers who then have another team of people below them that actually solicit the properties they get under contract to cash buyers. They also seem to only prefer doing double escrow transactions rather than assignment fee agreement through escrow. Would love to hear other local wholesalers opinions too

Hi Brian,
Welcome to BP! IMO, there is no better resource for REI anywhere. I can't help you much with your buy/holds, but maybe we can work together with some of your wholesales. I currently only work on fix/flips exclusively and stay out of being a landlord. Would love to meet soon (or maybe at the next OC Meetup) and see how we can possibly do some business together.