All Forum Posts by: Edward Alvarez

I also use skype for outgoing calls and instant messaging. I feel its a great tool at a reasonable price... If you care to join me my alias is properties1st

Anyone have any experience with the following, any remedy?

I just got a pre-lim and apperantly the seller and some family members did a tranfer of deed without title insurance about a year ago and now that im buying th house Escrow wants all the family members involved in that deed transfer transaction to sign off on uninsured deed affidavit... The problem is the family is going through a feud and 2 of the family members dont want to sign anything. Is their a way around this? Thanks in advance

Bandit Signs, Direct Mail, Paper AD's, and referal fee word of mouth, work for me...

The formula stated above works. you might have to restrategies your plan and go after REO's that fall out of Escrow for example, one more thing that helps is establishing rapport with the listing agents, that has helped me a lot. Remember this is a business of networks and relationships. One last thing remember this is also a numbers game. I was submitting 20 offers a week at a given time, and after all said and done I was negotiating on one so thats a 20/1 ratio and thats actaully pretty good. Try 30+/1... Good luck! All cash offer no contingencies works but everyone else is doing the same, so for those of you who think that makes your offer stronger, it does but your not the only one doing it... theirs lots of competition out there and rightfully so...

Master Lease Option is a great way to go, as long as you break even or can cash flow. After that just work on imporving the NOI. Seems like you have a little room to do so since you mentioned the property is 85% occupied, leaving you 15% vacancy which you can fill-in right away. Good luck

No offense taken Steve, this is merely debating, thats all. I really wish all this was as clear as a crystal ball. Its a very SERIOUS topic, especailly since I already have skin in the game. I just finished reading about 41 investors going to jail in NY, due to mortgage fraud using straw buyers, etc... so its still going on as we speak. Theirs lots of dough to be made in short sales, here in CA, but the rules of engagement arent as clear as we would want them to be... Nevertheless lets keep each other informed using BP, the best site for Real Estate Investing knoweldge, hands down.

No ones getting screwed when everyone involved knows whats going on + they sign off on all paper work and its in writing...Thats why you disclose all this up front, even profit margins...(rule of thumb keep the profits around or under 10%) If someone doesnt approve of something then the deal doesnt go through. first off rule # 1 the seller cant make any money whatsover from a short sale so how are they getting screwed by you making a profit? #2 the lender who approves the short sale is apporoving a pay off its their final dicission, they dont have to agree to the short sale they have a choice, so how are they getting screwed? and 3rd the end buyers lender if they use a conventional loan, NO FHA here, is well aware that your flipping the property over but your first closing the first transaction with your money and you will hold title before you sell to the end-buyer. Now if the buyers lender doesn't want to lend the money then theirs no deal, but in all reality no ones getting screwed. I would understand if your hiding your profits but its all out in the clear for everyone to know and see. I know the attorney general and FBI are currently searching for Mortgage fraud, and rightfully so, but their is a legitamite way to do these flips, you just need the right knowledge, the right team, and the right intentions... Its called Transperancy.

I must agree with you Will on employing an agent do to shifting any and all liability issues. It would just mean you would have to train them and pay the buyer commission which inturn the deal will pay for regardless. My issue with agents have been that they lack the knowledge but other then that It definitely seems like the best way to go at this point. One last question for this forum, who are you afraid of the most in question to bringing a lawsuit against you? the Buyer? the lender apporving the sale? the lender financing the end-buyer? or all?

Will, may I ask what your attorneys experience is with foreclosures and short sales? how many short sale transactions has your attorney done? Apperantly theirs an attorney/RE investor, here in southern CA whos apperantly done he's own transactions, and a resource told me that this attorney is actually going in front of the DRE to explain the proceedure used to do these types of transactions. I understand an attorneys role but sometimes they are not experienced in a specific matter. I know becuase I've called many of them on this topic and they are honest and tell me they are not the attorney for me even though they specialize in Real Estate. I also believe this whole thing has to do with your approach. My approach to people is "I'd like to buy your house" no representation, or advice, or anything of th sort. Just a simple I would like to buy your house, in which their response is GREAT but im facing a foreclosure. I say OK, I'd still like to buy your house, and explain how I'm going to do it without really going into details. I also feel out the seller I'm dealing with, and to tell you the truth the deals I have in the pipeline are typically non-owner occupied homes where the seller has pretty much walked away and is not at all intersted in any type of help other then getting rid of the house. Every scenerio is different, so you will get different results...

One thing im actually considering on doing is just buy & rehab, hold then retail. I feel that the main issue in all this is the quick flip scenerio. So that might be another solution.