All Forum Posts by: Moe M.

Hello, looking to work with some Inland Empire agents out there. Bring me all of your homeowners with little to no equity who is trying to sell without success OR homeowners who need a Short Sale, and let's work these together. We can help these homeowners out of a jam and make money together. I realize that these are the type of deals you may have wasted your time with in the past, but we'll set these up so you could be making just as much if not more than a "traditional" transaction -- we'll handle all the negotiations and work.

Looking forward to hearing from you to discuss the endless possibilities.

Sincerely,
Moe

Originally posted by Jeffrey Koenig:

Nick,
Would you be willing to share you LOI with 3 options to intro to a Sub2 deal. I want to do a Sub2 deal, but can never seem to get it to work. Time to try another way. Thanks.

Just my 2 cents:

Jeff, what kind of homeowners are you targetting? I really like Nick's idea of a 3 option LOI -- I do the same, but just verbally -- I would like to add his written LOI to my toolkit though.

I think marketing to the right homeowner is key and making sure they are motivated. If they are not motivated and not open, then I part on good terms and move on. I spoke to a homeowner yesterday who is very motivated. She has tried to sell her home traditionally with a RE agent with no luck. She even followed the agent's advice and got a HELOC to do some upgrades and it still didn't sell. When I spoke to her I let her talk and I just LISTENED, sympathized (she actually is going through something my wife and I went through before) and then I asked her what SHE WANTED. Ironcially, she had spoken to another investor about her property, but said she felt more comfortable with me and liked my approach. I was very straight forward, gave her some options (which included doing nothing) and through talking out each option she felt like seller financing would probably be her best bet.

So I must emphasize targetting the right homeowners and dealing with motivated sellers is definitely a good starting point.

Happy hunting,
Moe

vTiger is good. I spent a lot of time in my last business looking for a CRM solution and it was hard to find an off the shelf system. Especially the price some of these companies are charging. I think to handle sales pipeline, sales automation, workflow, tracking marketing, tracking communications (email to clients, phone calls, etc), document sharing, and I could go on -- but a good web-based (AJAX-based) system is the best for the price. Yes you do have to customize it, but once you do, you're set.

I really liked the hosted version of Microsoft Dynamics 4 (especially since I like the integration with Office products) and I'm used to the Microsoft interfaces. SugarCRM was cool. I even liked ZohoCRM which was the least expensive, but still very robust. EBsuite was good too. All these are under $50 a person per month. ZohoCRM gives you 3 free users and then it's $12 per person after that (I think).

I like Highrise, based on its' simplicity, but just wasn't robust enough for our needs.

Oh yeah, the other system I liked, though not considered a CRM, is the hosted Microsoft Sharepoint 4.0 (I used the host fpweb dot net) and for $29 a month, you get 100 users. It's a collaboration tool, but it does have a contact management module and what I really like about Sharepoint is the collaboration features. I mean let's face it, most of us work remotely with multiple people in independent locations. Plus I really like the Intranet and extranet features where you can create as many websites as you need and use it specifically for certain teams. Ok, that's enough, I rambled too much.

Good luck on your search!
Moe

Originally posted by Justin Schnettler:

What if Enron goes bankrupt? You lose your money and move on. Real estate investing is a risk just like all other risks. You identify the risks upfront and mitigate them. The "what ifs" are rare occasions and make good bonfire stories.

Nice one Justin -- that was funny.

There's definitely a fine line between being careful and doing due diligence AND analysis paralysis. Not saying this applies to this thread, but I've read countless threads where newbies (or like myself not new to REI, but getting into new niches) they/we are encouraged to get out and do it, yet I think sometimes, even with the best of intentions, some people scare the poop out of you with the what if's.

Anyways, just get out there and get sued, who cares...LOL, just kidding. But seriously, we shouldn't let too many threads scare us from making deals happen.

Moe

Originally posted by Robbie Pollard:

yes, there are plenty, but this one was 70% rehabbed already.

Hey congrats Robbie. My dad is from Columbia and is considering moving back because of the great prices (he lives here in So. Cal.). Similar numbers to yours: I have an investor I network with in Michigan and there's a property under contract in a great rental area that $21k would include the rehab work and it would rent for $650 easily. Not good for resale, but great for cash flow.

Anyways great job man.
Moe

Originally posted by Mike Matthews:

Simple, he purchase deadline will not be in 1 or 2 years like a single family home. It will last for several years. If they make all the payments on time after X amount of months you will give them the home.

I use the same contracts for my Differed Purchase homes as I do my Mobile Homes. Well I take that back, the mobile home contract does not make them pay a Home Owners Association

Let me know and I'll help you, I am pretty good at the Mobile Homes and Subject to for single family homes..

Hey Mike M.:

I have a mobile homeowner that is making 2 mortgage payments and is very motivated. Mobile homes is very new to me, but I figured if it makes sense, I could get this subject to and then lease option as my exit strategy. Glad I found this post to see that it is doable. So you pretty much use the same contracts as you would an SFR deal? Any advice is greatly appreciated.

And Mike C., not trying to hijack your post :)
Thanks.
Moe

Originally posted by Dan O'Connor:

Moe,

If you can put the pieces together for the title company's legal dept... they may agree to a letter of indemnity and write a policy around the partial interest transfers.

Your attorney should be able to clarify/expedite the matter.

Hey Dan,

Thanks for that piece of advice and pointing me into a different direction -- I will definitely find out if this is doable.

Take care.
Moe

Thanks Jawsette & Jon, that's what I figured. I normally wouldn't have bothered once I got prelim, but this is someone that's come through a friend so I'm trying to research if there's anything that can be done besides having to use an attorney. I've run into this before & it was too much hassle, but for a friend's referral I'm willing to ask around and find out if there's any other ways of clearing this.

Thanks.
Moe

I'm working a short sale and I'm running into an issue where the seller has deeded part of their interest several times (4 to be exact) to different entities. The seller was working with a company that claimed this would help stop foreclosure by transferring partial interest to companies in bankruptcy. The only problem is this foreclosure rescue company is no longer in business and the seller has no idea who these entities are that he had deeded his interest to. He had an attorney try & help and the only thing that the attorney found was that the "entities" that filed BK was not entities at all, but in fact people who used DBAs that were never filed with the county.

The title company wants to get corporate info on these "entities", but they are not corporations, but rather people who filed BK, that were dismissed and now the seller cannot get the properties deeded back. Any suggestions? This is for CA by the way.

Thank you.

Moe