All Forum Posts by: Aaron G

Can anybody help me out, or provide a tip on how I could go about finding people that oculd help us out?

My partner and I are both licesned realtors. We specialize in investment properties. Right now we can't find enough below market value properties to supply our investors, so we are starting to bid on foreclosures at the courthouse here in Phoenix, AZ. We need a lender to help us increase the amount of properties we bid on.

Wre looking for a lender who can provide loans to us to buy foreclosure properties at auction, and pre-foreclosures directly from sellers. In the case of the former, we would bid at the auctions, then put down the necessary 10K out of our own money immediately as the courthouse requires. We would then need access to funds to pay the balance of the property within 24 hours as required by the courthouse.

Hopefully we would move that house to our investors in only a few days. So, we’d be looking for a loan of up to 400K max per house (most of these would be 150K to 250K) for a week or two maximum. We’d like to be able to do this over and over again, and reach about 15-20 properties a month in a few months.

We need a lender who can fund these purchases quickly and who would take either a flat fee per house or fixed %. We are happy to offer a higher flat fee based on if we only need the money for 7 days, or 7-14 days, or 14+ days. We could provide addresses of the homes we planned to bid on before the auction as well so that lender could evaluate them, we could provide a larger fee or % if the homes don’t move quickly of course, and we are happy to meet a potential lender in person and go into detail about how we will move the homes and continue to build our investor database.

If anybody is interested in helping us, or providing tips on how we might find an interested party, I'd be most appreciative. Thank you!

Best Regards,

Aaron Gough
Realtor
West USA Revelation

I am currently looking for real estate agents who are leaving the business, or have just left it. Successful agents strongly preferred. However, if you are an agent who does a few deals a month, and are getting out of the biz to do something else, please contact me in regards to how we can compensate you for your database.

We would like to assume that database from you with compensation to you. If you are interested in this, or you know anybody else who might be, or you know how I can find such people, please contact me!

I'm based in Phoenix, Arizona.

Thank you!

I'm a Realtor based in Arizona. We specialize in working with investors and investment property. We can help you find below market properties or (close to) cash flow rental. Give me a call or shoot me an email if you're interested.

Aaron

Does anybody care to share any systems they use to find below market properties on the MLS?

Here are a few ideas:
--Search a given grid in a given price (25K range). Start at cheapest price and go up in the list. Look for sq ft sizes that are out of place. For example, if 90% of the homes in the list are 2200 to 2400 sq ft, and one of the homes is 2900 sq ft, it could be worth checking out in more detail
--Set up a custom search with original list price and current list price. Set up original list price for a minimum of 500K. Set up a maximum current list price of 450K. Set up a days on market maximum of 60 days. This gives you a list of people who have dropped their home by 10% in only 2 months time. Such people might be motivated to move

These ideas don't guarantee you great deals, but they give you a better list of properties to scour rather than taking shots in the dark. I'd really like for other people to post their ideas. Keep in mind that most of us work in different states so we won't be hurting each other!

Thank you for sharing!

I've used them in the past. Part of me thinks that people signing them is a sign of goodwill, and that may be true. But the reality is that if somebody reall wants to screw you over they'll do it. Focus instead on meeting as many people in person as possible, and really forming a strong relationship. Find people that will be able to help you, and concentrate on really becoming their friend.

Wow. In AZ I would expect to pay 8% to 11%, but 10% would probably be average.

I'm based out here in Phoenix. We're looking for investors interested:

--Phoenix area homes, 300K to 700K, primarily east valley, 80% to 85% LTV
--Luxury homes nationwide, 80% LTV, 1M+ in price

Please feel welcome to contact us if you are an investor/buyer or if you have such homes to sell!

Best Regards,
Aaron Gough
Realtor
West USA Signature

I have a question about assignments and earnest money. When I assign a contract to another buyer, my earnest money goes along with the assignment. So, how do I protect myself if the person I assign it to screws up and back out too late to recover the earnest money:

Should I ask him for earnest money at assignment?
Should I ask him to pay the escrow company an equivalent amount of earnest money owed to me, but refundable under the same conditions as the original contract?

Also, I assume we get our assignment fee at close of escrow, and not when we assign, correct? Since this is the case, does the assignee pay the escrow company and we get paid by them at COE, or do we get paid directly from the assignee? Interested to hear what you guys are doing out there...

Thank you!