All Forum Posts by: Bart Nakielski

Kenvest

I absolutely agree with your points and you gotta be realistic everyone networks and streamlines to people that can perform. I myself don't waste time with newbies when I got my list and know exactly how fast my contact will execute and what they want.

And as in all industries there's rotten tomatoes at the bottom however I hope that more are ripe than rotten but a lot of them are spoiled and lazy

Hello all,

I have experience with dealing with a ton of realtors being one myself. As with all things and trades some are great others are awful.

There are two types of realtors out there; retail stuck in old traditional system go by market value and sometimes are emotional when it comes to dealing with them, offended by offers that are made to them by investors, these types in some RARE cases don't submit offers, keep in mind offers can be relayed verbally or in writing by a buyer, in both cases it is the Realtors responsibility to present all offers to their buyer by the letter of the law.

And Investor friendly realtors, flexible non-emotional and innovative in most cases, NOT THE HOUSE WIFE MENTALITY OR WEEKEND REALTOR present all offers from my experience unless the EXCEPTION as described below is in effect

In terms of presenting offers there is an exception:

HOWEVER, there is an EXCEPTION, a seller can instruct a realtor not to present any offers to them below a certain offered price. This is purely due to the fact that a realtor is representing a seller whose instructions a realtor needs to adhere to by law. In those cases a verbal is all that is necessary to present an offer.

Now with all that being said, I would venture a guess that if a realtor doesn't submit an offer that is presented it is a combination of any above stated facts.

I have dealt with many REALTOR's in the REO and Private lender held properties, some don't respond(made verbal but got nowhere) but the one's with a lot of game(properties) always do purely due to the fact that they're always networking this deal might go through but a new one may come around.

Just wanted to stick my two cents for your consideration

Gotta be realistic with sources you're pursuing, for me REO's and Private lenders have worked but the quantity of contracts that I thrown out there has been a lot, basically like fishing.
I go by basic criteria price is below 80 ltv to start off, 90+days, 3b,2baths or better, off busy streets and intersections. Established neighborhoods, some fix up needed. Look to get it at 60-70ltv,realistic comps for sell and rental are everything.
I myself have been gearing with these towards a hold and rent approach, this may NOT be your cup of tea if you're looking for a flip only.
I would research private hard money lender's if I were you they're a great source for low priced inventory, they are more motivated than others to move inventory.

Forgot to mention FSBO's another great market

Short sales are often too time consuming and not a great deal as many believe. Most short sales in Az have been closing at 75-85ltv, in cases where the properties need work.

Most banks are set on getting 90-95ltv on a good property in a short sale.

I would recommend considering REO Bank Owned properties, may take a little longer to locate but you get the answers and deals in many cases much lower than short sales, you can anticipate 65-80ltv on those. Purely, due to the fact that the REO is now a liability. 90+ days plus should be a starting point.

Private lenders, pre-foreclosures(use for identifying property, make reserve bid never know may get it, most auction properties go back to banks anyway) and auction liquidating brokerages(most effective when looking for multiple properties).

Right now there's a huge inventory of REO's new one's hit the market everyday may be a venue worth for you to pursue

Hi Eric,

I think they're fluffing the numbers as it stands AZ is in high demand and you can get REO's or shorts at 65-75 ltv. I would venture a quess at 75-85 ltv. Of course shorts me be going to be higher on average, but REO have a chance of meeting a smaller ltv.

Jon,

I believe you're on the right track, I know that these notes cannot be traded by anyone other than a securities exchange, stock broker, I was informed today vaquely about them but it's still uclear until I read your post.
It's no problem on non and performing notes to deal with them but the MTN's are a whole diferent ball park. I appreciate your feedback it has clarified Mtn's for me.

Hello,

Like most realtors I started in that traditional residential market but with the cool down I changed gears to investor market.
I have worked with historic and traditional reo and short sales, being a part of an investment brokerage with a large network of investors approximately 65+ K we have been up to date with market demand.
Over the last eight months, Bulk REO's have become in high demand and some of my colleagues and myself switched towards working in that market.
The problem that I come across time and time again is misrepresentation, false packages and unfulfilled performance that unfortunately causes loss of clients.
Any advice in terms of finding concrete contacts that are close to the sell side and how to disqualify pretenders right off the bat?
Also, I had a question regarding being paid as a consultant on these REO Packages. Being a realtor but being paid as a consultant do I still have to be paid by the brokerage or can escrow cut a check directly to me?
Thank you for any insight you may be able to provide.

Bart

Hello,

I work for an investment brokerage we have about 65+ K investor list that is utilized as an email blast to promote properties and projects. We handle developer liquidations as well. Please feel free to check out my brokerage and contact the office for more info.Thank you

Just google capital trust real estate

Thank you

Bart

I think that the market has been spiraling into recession well over the last three or four quarters. Technically, I believe we are in a recession now but the media is keeping it quiet. The holiday shopping,GDP decrease,energy costs, dollar strenght has all been down for a while. Is it a recession now or only on it's way?