All Forum Posts by: Eugene Thompson

My plan is to do what makes sense for the seller and make money, be it wholesales or sandwich lease options.  I want to be able to do transactions with these homes that are not exactly read for sell.  Advice and input from the BP community, like you, is very much appreciated  before I initiate SEO.

Hello All:

I am pairing with an All Star team of real estate agents who have built a website for me to get traffic from their SEO-optimized web site. One agent (two total) has done $90 million in home sales.  I want and need this to work.  How can I make the most out of this deal as my web site starts getting developed?  How can I get the right prospects/leads from their web site?  Does anyone have experience with this kind of arrangement?  

The team is super eager to start working with me, because previously they have been throwing away these homes because work was needed.

Are there investors out there that are more into buy-and-holds, rather than buy-and-flips?

Help needed and appreciated!

I personally hate asking my money guy to open up his bank account to a stranger to show this proof when his web site has over 200 of his homes from 30 years in the business.

I got pissed off at the thought of that request. I told one [REMOVED] from Texas, "[Money Guy] doesn't tap dance for anyone. He's been doing this for 30 years."

He didn't like that my money guy blacked out his account number on a bank statement that said he had over $600,000 in the kitty. He responded, "I need to call the bank and say 'Does this account have $600,000 in it' or it's not good enough for me. Bye!" (At this point, I offered to have him added to a phone call that I would start before with a bank representative on the line--to avoid him hearing sensitive account information--and he rejected this proposal: HUGE RED FLAG. I feel like naming him and shaming him by posting his phone number, but I won't.)

It was then that I told him that my money guy doesn't audition for anyone. And asked the [REMOVED] what's his fax number, who are his connections, what's his web site, who are his references, who are his contacts at banks in town, where is he based in Texas and basically gave him the impression that I was sick of his crap and was going to block him on the phone. That swindling, stumbling, stuttering [REMOVED] became really respectful once I pushed back.

Has anyone has good or bad experiences with people demanding SPOF/POF in order for you to do business with them?

For the people demanding SPOF/POF: if someone doesn't have funds, can't you just go on to the next money person?

Why are people so adamant about SPOF/POF?

What kind of access can someone have with a SPOF that could jeopardize the account or my money guy?

I do need to move on, but is so frustrating knowing that I spent so much of my time on this idiot who thinks his peice of crap is worth something due to the neighborhood it's in and he's sticking to his guns by not taking a $5k check and getting rid of this property which he is at least one month behind.

The fool is going to lose his home trying to find a sucker that'll be dumb enough to give him money.

And he's also restricting access to his fiance who owns the property.

And did I mention that his fiancé has already lost two properties of hers recently and the idiot fiance of hers is playing hardball?

YOU HAVE NO LEVERAGE!!! YOU'RE ABOUT TO LOSE ANOTHER OF YOUR FIANCE'S PROPERTIES!

I would so love it if my money guy told them to stick it today and plans on picking this property up from the hard money lender once it's seized.

//RANT OVER

My straight talking money guy gave them an offer of paying the mortgage and $5k.

Tired of neurotic homeowners who think that just because the property is in a good neighborhood that they automatically have value no matter what the condition it is in.

They're looking for suckers and hard money people aren't suckers.

I said in the previous thread that I peaked in the windows and that what I saw was relatively minor in terms of repairs. Now, though, after going with my contractor, this is a complete demolition if it wasn't in a historical neighborhood.

So the homeowner I wrote about this morning told me the whole story. Fiance needs to dump property; she's in over her head. Home would need all of the equity it would have if it was in good shape to rebuild and fix it in its current state for sale later on.

Mortgage (owed) = $66k

Comp = $130k to $140k

My general contractor , an honest man, asked the fiance if he wanted us to pay off the mortgage with him assuming that was all we were offering his fiance). The guy then shook his head as if my contractor is an idiot. This guy is actually expecting us to cut him a check for this property! Mind-boggling.

My contractor then went to the city to see how feasible a demolition would be. That's how useless the property is.

I know people get wonky when it comes to financial hardship and maybe losing a home, but why do they always seem to take cash buyers for suckers?

How would seasoned investors and buyers here handle this matter?

FOCUS!

I NEVER said the HOMEOWNER asked for a short sale.

I know exactly what a short sale is. I'm trying to figure out this homeowner's motivation for even dealing with me which is why I am here.

Please show me where I said this homeowner is in foreclosure.

I'd brush up on my grammar before typing, if you want to talk about not doing things one isn't familiar with, with reading and writing being your deficiency. Maybe that condescending tone is a coping mechanism for bad grammar and poor reading comprehension.