All Forum Posts by: Mary Ann Ead

[How does hodling your property located in CA for example in a LT in Virginia benefit you? ]

Hmm I was really wanting an answer to this question. Thanks for what you did write about land trusts Randy. I was hoping you could also answer the above question about VA Trusts.

Like the work on the new dashboard. I like being able to see who my collegues are and what's up with them. I'm sure it will make for easier interactions....going to check out the blog now.

I bought my first home with a local $5000 grant.(It was in RI) There were similar conditions, I had to live in it and not sell for 5 years in order for the $5000 to not have to be paid back. However, depending on how long I lived there the $5000 payback was prorated. Maybe yours is similar.

[Can you specifically explain how you avoided/circumvented the current standard seasoning of 6 months for a NOO loan (non-owner occupied)

Have you had success flipping to a retail end user and avoided seasoning issues of the standard 3 months on FHA loans? ]

How about Seller Carry with a stop at the seasoning period? ..I have not done exactly this. We usually rehab before flip. takes time, adds value. The 3 month FHA has gotten in the way.

My advice would be to develop a relationship with an agent. I have relationships with investors. Generally I know what sort of property someone would want and whether I am working a deal with them at the moment or not, in my heart, they are my client. I want my investor to make money. Dual agency can sometimes make this difficult, however, through negotiating everyone wins. The seller will not take less than what they will take, the buyer will not pay more than they will. An agent with negotiating skills, ethics and long term vision is your best bet.

[I told him whatever he negotiated for me between my actual price and list, I'd give him a bonus of 50% of the spread. Gives him an incentive to actually try to negotiate a good price for me]

That's creative. I hope it works out for you.

Is a wrap mortgage fraud if the state law does not deem a wrap illegal?
Yes, you need to pay up if they act on the due on sale clause. The renter's insurance is a bit weird. Does your mortgage require you to live in your home? Sometimes it will for a number of years. I agree a lease option might be best, you hold the insurance, they pay for the option. You could negotiate some of the monthly payments to go toward the principle....look at your own balances to figure this number. If you do take 100k as the option price, or as a downpayment be certain to either pay down your principle or keep that cash in a safe place if they call in the note.
I believe also that to figure this properly I would need to know what equity you have in the property.

Oh dear....I had to run out and pushed the send button. I'm running around looking for furntiture for a coorporation crew coming to town and needing to pay attention , all the while worrying over my post.
Thank you Taz.....very much :)

I am saddened by the reputation realtors have. Frankly I wouldn't be part of the NAR if I didn't need too. They are becoming a self serving political entity. However my real estate career has not YET grown to exist without it.( and I will rant another day about the NAR) I finished the classes easily and then went looking for more info about how to negotiate.....nowhere are there any good classes for real estate agents with regard to this. I found some mentors and currently work with a broker who is the best negotiator i have ever met. Creative, within the law ....all of it. Anyway I came into this business with vision of developing the community. Many old-timers said I had to start with selling houses to families. I can't keep myself in that role. I work with investors, I find wholesale deals, i share. I advise about negotiations. I help people who are from out of town do research here so they can get the properties they want. I attend mosst city council meetings to stay on the pulse. I don't rely on the MLS. I also list quite a bit at retail. I am a listing agent in that sense. I refer out the families who want to see homes and the agents in my office are happy. :)
Real Estate agents do not need to be confined to being a Realtor, and in that sense we can be helpfull to investors. I earn every bit of money that I make and am fully aware that the "real " money is in the real estate investment itself.
Not all investors are cool to work with. Often I will do quite a bit of research on properties. Back taxes, infrastructure requirements, rehab costs etc....only to end up hearing that if they make a deal I will need to find someone else to pay me. I love my work and hate asking for money.
I'm sorry to rant, but I often feel as though I am going against the tide when other agents and or investors can't see beyond the "regular".

Scott,
I have a client with several properties that may qualify. They are in Douglas, not too far from Tucson. Are you interested in commercial and/or residential? These properties can likely be wrapped. Contact me for more details.
peace,
Mary Ann