All Forum Posts by: Michael G.

Hi Gail - Long Time! I would start with a group of properties in an area you really like and beat them over the head with your marketing. You know alot of marketing is follow up so I hope you have a sequence of letters planned. Send a letter every week. What's been the most effective for me is letter, letter, phone call. Especially if its a property you really like. That way when you call its not like a cold call. Send something in the envelopes like some flower seeds with a note saying "Time to spring into action!" I'm sure they are getting a boat load of letters reminding them that they have an issue so someting to separate your self from those mail peices is good. If the marketing you are sending has educational value like "why selling your home if you are in bankruptcy makes sense" it has a lot of value. I'm sure you have those bases covered in your marketing to these 2 specific groups. Last time I talked to a guy who was in bankruptcy he couldnt care less about performing a short sale on the house because the mortgage debt was discharged by the bankruptcy. Good luck!

Welcome JJ - I'm in Bay Shore. Give a holla if you need anything! -Mike

OK. So I'm hearing a lot of caveat emptor responses. I may just pass on it. It may not be worth the headache. Thanks.

Got it. I've been down that road with the unsavory character types. It helps to have a team in place that you can trust. Realtor, attorney, contractor, etc. Email sometime and lets talk via phone.

OK. NP but you still never answered the question. Are you looking on the MLS for your deals? Cause if you are then they arent really deals are they? Once its on the MLS how could it be a deal from a RE investor standpoint? Your not on the inside. That may be where you want to make a correction in your acquistion strategy. You need to be talking to the owners of the properties BEFORE they get listed. Thats the start point of the deal. Right now you have absolutely no control over the deal and how the mechanics play out. I would hate for you to waste your valuable time looking for deals that dont exist. PM me. We may be able to do some business.

Thanks Jon. I guess what I'm trying to determine is whether this is a play or not? I give the wife say $500 to qcc it to a entity. If the lender comes forward and wants to foreclose now they have to deal with me and the entity. I would imagine it would put me in a stronger bargaining position. I would be a better position to short sale it. What is my downside? They foreclose against the LLC? Should I pursue it or leave it alone?

What about you Realtyman? What do you do when you go to a BPO. Do you show up with empty hands?

@ mark - Im a wholesaler who purchases ugly houses for rehabbers and collects a fee. The deals that I lose money on are pretty houses. I work with rehabbers because they come with cash...quickly. Retail buyers rely on financing that may or may not happen. Get quirky about property inspections, etc. Thats how I lose money. If I were a realtor I could just list them. Its happened with 2 properties in the last 2 months that could easlily sell for 220K and 250K respectively. Thats a lot of cash to be leaving on the table just because I don't have a RE license.

I am a RE investor. I've come across more than a hand full of deals that I could have made money on if I were a RE Agent, I've decided its a good idea to go ahead and become a licensed agent. This way I don't have to lose money on all these deals I throw back into the pool. The broker who is going to sponsor me is a little leery of some of the marketing I use. Some of the letters I send out he thinks would cross some lines if I were a licensed realtor. Any one have any good thoughts on this?

I am fit to be tied. My agent tells me a BPO is scheduled for last Thurs. I ask her if she has the comps I sent her showing the exact same type of house on the next block sold for 13K less that what we listed. She said the appraisers got all the comps they need already and that they know the area. What! I always thought when agents meet the BPO agent at the property they bring something, anything that would help bring the price in where it should be. I talked to another agent who said they ALWAYS go to a BPO with comps. WTF? Am I missing something?