All Forum Posts by: Dave Stevens

I recently posted asking for a lender who could do a cash out refi on 4 properties in my LLC. Sorry for the post, I didn't realize this wasn't allowed. I received some responses that said I should transfer title out of my LLC and into my personal name. What are the pros and cons of doing this?

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Hi Brian,

I live in King of Prussia. Maybe you, me & Jeff can get together sometime for talk.

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I successfully received a judgement from PA court of Delaware county on my tenant who owes me $12K. Don't know if i will ever get anything from the dad put his 21 year old son on the lease, so he is also on the judgement. Is there something I need to do further so this will show up on there credit report?

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Originally posted by Michael Culler:

So between me and a business partner, we are about to be cashed up a few hundred grand. I have experience with wholesaling (years ago) and understand real estate to a degree. Having been out of the game for a couple years (scared and confused) I need to brush up on some up to date strategy.

I see a lot of people here discussing A to B and B to C closings, transactional funding, etc....

What if I have the cash to close? Would you still focus on finding cash buyers and selling the properties quick for a small mark up? Do you think the REO brokers will take me more seriously now? Who out there is flipping REO's with their own money? Any input is appreciated, even if you just make fun of me. :lol:

Depending on how involved you want to be, you could just be a private money lender.

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Originally posted by Curt Davis:

Matt,

You should forget about the whole SS. They should really be called a Long Sale b/c they always take forever and are not worth the hassle.

That was helpful!!!

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This sounds like me when I first started, thinking about all the "what ifs" that could happen and talking myself out of doing anything at all. Then I decided to just deal with them as the come up. Most of the time they don't come up but when they do it's easier to deal with a real problem then a "what if" problem.

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Do you guys remove your listings from the MLS before you get a BPO? I was told the BPO agent will just use the listing price in the MLS if it is still there.

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Originally posted by Brett Sodders:

James or Scott can you give an example of what you "typically" pay in commissions/financing (trans. funding)?

Would someone like to summarize how they pay A-B & B-C commissions? I am getting confused.

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Originally posted by Tom Medwin:

So here's the commission totals in an example:

$200k FMV
$120k Cash Offer and bank approval
$6,000 Commission paid by bank (5% of $120k)

$175k Resale Price (priced for quick sale)
$9,625 Commissions (5.5% of resale price)

The bank is already paying $6,000 so I'm really only coughing up $3,625. The math is $9,625 acutal commissions paid minus $6,000 bank paid commissions equals $3,625. So for a little over 3,500 bucks I'm getting the deal and utilizing the services and resources of agents and the MLS.

How does this commission split look on the HUD?

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Originally posted by Ryan Raak:

Alex, I've had a lot of luck especially with Wells Fargo simply stating and having the owner type and sign a note saying that it was FSBO. I tell the bank that "I believe" they met with a couple agents and they weren't interested in listing it due to the market value being less than what is owed.

I did the same thing with Citi Mortgage, the seller just wrote a letter stating that the realtors he contacted said that since he owed more then the value, they didn't want to list it. He then wrote that he found me, I gave him an offer so he no longer contacted realtors.

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All Forum Posts by: Dave Stevens

Dave Stevens has started 7 posts and replied 17 times.

Post: refi

Post: New Member in the Suburban Philadelphia Area

Post: collecting from a judgement

Post: Strategies if you have Cash to Close

Post: Wife not on mortgage does she have to sign purchase agreement?

Post: Calls are coming in and I still have serious questions.

Post: MLS & BPO

Post: Strategy For Working With Realtors & Commissions

Post: Strategy For Working With Realtors & Commissions

Post: Wells Fargo Wants Listing Agreement