All Forum Posts by: Ray Slack

Some REIA meetups are used as a source to get newbies in to upsell them on courses and mentoring programs and run mainly as a for-profit business. (Think infomercial), But most of the meetups are more or a non-profit philosophy just trying to cover the costs of the meetings and used for networking with a bit of education and a soft upsell usually on the services of the person speaking / educating the group.. For example someone comes in and explains 1031 exchanges and answers your questions about them.. Then at the end gives you their information about their 1031 facilitating services. So, if you want to use them in the future you have someone you're comfortable working with. You should never feel pressured to buy anything . I've heard really good things about the BWI / Baltimore meetups usually held around BWI airport and not such good things about PG county one.

I've spoken with them before but found better rates/points for flipping properties with other lenders.   Explain your situation a bit further, the property and your goals and I can make a few suggestions.

1. Do you have cash for Down Payment? 

2. Do you have good credit? 

3. Do you have experience flipping?

4. You looking to buy and hold ? or flip it?

5 turnaround time?

6. what the PP, Rehab cost and ARV?

I agree. Not enough information.. If you need an eviction attorney for Maryland Richard Basile in Greenbelt is the best/Cheapest I've found.

Ray

Something else that is important.. While problems are not that common maybe one in 50 to 100 loans..  If you get one of these problem properties/borrows/loans.  You could lose your entire investment..  Banks average this out risk over all their loans and it works for them.  1 total lose in 500 loans isn't that bad for a bank.

BTW another major problem can be that you are buying the loan documents of the lender that originated the mortgage.  Many lenders broke the law back in 2003-2010 by taking short cuts on these mortgages.  In florida they had robo signers. People that signed for the foreclosure company certifying that they reviewed the loan file and were certifying it correct.  It later came out that these signers never looked at the files and we signing 1000s of mortgages a day.. meaning that there was no way they could possibly have reviewed the file.  Once the mortgages came up to foreclosure the judges were throwing out the cases and it some cases wiping out the mortgage and giving the house back to the homeowner free and clear.

How can you lose? 

The first thing you need to confirm is the value of the property.. Are you familar with the area? and sure of the price of the home?  Some area properties are valued high but don't sell that high.. Similar to a diamond ring apprasied at $10,000 but you can only get $2,000 if you try to sell it anywhere..  I buy properties in Baltimore that zillow lists the value at $80,000 and the there are comps that show them in the $50k-$60k range but owner's can sell them for $25,000.  That's one thing you need to truly know the value of the property. 

Secondly,  environmental issues. If the house is old you could have buried oil/gas tanks leaking..  I've had homes were the clean up for $50k to $60k on a house worth $75k. 

One of the other things is a mortgage company worst fear. Bankruptcy.. Not liquation (Chapter 7) but the dreaded Chapter 11 or 13.   A bankruptcy judge has free rain to reduce both the prince amount you are owed and also the payment terms and interest rate you are due in certain bankruptcy cases.  This is called cram down.   It's very common in bankruptcy cases. Not to mention a bankruptcy case can easily drag out for 2-3 years with not payments to you are the note holder.

I would agree with the other 2 replies.. I purchased a property at foreclosure and the prior owner left the house over 1 year ago and left everything including furniture, clothes, ect. 

My attorney said I would have to file for eviction to "evict" the furniture.

Good Luck

I can help you.. I'm pretty sure you are talking about a property on Homesearch based on the property being up for auction twice and now being rescheduled until December. 

Call me and we'll chat.

Ray

305-866-3100

Hate to sound like a broken record but you are getting good advice here.

1. If you sue for carpet replacement you will lose.

2. You MUST spray the subfloors..  It will be a mess if you put in new carpet and the smell remains.  I have dealt with this often in Rehabs...

shellac based Zinsser B-I-N primer is the best at covering up odors.. make sure it's the Shellac based Primer.

I would suggest asking the tenant to pay for the primer and replacement of the padding as this would not have been required if the dogs hadn't peed over it.

Ray

Okay.. He's my 2 cents.   I think paying $48k for mentorship / training is INSANE-  Is it worth it?  Maybe... but you can  get the same information here on BP from people that are out there making a living (and some making a fortune) doing exactly what you want to learn.

Many Members here on BP are happy to help newbies with advise and answering their questions.   Just listen to all the podcasts and spend 1-2 hours per day reading forum posts and taking notes and posting questions about things you don't understand and in 6-12 months you will learn MUCH more than this courses can teach you and you'll save yourself $48k.

Also, I find it interesting that the 2 people posting about how this course has helped them and how it was worth the money have only posted 1 comment on this forum.. That would be comments about how Chad Chiniquy courses are worth the $48k they paid for them.  In other words, in my opinion these 2 positive reviews are fake.

Ray

One more thing to add.. Even if a lien is inferior such as a 2nd mortgage.. If it's not properly named as a defendant in the suit and served it's not really wiped out.. You may have to re-foreclosure on the property to wipe it.

Ray