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Great post!!!!!

Thanks so much for your responses and taking the post as it was meant. I was really afraid I would offend some. I apologize my time here has been so erratic, but I have been SWAMPED to say the least. I apologize if it takes a while to get back with you, but I answer all emails! Take care all and thanks again for the feedback.

Looking for hard money lender to 75% ARV. Payoff typically in two months. Need a lender that looks at property only, not borrowers credit, income, etc. Please email me at [email protected] so I can move some of my homes. Thanks

They are all over the place. If you are looking to buy yourself, then check out sites like this because there are some good deals that pop up.

It really all depends. I have a really good setup with some lenders because I have worked for many of them as an underwriter but it gets pretty sticky with the privacy laws. If anyone knew where I was getting my info it could get pretty nasty

Generally simultaneous closes with the end buyer cashing out their equity at closing.

All of the above, but I personally, stay out of the MLS but that's only because of the type of deals I do.

Most seconds are wiped out at sale. The whole point of the sale is for the first position lienholder to recover as much of their loss as possible. The second, at times to protect their interest, will pay off the first mortgage so THEY can foreclose and try to collect, but other than tax liens, if you bought it at sale, whether there's one mortgage of 5, you'll have clear title. It's your baby now, congrats and good luck with the flip!

My experience with Bank owned properties is that they are marketed much like a retail property. Unless it's been sitting around for a long time, I haven't been able to find many at discounted prices and they are almost always sold as is, where is, with no warranty. If you find one you think is listed way below market, make sure you get an inspection before buying it.

In Houston I focused on REO's for a few months and bought two only because the listing agent was an idiot and didn't really know her own market. She listed them well below, but when I made low ball offers on others I was told by the agents that the banks will not consider anything less than 90% of their asking price. There were a few that had actually been listed for more than a year, and one that had been listed for 22 months and they still wouldn't budge on price.

What???