All Forum Posts by: Chinmay J.

@Chris Boyd  - What happens if he is unable to find a buyer who will buy the property and the whole contract falls through?

@Tim Lindstrom- What does D4D mean?

@Jordan Lagrassa - Also its beneficial to have a target market. Are you targeting Pre Foreclosures or Distressed Homeowners, or Absentee owners. Narrow down it to a zip code or two (depending on what you are comfortable with and geography and population density of your target area) and mail them repeatedly as Tim suggested 

Came across this site the other day. Looks like a decent site to check for any leins/judgements etc before putting an offer on the property. Perhaps can be also used if you are doing homework before going to trustee sale etc.  For $29.99 full report it really seems to be a no-brainer. 

Has anyone used this website before? Any first hand experience?

Nice to have excellent representation from Northern Va area..  Welcome to BP @Eva Karnaukh

@Carol Hensal - If you want a really good resource on flipping properties read the book on flipping houses by J Scott. He has successfully flipped over 50 houses and has detailed the same in his blog www.123flip.com   He is also one of the mods on this forum.  Also listen to Podcast # 10, again from none other than J Scott. 

Also as suggested by @Account Closed, you should attend REIA (Real Estate Investor Association) meetings. These are local networking meetings. Search on the forums for the same.  Educate yourself thoroughly before you take any step, as its very easy to lose thousands of dollars if you do it the wrong way.

@Justin Howe - No not HELOC... Unsecured LOC

What is involved in LOC underwriting? Is it as intense and detailed as actual mortgage. Last investor mortgage I had the underwriting went on for about 6 days.. (4 business days) I am getting personal loan from another investor at only 1% higher than what the bank is wanting to offer. Basically, what took so long is my then mortgage company wanted to get on a 3 way conference call with every single mortgage that was on my name. I really don't mind them going in details, but it just costs me time. My need is immediate, and the bank won't answer the questions that I posed them. This is a big name bank - not a small credit union or regional bank.

@Jermaine McIntosh - Although I haven't personally done this, but do plan on doing it at some time in future, how about just picking up a pen and paper and writing to the families facing hardship a nice heartfelt message. People can see right through something that was professionally drafted vs something that came from another human with genuine intent to help.   Help them understand the benefits of selling the property to you, and how you are helping them from having the blemish of foreclosure.

A lot of people just provide canned customer service. You call 1-800 numbers these days and you get people reading the script. The ones who go above and beyond in their customer service and make it personal to me and my needs, almost always win my business. 

@Raymond Holloway - Seems you need to pick up the phone and talk to a realtor to assist you with purchase of the property. No, you don't NEED a realtor to assist  you with buying the property, but in this case you do need him, since you are brand new.  The realtor may put some contingencies in place, or may not, depending on the situation. Once all the conditions are agreed to, and the contract is signed then the contract is called a ratified contract.  The steps after this very from case to case basis, but almost always there is a title company involved to assist with the closing. The realtor you choose is more likely than not is going to have good relationship with a title company.

This is just a general overview. There could be, and in most transactions there are, more parties involved if inspections are involved or if you are financing the purchase. 

So your next step is to get a really good realtor.. Good luck. 

Yes they are higher..  Bankers will tell you that the reason they are higher is because banks are taking more risk by lending to an investor vs lending to a homeowner who plans to live in the property, as an investor is more likely to walk away from the property while a homeowner will take more efforts not to do so.  Maybe there is an element of truth to that point of view. But the way I see it is that banks charge investors more because they CAN. They know investors got more money than average Joe who might be struggling to get his 3.5%.  It is what it is.