All Forum Posts by: Darren Morrow

Sorry, yes its the ARV (the LTV after rehab, and yes sometimes those numbers are hard to get in certain areas, you have to make sure you are in an area that you are able to get those kind of numbers. Most investors need to get to the properties before they get to the MLS.

I talked with George Bloom [http://www.biggerpockets.com/users/finsolamerica] today and he mentioned using hard money at 65% LTV at 100% financing with 2-5 points and interest only loans.

Try talking with him.

First when the company aucitoning the houses comes up they ask for people to qualify. What do they do to qualify and what do they need to show? is it an amount of money, i've also heard they need power of attorney, is that true?

Second, When the bidding is over they sign some papers and I couldn't for the life of me get anyone to tell me what they were.

Third, How do you discover what properties will be auctioned that day by each company? I have heard a couple different things on this one.

Fourth, after the property has been bought what is the time frame to transfer of title and payment.

I have a lot more questions but I think those are the big ones. Any help by anyone on this subject would be greatly appreciated.

Thanks

I agree, that should have been taken care of before you put together the deal.

That being said, the absolute quickest way to sell a house is the most obvious..PRICE! But I assume you are trying to make a profit on the deal so call up some agents in your area and find out what is selling the fastest and why. If its paying some closing costs then add that to your listing, hold open houses...etc.

Good Luck

The place is in Garden Grove.

The BPO came in today at 345,000 and it comps out at about 360,000 so I didn't bother looking into it any further as it is not going to yield and rehabbing profits.

I didn't have my camera on me because it was a last minute decision to go see it so I don't have pictures.

Might be a good rental if you are looking for that. I don't know the rents in that area but I could find out if you like.

Is there a difference between mold and black mold?

I did a walk through of an REO today and it was in decent shape, but the broker said it probably wont be able to go to anyone but a cash buyer because of MOLD!

Any ideas on how much it costs to deal with the mold problem or is it a deal breaker and I should walk away?

The smell was terrible by the way.

I have a relationship with the listing broker and he basically tells me (in not so many words) wether or not my offer is a waste of time. He works with a lot of banks and says they all work differently. Some will take a certain % of the BPO and others will look at all offers. This information is a huge time saver. Thats why I choose to work with only the listing agent and my personal agent gives me comps and I use her to sell them.

Thats my two cents.

I have read a lot of the forums on here about direct mailings to absentee oweners and struggling home owners and everything in between. Has anyone tried to use direct mail marketing to try and locate private money investors?

if so:

What form of direct mail did you use (Postcards, Letters, Other) ?

Did you get a good response?

What lists did you get the best responses out of ?

Darren