All Forum Posts by: Dave McEvoy

She already said she hasn't received a notice yet. She also said that her bank thought she applied for a loan modification a while back but she actually didn't. I know there's def better deals but hate to turn away motivated sellers, if all I need is another exit strategy to add to my tool box

She is upstate about 90 miles north of NYC. if there was a way to wholesale it legally without having to actually "pay" for it that would be ideal. I don't want to buy it and hold for a certain amount of time. I'm reading now that some people buy in land trusts to do it, or buy with an LLC and then sell the LLC to the end buyer.

What would be my exit strategy? I've only done wholesaling until this point and I have read in the past that there are rules to flipping a short sale property, such as can't profit X amount or can't sell for X period

She didn't mention a short sale, but even if she did what could I do to help her ? She was hoping I could just buy it.

Hey BPers. Got a call from a woman regarding my bandit sign. She's behind about 18 months in payments, no lis pindens yet. She's about $80k under water. I'm basically a wholesaler and do some LOs. Is there anything I could do for her.? I'm assuming no but want to be sure I'm not thinking of something.  Thanks again!

I have a signed purchase agreement for a wholesale property. The contract is not completed by the attorneys yet? Can I try to find a buyer now or should I wait to have the contracts done? Thanks BPers!

Got some better comps from a realtor, $190k. He will take $85k, revised rehab to $35-40k I overestimated but house is little smaller than what I estimated. $190x70%-$40k=$93k. So I could possibly walk away with $8k. Yeh I should ask why his payment is so high, but title search should show something sketchy correct?

I have a potential wholesale property that this owner called me on regarding my bandit sign. Comps show potential ARV $180-190k. His balance for mortgage is $88k, but payment at $2260. County records show he bought in 1997 for $125k. Not sure why payment is sohigh, maybe second mortgage at high interest. He keeps lowering asking price now down to $85k. Based on formula and me wanting $5k for my fee, does this sound like a good deal? Oh..rehab about $40-45k. If traditional wholesale deal isn't good is there any other creative ways to get this property? High payment seems to make prohibitive for a lease option. Just trying to come up with a way to make it work, without "chasing a bad deal." Thanks for any help.

I have a potential wholesale property that this owner called me on regarding my bandit sign. Comps show potential ARV $180-190k. His balance for mortgage is $88k, but payment at $2260. County records show he bought in 1997 for $125k. Not sure why payment is sohigh, maybe second mortgage at high interest. He keeps lowering asking price now down to $85k. Based on formula and me wanting $5k for my fee, does this sound like a good deal? Oh..rehab about $40-45k. If traditional wholesale deal isn't good is there any other creative ways to get this property? High payment seems to make prohibitive for a lease option. Just trying to come up with a way to make it work, without "chasing a bad deal." Thanks for any help.

Hey everyone I was wondering if anyone could recommend and investor friendly CPAs in the Orange County NY area? Any recommendations are greatly appreciated! Thanks!