All Forum Posts by: Dave Grosse

Dan would you mind sharing a little bit more of your game plan?

Luiz I've had similar thoughts this past week. I do think its too early to quit based on the fraud talk, because that's all it is at this point. I don't have any freddie deals at the moment and don't know of anyone who has had a deal shot down by them after their newsletter was released, so I guess the only thing to do is wait and see what happens, but keep pushing forward. there will always be solutions, always.

That being said - I think it is very wise and actually a necessity to diversify yourself in the real estate game and to not limit yourself to one strategy.

All I know is there are a lot of ways to make money out there and that most people quit something just before they find the success. Whatever you do, don't give up!

for the mold - http://www.moldrx4u.com/

just do a search on google for free law advice - you may be able to get some answers about what to do with your landlord.

also, maybe contact a local news reporter? sounds like a real jerk you are renting from. a stupid jerk at that trying to just paint over mold.

BOOM

I'll make this as short as possible -

the owners had an approval to participate in HUD short sale program issued to them in Nov 09. Found a buyer willing to to satisfy the net requirements for HUD in Dec and submitted his offer(A-C deal). BOA screwed around and suddenly told us the file had been closed but they weren't sure why.

I pushed and pushed and had them re-open the file (once they realized the owners had been accepted into HUD's program) dragging their feet the whole way. Nothing was happening so I contacted HUD and they said something to make BOA move quick - got a call the next day saying it had been re-assigned and they wanted to get it closed ASAP.

Well now they issue a new HUD approval to participate letter with a NEW, HIGHER required NET. Can they do this or do they have to abide by the original terms? what can I do? the buyer will not pay anymore than he has already offered. Or do we have to just find a new buyer?

Thanks for any and all replies

dustin - thanks for the great article!

The thing that pisses me off is that Freddie is crying fraud only to protect themselves. its not like the owner or end buyer is getting screwed (assuming we are honest & ethical here on BP) and they both understood the process and our intentions from the start. Hell Freddie themselves have known each and every time what the intention was, but now they are pissed off because they are selling low to us and we are selling higher. Boo-Hoo. Poor Freddie, whatever will they do? Oh wait I know - continue to rake in billions and act like its still not enough and cry that its not fair that someone else is making money off of their misfortune. Why the hell should I be expected to disclose another higher offer to the bank? If the owner gets another offer then its on THEM to tell the bank. I have NO relationship or obligation to the bank.

If they are saying this is fraudulent then what the hell do they call it when they get loans from the FED at 1 or 2 % and "flip" that money to me for the low rate of 5%?

Isn't there something akin to a player's union in professional sports in the investment world? There sure should be.

I'm looking for a hard money loan to rehab REOs just outside of downtown Portland. I will be willing to split profit if needed.

Kenneth - All I can say is that I just lay the plan out for them and let them decide. Totally upfront and honest. I never try to convince anyone - if they don't get it or come up with reasons why there could be trouble etc, then I end the conversation so as to get on to the next one.

And for the OP: I only consider realtors who are advertising themselves and their listings. This way I know they are willing to spend to get listings and to sell them.

Nick - I'd very much appreciate a copy of your realtor materials. I'm in the process of recruiting right now. been making 5 calls per day for the last week. so far have 5 willing to work with me