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All Forum Posts by: David Rosenhaus

David Rosenhaus has started 10 posts and replied 75 times.

Excellent, thank you. 

Post: Do Thorough Title Check before Deed in Lieu

David RosenhausPosted
  • Freehold, NJ
  • Posts 77
  • Votes 42

Will definitely keep this in mind. Thank you. 

There should be an appeal process. You probably don't need to spend money on a lawyer yet. $30 to appeal in Monmouth county. 

Post: 1 Note: 3 counties/ 2 states

David RosenhausPosted
  • Freehold, NJ
  • Posts 77
  • Votes 42
Originally posted by @Don Konipol:

@David Rosenhaus

The foreclosure procedure for each of the two states would have to be carried out separately 

I appreciate your response.

Thats what I was thinking would be necessary.

At least the note holder wouldn't have to worry about the property being destroyed since there are more than 20 separate properties.

Post: 1 Note: 3 counties/ 2 states

David RosenhausPosted
  • Freehold, NJ
  • Posts 77
  • Votes 42
Originally posted by @Chris Seveney:

@David Rosenhaus

I have bought a similar note and it listed each property on it and it had a commercial mortgage that listed all the properties on it.

Without seeing it, it’s difficult to provide advice but it’s not out of ordinary.

Good to know. Thank you.

Post: 1 Note: 3 counties/ 2 states

David RosenhausPosted
  • Freehold, NJ
  • Posts 77
  • Votes 42
Originally posted by @Chad U.:

You'd want to ensure there is a separate mortgage with a complete legal description recorded for each property.   

There are 3 recorded mortgages referencing the one note. Each mortgage lists the multiple properties for its specific county. The 2 in one state are copies of the same mortgage, only difference is the attached properties.

Post: 1 Note: 3 counties/ 2 states

David RosenhausPosted
  • Freehold, NJ
  • Posts 77
  • Votes 42

I have a note holder who has a single note covering 26 properties in three different counties and two different states. UPB is in the vicinity of $700k. Is this even saleable? When I asked him what his attorney said as far as ability to foreclose if necessary, he replied, "in my opinion, it would take a little longer, but that's all." I'm not positive he even checked with an attorney. Any input is appreciated. Thank you.

Post: Rescission of Satisfaction

David RosenhausPosted
  • Freehold, NJ
  • Posts 77
  • Votes 42

Thank you for this. So much to learn and I'm soaking up every drop.

Post: Is It Just Me or Is BP Anti Wholesaling

David RosenhausPosted
  • Freehold, NJ
  • Posts 77
  • Votes 42
Originally posted by @Will Barnard:
Originally posted by @David Rosenhaus:

Originally posted by @Will Barnard:

With all due respect, this is pretty much the only post I've seen on BP where there has been education from the "higher ups" in regard to wholesaling.  Usually, Jay and company come in bashing wholesaling as a whole, and make it seem as though there's something wrong with the concept. Maybe the intention is to educate, but what actually happens is they come in bashing and not educating. I have on occasion myself attempted to mention this in the threads in hopes that more educating will occur, but those responses are usually overlooked and go unheard in the midst of the melee.

There's no doubt that wholesaling is rife with ignorant as well as unscrupulous people because of the low barrier of entry and the gurus who are out to make a quick buck by making it seem like you can make a quick buck. But The real problem with newbie wholesalers comes more from ignorance than it does unscrupulousness. There are too many gurus out there teaching these methods and that is a lot of where the problem lies. (Or is it lay? I always get confused on that one)

I have great respect for all of the experienced members of this forum. I have learned so much by reading what they have to say. And I also agree 1,000% with the indignation against the people who come in and think they're going to make easy money by screwing people over.

I also understand that the repetition of constantly having to educate the newbies on the ethical way of doing business is annoying. But I would still caution that if the intent is to educate, then more care needs to be put into the responses.

I can appreciate your comments. I can’t speak for everybody but I can speak for my intent and as you noted in my thread, it was all about education. There were several who took even that post the wrong way claiming it was bashing and I corrected their impression. I can only guess, but would say that much of the “bashing” from the higher ups is what you said, annoyance with the repetitiveness of stating the same thing over and over to different newbies who post before they research and read.  It can get frustrating when 300 people ask the very same question and expect some step by step how to of making easy riches - what the gurus preach to fleece the desperate of their cash.

Additionally, wholesalers often take large portions of seller equity because the seller is naive, lied to, or some other reason. Of course there are the deals where the seller knows their options and still chooses to go with an offer from a wholesaler over listing on the mls, but truth be told, in almost every case, they could have likely got more by listing with an agent.

I was just about to lock a deal with a wholesaler at $1M. Their contract was for $950k and the seller could have easily listed on mls for $1,050,000 and got over asking in 1 week, and I mean easy! The wholesaler ended up getting another offer of $1,050,000 making them $100k profit with no risk. I find that absurd and greedy for nothing more than finding the deal. If the sellers eventually find out that they made $100k when a 5% commission (or 4% if double ended) and sale price of $1,050,000 could have netted seller $50k or more. That’s a lot of cash to leave on the table for a no risk proposition of The wholesaler. This is where I really have a problem with wholesalers as I am use to their rehab and exit value numbers being consistently way off (usually intentionally to make the deal look better).

It is certainly my hope that more continue to educate and even more so that new members looking to wholesale spend some time researching and reading rather than taking the easy road of asking the same question already posted and answered 1000 times on BP.

 100%. It's very annoying that so many people won't read before posting and asking questions. 

Post: Is It Just Me or Is BP Anti Wholesaling

David RosenhausPosted
  • Freehold, NJ
  • Posts 77
  • Votes 42

Originally posted by @Will Barnard:

With all due respect, this is pretty much the only post I've seen on BP where there has been education from the "higher ups" in regard to wholesaling.  Usually, Jay and company come in bashing wholesaling as a whole, and make it seem as though there's something wrong with the concept. Maybe the intention is to educate, but what actually happens is they come in bashing and not educating. I have on occasion myself attempted to mention this in the threads in hopes that more educating will occur, but those responses are usually overlooked and go unheard in the midst of the melee.

There's no doubt that wholesaling is rife with ignorant as well as unscrupulous people because of the low barrier of entry and the gurus who are out to make a quick buck by making it seem like you can make a quick buck. But The real problem with newbie wholesalers comes more from ignorance than it does unscrupulousness. There are too many gurus out there teaching these methods and that is a lot of where the problem lies. (Or is it lay? I always get confused on that one)

I have great respect for all of the experienced members of this forum. I have learned so much by reading what they have to say. And I also agree 1,000% with the indignation against the people who come in and think they're going to make easy money by screwing people over.

I also understand that the repetition of constantly having to educate the newbies on the ethical way of doing business is annoying. But I would still caution that if the intent is to educate, then more care needs to be put into the responses.