All Forum Posts by: Devin Bost

I'm trying to figure out what options I have with buying properties after the seller has received a notice of default. 

I've heard some investors have success with buying properties subject-to existing financing, but I'm concerned that there may be problems with trying to do that after the seller has already received a notice of default from their lender. 

Does anyone have experience with buying pre-foreclosure properties where the existing financing remains in place? 

What are the most useful software applications or web applications you've used in the course of your business? 

They could range from applications for marketing, purchasing, planning, controlling inventory, tracking different aspects of the business, etc. 

I'm currently sold on using QuickBooks and Docusign, and I'm considering using Mail Chimp for email marketing. 

What applications have you found to be most useful? 

By "what the property is worth," are we talking about the After Repair Value (ARV)? If I give them that figure, then I'll need to utilize the estimated repair costs to justify buying at a significant discount (60-70% of the ARV or less), which would also lead to me needing to give them my margin. Am I following correctly? I would think that could backfire.

How do you break the ice when talking with someone whose house you're wanting to buy? How direct are you? Do you start by talking about unrelated things and then slip it into the conversation? How do you obtain results without wasting time? I'd like to hear success stories and lessons learned. 

I heard from a friend who is a real estate investor who claims to have the most success by knocking on doors to find deals. 

Does anyone else here have experience doing this? If so, do you have any key tips to make this effort successful? 

Also, how many doors do you usually knock on before you get a lead, and how many leads before you get a deal? 

I'd like to get an idea of the time commitment that would be involved. 

I realize that it depends on the market, area, time, etc., but I'm just wanting to hear people's experiences.

I've been aggressively studying how to successfully buy, rehab, and flip (aka "redevelop") residential properties, and I'm currently working on my marketing strategy. I've been investigating the idea of looking for off-market pre-foreclosure properties specifically, and I'm wondering if anyone has any tips or stories "from the trenches" regarding how to do this successfully and how to avoid any critical pitfalls. 

I'd also like to know about things like:

• How motivated are the sellers typically (especially in comparison to other types of distressed seller situations)? 
• How easy is it to find motivated pre-foreclosure sellers (especially in comparison to other types of distressed seller situations)?
• Are there legal complications that can occur?
• How sensitive do you need to be with the timing of the sale, such as when foreclosure proceedings are starting or about to start?
• Are there additional risks that are more common with these types of properties?
• How often are the sellers very emotional and hard to deal with?

Any guidance would be much appreciated.

How often do subs push back against the process? Or, is it something they're quite familiar with?

What is a "cross qualification"?

What if the seller does not use a real estate agent or broker? Can the seller require the buyer to use a specific mortgage officer unless the buyer pays an additional earnest deposit? Or, is that still illegal even if the seller does not use an agent or broker for the transaction?

I heard that it can be advantageous for a real estate agent or broker to ensure that buyers are required to use the broker's recommended loan officer or mortgage company unless the buyer is willing to provide an additional earnest deposit. The purpose is not to provide any type of kickback. The purpose is to ensure that the selling agent doesn't end up with a passive-aggressive or incompetent loan officer who creates unnecessary delays or fails to ensure that the sale of the property will close. However, as I'm learning about many restrictions under RESPA, I'm wondering if such a practice would be illegal.