All Forum Posts by: Matt Mathews

I agree with Bryan. The big reason is the fact that most seasoned agents know that the best deals never even get listed on the MLS until after select buyers and Investors take a look. Personally, as an agent who only works with Investors, I don't waste my time searching the MLS. Listing agents send me potential deals for my clients.

Glad to hear everyone has found and is working the markets you know best! Much success in 2011. For me-I have tendency to do the opposite of what my competition is doing. I look for properties that aren't listed for sale, in excellent condition, owned by Pre-Post Retirees, with little to no mortgage debt and plenty of equity (even in this market). I show them how they can sell their home by owner- using seller financing & a Land Trust. Which protects them against foreclosure, pays a high monthly income stream from the note (which can be sold quickly if need be without much seasoning. I also use my own Equity Share Lease Option contract for 3yrs which converts into a seller financing note when the option is exercised. Seniors right now are in a bad spot, market wise. Most want to sell and get out of dodge, but many buyers can't get or qualify for a mortgage while others are waiting for the market to turn around (good luck with that one), or they are thinking about a reverse mortgage. It's a win-win for them and me.

If the Politicians who come up with all these laws would just once walk in the shoes of the people in the trenches for a while, they would know that putting a time date certain on approving short sales is impossible. It starts with the seller submitting a financial statement, letter of hardship, and a complete short sale package. Right there is where 90% of the problem lies. Then you have, the BPO, Appraisal, Mortgage servicing agent, The Investor holding the note, The Insurance Company, insuring the mortgage, maybe 2nd lien holder, finally the underwriter to make sure the package is complete and everyone involved is on the same page and approves. Oh yea, what kind of short sale is it? One in foreclosure going to auction, or one upside down without a hardship case. 45 Days?? What a Joke!!

I seem to be out to lunch here for some reason. Where is the Negative cash flow coming from in Andrew's deal?

I teach them and show them How To Sell their own home. Then I negotiate the buy on behalf of my Investor clients. If the mortgage is clean and paid-I will talk about seller financing and/or Lease Option. If it's a short sale, I will negotiate with the asset manager on behalf of the seller in order to get a price locked in. Expired listings are only good as long as you have a motivated seller. Nine times out of ten the reason it expired in the first place was because the property was over priced by the listing agent. Now the seller needs to be educated on just where the price point is for their home. Also, to note! For every one Expired listing on the MLS, there are ten agents on the phone, hounding that seller to put their Agency sign in the yard. If you want to complete with that, then you should try and find a Buyers Only Agent!

Sorry it took me so long to make a comment. I was laughing so hard I spilled my coffee all over my keyboard. This was a Joke Post-Right?? My suggestion is; Put up with all the construction and don't pay anything. You've gone this long without paying-what's a few more years!!

I agree! Legally you cannot derive any personal gain/profit from your investment. Strict rules apply. With that said; In my opinion, A Solo 401K Self Directed plan is much better. Some restrictions remain the same but the flexibility for the owners of the plan is far superior to a SD Ira. The reason why you don't see them advertised by the big custodians is because the Solo K plan is not only self directed but also self managed. No third party custodian required. Also you don't need to set up a separate LLC.

This debate and proposed legislation has been around since I purchase my first home back in 1972!! The only way for the mortgage Interest deduction to go away is if/when a flat rate income tax is put into law! Obama is working on it as we speak.

Rich,
I think that's a great idea. I haven't been scammed, but I am concerned about what BP is turning into, which is why I don't participate or give advice very much anymore. Unfortunately, the scammers will always be around no matter what.

Food for thought! Agents who are experienced and who specialize in working with Investors-AREN'T YOUR ENEMY! They should be your friend. I would much rather work with an Investor who's goal and plan is to purchase several properties over the year rather than some unqualified 1st time home buyer who needs hand holding and can't make a decision. The other thing to remember is; A Broker who is registered with lenders & Banks to list and handle their REO inventory doesn't need to solicit your business. They get ton's of phone calls and letters everyday from Investors just like you. I've said this before, and I'll say it again. Find ONE agent/broker who you can trust that knows the Investors needs who will work with you one on one. Finally! Understand, the fact that the best deals never get a yard sign or listed on the MLS until the Investor/client sees them first!!!