All Forum Posts by: Matt Mathews

Welcome to Obama Land!
Don't waste your time trying to buy REO's from the New Bank! The transfer of those assests/Bad Loans will be in limbo for quite some time. The FDIC's major focus is in the transferring of Savings Deposits in order to instill and maintain confidence with the existing customer base. The same process took place during the S&L crisis back in the 80's. I know first hand since I was a Banking VP at the time for a large S&L. I lost my VP job, but I immediately went to work for the FEDs closing down other S&L for twice the salary + expenses. It was great while it lasted. The bottom line is: The bad debt being assumed and/or sold to the new bank will remain inside information. The due diligence of those assets could take years before they come to market. One Tip: Go on line and find all the local Community Banks and Credit Unions in your area that are on the Watch List. Of course, you better know what your doing and have cash in hand so to speak before you introduce yourself. Be aware of the fact that most of the properties in default are commercial and construction loans. Hope that helps!?

Although I may disagree at times with some of the opinions and advice being given, the overriding compelling factor is the fact that so many here on BP are willing to provide help and give of their time freely to each other. That, unlike so many other sites, shows the true character of so many here on BP. I wish all of you much success. Now all we have to do is Get all the Dip Sticks out of Washington in 2010 and we're good to go!!!

Don't quote me on this but under the first mortgage bailout package (Bush). Non Recourse Note deficiency's on acceptance of short sales would be forgiven. That may have expired??? The notification letter is standard procedure under real estate law even if forgiven. On the other hand if the short sale also has a HELOC 2nd-That note is RECOURSE and not forgiven even if the note holder accepted a short payoff!.

Another way to go, which I provide for my Investor clients. My title Co. Rep sends me a list of In state/out of state- non-owner occupied properties. Note! Most title company's won't give that list to Investors unless you have a relationship already.

I guess I have a different take on this since L/O are my favorite way to acquire properties. The Best L/O deals require equity-period. No fuss-No muss! Just go find the sellers and properties that match that criteria and save yourself all the aggravation.

These types of new ordinances and rules are happening most everywhere. The reason behind most of them is that the city wants to see a home owner in that property not a renter. Investors are turning what once was a stable family neighborhood into an unstable rental community. The rules are being created because of that fact. To add insult to injury. Double closings will soon become a thing of the past. Already new laws to stop it , here in Ca. are being put into place.

I personally agree with Jon. Hold off for now. Be patient. Professionally speaking, todays market is not for Real Investors, it;s more suited for Speculators who can handle the risk. The good news is however, Fargo-demographically is in better shape than most other cities. Pick a niche', farm a stable neighborhood with upside potential, so you will be ready to go when the market and/or the right property shows itself.

All the best to your success.

Without having a little more information, it's quite difficult to give you an intelligent answer to your question. Is the MLS listing from a Agent/Broker or FSBO? Is the property in foreclosure, shortsale, Bank owned etc. If your question is only about pitfalls because a agent has the listing. Then make sure the agent/Broker know's what your trying to do. If the $ to the agent aren't there and your wholesale buyer is in question, you would have a problem convincing me to help you do the deal. A true wholesale deal involves a double closing which in turn creates pitfalls all on it's own. If the agent/broker doesn't have experience in these types of transactions then you may end up spending more time educating the agent than doing the deal.

A Master L/0 is perfect for this kind of property when your dealing directly with a motivated FSBO Owner/Seller. Banks/Seller don't do L/O. If the property has the potential you say it has then finding Private money/partner shouldn't be a problem.

A Master Lease Option with a equity share seller carry back note when option exercised. A 2-3yr option agreement would be nice. Immediately add value to the property and raise the rents to market if not already. I assume you have done all your due diligence, to include interviewing the property management company. A Master lease Option with backend seller financing to me is the ultimate low to no down strategy for purchasing apartment buildings.