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Hey YoungREI,

What a waste of time it will be sending out letters or post cards,
You are better off taking the kids to Chuckee-Cheeze.

I knocked on about 10,000 Doors and had over 22 deals fall apart.
The competition is vicious and everybody lies,

Buy them from the trustee sale and as REO's like I do and get a better deal.

Why make someone Elses problem yours?
Grey hair sucks,

Foreclosureboy

Hey x2do,

To do it right you will want to approach the deal either with your own agent or the listing agent. Make sure that the Listing agent is aware of your goals on REO's and what you are trying to accomplish. It's best when the REO has been rotting on the MLS for over 30 days.

Make sure the Listing agent knows you are an investor and you wish to make an Investors offer....and that you notice that the listing has been on the MLS for over 30 days......You would like to earn your commission right? I can close in 15 days.

Give Me Title, Termite Clearance and a Home warranty....I am prepared to pay up to 80% of your asking price.

So if a home in Cali is closing escrow in the area for $410,000 and they are asking 415,000, I will pay up to 320,000 and close in 15 days.

It would be good to know what the REO note amount is and their costs.

I have been using this formula and it works pretty good for me.

Foreclosureboy

Hi Everyone,

I would have to say the Best book I ever read...and read during every one of my rehabs is the book of:

My First Transaction....Starting Pictures....reciepts of what I spent money on.....and Pictures of the Finish...

This book was my first Rehab... and I learned a lot from this deal.... a lot of what to do...... and what not to do.....

the book of Life experience (YOUR EXPERIENCE) is the best book ever.

Because you only remember the most of……… WHAT YOU DID WRONG !!!!!

What do the rest of you think?

Foreclosureboy

Hi Cyndi,

I had a buddy recently who purchase a Home Sight Unseen (Inside) for a great Deal 100K under market value.

Well when He got inside he needed a CDC Outfit because the entire inside of the House had Black mold.

Thank God that he had me for a buddy and I showed him how to sue the Grant deed he was given and how to undo the Deal.

Joseph

What we are doing out here in california is the following Model:

1) purchase a Home either Trustee Sale or REO
A) 2 Beds 1 Bath
B) 750 -1100 Sq Ft Living Space
C) 7000 Minimum Lot Size

2) I have a contractor that will add 2 Beds and 1 bath and 1 Patio
for the low--Low--Price of 50K (In California that's cheap).

3) Sell it Just under Market Value for a house that size and if they use my mortgage guy I will Pay ALL Closing Costs.

EX:

Property Purchased at Trustee Sale = 300,000
Add 2 beds 1 bath 1 Patio + Permits = 55,000
Sell for Market Value 525,000
Pay Closing Costs @ 5% 26,250

Make Profit of: 143,750

Not bad for a 5 months Work.

Joseph

Hey donicomeaux,

You will have to look up the Laws in your state what you can do.

In California:

I hire an Attorney $250 to do the Eviction and $100 for the sheriff to post it on their door. Homeowner 3 days if its occupied by a renter they Must produce a Lease and copies of cashed checks for the last 3 months or.....Get out in 3 days...

If in 3 days the Homeowner is still there I pay another $250 for the Sheriff to THROW THEM OUT!!!!!

I'm not being mean they just lived in the Home rent free for over 7 months.

Hope this helps out a little,

Joseph

Hey Whytehouse,

Ryan is 100% correct but you will need a few thing to make sure the Loss Midigatior will even look at your package.

1) You would want to get all the information listed below before you even call the Loss Midigatior

2) You would want it in a 3 ring Navy Blue binder-Not White-(2 Copies) With Hedder Pages and Avery insertable dividers (8 Tabs) to seperate the sections I use Model # 11901.

3) After you have the packages put together you would then Call the Loss Midigator and request his Name and Mail Stop because you are sending them the package by NEXT-DAY-AIR(FED-EX) and for them to keep an eye out for it. They may want it faxed only but insist for them to revieve your package as well....Why....Because it will Stand out over the rest. When the Midigator has a Completed Package they tend to work on the file with least resistance. If Biggerpockets wishes to recieve a copy I will send them one.

Here's the List of information you will Need:

I. Short Sale Request Letter
II. Authorization to Release Information
III. Short Sale Net Sheet
IV. Hud 1 Report From ????? Escrow
V. Contract to Purchase Real Estate
VI. Hardship Letter
VII. Repair List
VIII. Photographs

I sure hope this helps you out and makes your day :D

Joseph

Hey donicomeaux,

Out here in California, we have a few guys that attend the auctions and bid on behalf of the 2nd or 3rd Bene. These people get a 10% premium of what they bid the property up for from the Bank.

Boy I wish the TD's were only 65K out here, The minimum is usually around 400K.

I only buy if the equity is 125K or higher.

Good luck.

Foreclosureboy

Hey John,

What bank do you work for? I am an Agent in the Orange County area of California. I wish to perform REO transactions for your bank out here.

If you could send me some info I would be greatly appreciated.

Joseph

[email protected]

714-457-5058

Hey Big Sammy,

I live in California and a trustee Sale is when a homeowner quits making payments and goes into Notice of Default for 90 days. Then a Notice of Trustee Sale is posted and the homeowner has 21 days to fix it or it goes
on the Courthouse Steps to a Trustee Sale.

A Sheriff's Sale in California is where property is put up for auction. If you Successfully win with at least 1 dollar over the Note value you get the Grant deed in 30 days. If you win with at least 1 dollar below note value you will have to wait 1 year to get the Deed and then Maybe???

Joseph