All Forum Posts by: Jason F

David,

You seem a little too hestiant for this short sale. I would stop worrying about all these 'laws' that come up with you research how to do a SS. Like someone else said, literally thousands of these are done every day and 'flipping' your SS to a rehabber happens all the time too.

You've pretty much made it past the hard part. You've convinced the homeowner to submit all sorts of documentation to their bank and gotten a bank to accept a SS. Now it's simple.

Sign Contract with Seller
Sign Contract with Rehabber.
Call title companies and say, "I need to do a double closing, can you do that?"
If they hesitate at all, call the next one.
Now give everything to your title company and they will start calling the banks and getting things lined up, make sure they know it's a short sale and the payoff figures that are being sent to them are your negotiated short sale amounts.

Why do you need to worry about the HML? That's the rehabber's guy, right? If he's a professional and has done this before he probably has a reliable financing source.

Don't get caught up in the legality mumbo jumbo. I swear before I did a SUB2 deal I was lying awake at night worried that the loan was going to get called DUE. I have never had a loan called DUE and have never heard of anyone having a loan called DUE either.

Gideon,

I use bandit signs to market a property. I direct market to houses I want to purchase so have never used that route.

As for bandit signs, I'm sure they are illegal, but you can probably get away with some if you are responsible about them. I would put a couple up at a time. My theory is, I want someone to see 1 of them, not 10. If a code officer sees one, they might ignore it, if they see 10 within 10 minutes it's going to piss them off.

I know those signs are expensive so don't get discouraged. Keep putting them out in different areas until they are gone. Don't let Forum People scare you into putting up signs in your own hometown. The cops aren't going to arrest you. You might get a couple of complaints.

I think it is because most people just believe what they are told. They hear on the news all the bad things going on with real estate and don't think twice about it.

Then when the subject of RE comes up, all the can repeat is what they've heard on the news or read in the newspaper, "man, real estate is really bad right now", "people are losing a lot of money in real estate".

Nobody really thinks twice about what it really means when RE is low. It really baffles me that very few people realize that this is the time to buy. They just love to repeat what they hear.

I've been investing in US properties for some investors in Trinidad. Buying in the US is very smart of outside countries to do right now. Although the TT hasn't had growth like the other curriencies, it is still benefiting those looking to purchase US properties. Plus with the overall down swing in the market here, it makes even more sense.

what country is it?

I'm in Gator Country, Gainesville, FL.

Things aren't really that terrible here. We never really see the 'swings' that take place in S. Florida. I guess our lows aren't as low but our highs aren't as high. I've had a steady interest in the properties I have for sale.

Slowed down on my marketing, however, while things calmed down. I'm thinking of getting back into it.

Anyone interested in North Central Florida send me a PM and we can chat.

I would think any smart investor is going to want to get the bank to reduce the loan amount anyways. Why would he buy into an overleveraged property when you, yourself, agree you owe more than what it's worth.

Find an investor that will call your bank with you and work something out to have him take over completely. You want your name off of that loan.

I'm teaching myself about notes, just as I did with RE. I'm wondering if anyone has any old course info, ebooks or example docs they can send to me. I would really appreciate it.

I have some investors that work with me on financing foreclosures that have expressed interest in purchasing discounted paper through me if I can learn the process.

I know how to find discounted notes and value these notes and contact the owners. I'm a little unclear on the actual process of having the interest in these notes assigned.

I know it involves an basic assignment of note, having the named-insured on the insurance policy changed, and notifying the borrower of the change. Am I missing something? Can most title companies take care of this or would it be wise to go to an attorney to handle these?

And how exactly do I structure my fee? I'm guessing it is an investment agreement between my investors and I outlining my finder's fee if the closing takes place.

If anyone can help me out on these details it would be much appreciated. If you have any copies of old docs and agreements you used that would be really appreciated. I'm really trying to avoid paying for a NOTE course or buying a book that will most likely be fluff.

Thanks in advance.

Yeah, I've tried to look into state and SEC regulations on the subject but those things seem pretty extensive.

From what I've been told you really need to concentrate on SEC regulations when you are crossing state lines with $. I'm mainly just looking for local people. This is relatively small scale.

Does anyone know of any do's or dont's regarding 'offering securities'? It all seems very vague. I would love to hire an attorney (I really wouldn't love to hire one) but I can predict them not really knowing what to tell me on the subject and just saying "that might be a problem" without really coming up with a solution.