All Forum Posts by: George Bittar

Hey all, I wish I had something good to report.

I am still caught up in the same mess with WF. Our situation is different being that HUD is the investor/owner, WF is just handling the servicing and facilitating the process.

@Connie Willingham we have pretty identical circumstances, had to rent out with $500 negative cash flow, property is close to $100,000 underwater. HUD has blocked any workable solutions because its non-owner occ now, but we did live in it prior and moved out for similar reasons and growing family. As recent as 30 minutes ago I am now in contact with principal staff at HUD in Washington.

The best advice I can give, is to remain persistent and continue to escalate up. HUD counselors were useless and rude, Well Fargo's hands are tied since the loan is not theirs. If at the end its foreclosure which is the current path, then so be it, but I am making sure I left every stone unturned and get to the final decision maker when its all said and done.

Try to utlize Linkedin, twitter, regulatory agencies to gather contacts, file complaints, etc. Try to go to the people on the top of the food chain. I would stop any efforts with WF and engage Sr. Management @ BOA to explore any options since they own the note.

@Michael Quarles

Michael, I think is great to weed out the tire kickers-would love to test it on this last drop we did this past weekend. Do you happen to have the greeting written out? I will also have to cut it down some as I am using google voice.

Not sure if this belongs in this section of the forum, but the lead came as a referral from someone on our DM campaign.

I contacted the local tax office and they could not provide any other information other then the homeowner who is deceased and I had that information already.

Ugly story behind this one which I don't feel good about-triple homicide in 2011 and has been vacant since. I would like to explore possibilities and get more information, but where to turn from here? The town does not own the house, thought it may be possible from back taxes and no lender on record.

-G

Hello Fellow Investors!

I need some guidance on structuring my first deal. I will keep it brief.

I found a new construction in Florida that has been sitting since 2007 when the market really cooled off. It would be a rental for now until there is a stronger buyers market. It cash flows easily and then some.

The last comp was last year 1 less bedroom sold for $150k. The builder/owner is asking for $135,000 I offered $120,000, he countered $127,000, with a 6% sellers concession. His main concern is keeping the the sold price as high as possible for the next phase of homes they build, as this home I am purchasing will be the comp the drives it. He is also leasing the home from me for 3 months while I find a renter and use it as a model for new buyers for the new build that is going up.

My questions:
How can I maximize my cash to closing to offset my down payment and closing costs once I exceed 6% sc capped by the bank? Is there a way to do this after closing?
He is also offered owner financing in 2nd position if we need it as a last resort. How can this get in play if need be and getting around the lender.

Out of all things my main goal is getting into this home with the least amount of money out of pocket. I feel like all the resources are there I just need guidance on setting it up.

Thanks for your help.
George