All Forum Posts by: Cliff Durrett

Handyman special, must sell

Contact me for details, no lowball offers considered

Not sure where to post this, so if needs to be reposted somewhere else, please let me know

I am trying to determine the value of a property as a STR

Using the online services, it comes out to an income of $110k+ at 67% occupancy

Of course that must be net, so what does Abnb etc charge, whats the expected net?

Then what do most STR owners shoot for cap wise?

A smaller house on the same block sold as a STR this year for $640k, is smaller sf, half the size pool and smaller yard.

Trying to put a number to this property, thoughts?

Thanks

Ok, so I have someone doing a short sale of sorts in florida
The first mtg is with a co out of CA that bought the NPL from Fannie a few years ago
The 2nd is with Mr Cooper, and is a Fannie 2nd (didnt know fannie even did 2nds?)

Anyway, the first is getting 100% payoff
The 2nd, after jumping through Coopers hoops, came back with "the short sale has been cancelled" and "this loan has been charged off by the lender"

Now the 2nd hasnt been paid in 13+ years, but what happens when a 2nd is charged off? There is no cancellation of mtg filed, no sat filed, so how do you proceed with something like this?

Ive never seen this before, anyone have an idea how to proceed or dealt with this?

Thanks

Ok, so I have someone doing a short sale on their property (planning to)

But does anyone have advice for shorting just the 2nd, or need to present to both 1st and 2nd?

Owed is around $550k, $275k 1st, $271k 2nd, BPO is $295k, both lenders came back with appraisals of $360k (the 1st) and $350k (the second) using nonsense repair estimates when she was in BK recently. Estimates are way way over $100k in repairs and they claim in the appraisals that you can do a roof, paint, flooring, new ac, pool replacement plus pump and plumbing, 100' fence, new kitchen, remodel 2 baths and all new flooring as well as re plumb the house in a 2200sf house for.... $45k!

So Im assuming even contacting the 1st is a waste of time, as they can get full payoff at FC sale, and its the 2nd (Mr Cooper/Fannie) that is needed to be shorted as they show the value $200k less than what they are owed.

Any suggestions on how to do this is appreciated, really just need the 2nd to take a short.

Thoughts?

The RE Broker feels to try to short both, but not sure why they even think thats possible.

Other groups to post this in?

Thanks Tom

Thanks Bill... life happens and Ive been doing RE for 37 years.

None of the deals are costing me anything, its what I own and am selling off. You may never have been in such a situation before, and neither have I actually. But for reasons out of my control Im equity rich and cash poor at this time.

Youd think it would be an easily rectified situation, but seems not especially in a short time frame. 

You cant stop paying things you dont have the money for in the first place. Think medical, hospital without insurance for a month, just as a possible example.

I make money when deals close. And unexpected things happened which shifted what I need and when.

In about 10 days or so it should be all worked out.

I realize this may seem ludicrous to most, but none of the typical apparent options are available. Thanks though
Once my SFR and NPL close I will be fine, but doesnt help in the short term
I dont really ever use CCs and those I have have super low limits even though some are 42 years old.
Thanks again!

Thanks Dave, if any of those were an option Id have done it
This was a miscalculation on my part though which has left me in a last minute crunch.

I have multiple sales closing next month, but have a situation where Im cash strapped and personally need $5k for less than $30 days.

Does anyone do these type of loans not based on credit and fund fast?

Need the funds by March 31st.

Ive never needed this so not sure where to look. Advice please!.
If anyone has any suggestions where to look, who to ask, knows a guy, or where better to post, please let me know

Thanks

Anyone?

Have a 2/2/1 block, cha, nice area, corner oversized fenced lot
Needs $15k ish to rent, should be $1800+ Im told
$25k, take over mtg of $141k
Contact me for details