All Forum Posts by: Chris Haas

My first reaction is $7,000 is barely enough $$$ to make them pick up the phone and discuss with you. I'm not saying that to be negative, just my honest initial reaction if I were on the other end of the phone. I'm confused why you are 200 out of pocket. How long did you own it for? Are you saying you had to lower rents because the market went down?

I know a friend who has no luck with any remediation with wells fargo, and his loan should have never been funded, appraisal was a joke, he is behind and it's owner occupied by him. He is getting nowhere, and I think it would have already been foreclosed on except that it's about 50K under water, 280K vs 230K. These are the types of problems I would expect would get a bank on the phone.

I doubt you will get any help especially since it's not owner occupied but I will be curious to see other people opinions. Again not trying to be negative, I wish you luck.

-Chris

Ok so if I follow someone that means if that someone responds to any question on the forums it will show up there, if I understand you correctly.

Just a humble suggestion, you may want to consider another view where, I could just see if the people I follow post something new on their own. I like a certain blog post so I "follow" the author hoping I will be alerted to any future blog posts, but I don't necessarily want to see every topic they were nice enough to answer across all forums.

Again, love the site, hope you take this as a friendly enhancement request. I would offer to do it myself but I'm a .net programmer not a rails developer :)

I follow a bunch of people when I think their answers in the forums are above average, or just like the topics they post on. What I can't figure is what does following do since when I click the person, it simply goes to their bio?

More specifically I'm looking less for marketing techniques and more for which types of sales are suited best towards different situations. Once you talk to the seller, the thought process behind how to structure a mutually beneficial deal. That said, I'm really looking for honest recommendations as I swear amazon authors must have friends pimp their own books and write 1 star for every competitors book.

I enjoy the forums but I am looking for a more concentrated read and get me a bit deeper into this subject area. Thanks in advance BP community

Certainly a preapproval and a larger earnest money deposit would show you are serious / be an advantage over many borrowers. I assume you mean advantages over another buyer.

If you are going to wholesale you need a list of buyers before you sign on contract preferably.

Kinda new myself but no is the answer. Cash deal means no financing requirement. So if you have a home equity line you can draw from that would cover the whole amount, that would qualify.

Also some people set up with private money lenders or even hard money lenders so that will basically be cash too.
Good luck

Is the deal dead if someone contacts you from the foreclosure list and they have little to no equity? I can't understand where there is a deal in the situations, which would seem to be the case in a foreclosure scenario.

Best of luck for your upcoming campaign.

-Chris

Just curious if anyone has any experience buying from Auction.com, positive or negative.

Also was a bit concerned about this for title.
"Buyer will receive a Special Warranty Deed"

I can't see you making enough money with that sales price to make it cash flow. Also what are the R/E taxes?

@Dan N.
Even it were allowed I wouldn't do it. HELOC is a much better option.

"Anyway, the $10,000 limit is a lifetime limitation on the amount of withdrawals in total that can be pulled out of all your traditional or Roth IRAs penalty free under the first-time homebuyer provision"http://www.fool.com/money/allaboutiras/allaboutiras12.htm

I don't the stomach to be a slum lord in reading...I am only interested in areas outside the actual city.

I'm planning to go to the lancaster REIA Sept 19th. If you will be in attendance let me know and I'll try to seek you out.
http://www.meetup.com/REIMG-Lancaster/