All Forum Posts by: Andy Wong

Ok, but the area has pushed up property values up 100k in the last 30 days.

FMV: $1,338,167

Comps at $1,500,000 if buyer adds 1bed/1bath

Purchase price: $1,100,000+Wholesale fee: $6,500

Owner occupied: $3,250/m payment

No rehab necessary. Walking distance from beach.

2/1 930sq ft

Annual taxes: around $11,700

Zara, I'm 21 as well, and ironically enough I read Rich Dad Poor Dad when I was 16. Are you the female version of me? haha. Anyway welcome, I'm from SoCal as well. We should partner up on something, I'm currently wholesaling with an emphasis on short sales, REOs, and SFRs.

Just wondering, would I be forbidden by CA law to provide a hard money loan or a private loan to a homeowner who is currently trying to payoff a 2nd loan on their home? They are the occupants.

2nd is about to ask court access to sell home and has priority over 1st.

Hi, wondering what the average haircut lenders are accepting on 192k payoffs and 101k payoffs? Do you believe 25k would be an acceptable deduction? Also, what type of resale restrictions are the majority of lenders accepting short sales imposing nowadays?

I'm in CA.

Thanks!

PS I know I haven't outlined much detail but if you have any advice, it would be much appreciated.

Absolutely agree with you. Thats the exact scenario occuring with the owners. Theyre willing to accept a hard money loan as payoff to the 2nd just to stop the imminent foreclosure. Although its blantantly clear they wont be able to pay it back. If there are any investors looking to lend them the hard money loan to take position as priority lien holder, message me.

Great Scott! (no pun intended) haha. I think I will start out with the absentee vacant property owners and expired listings. I've heard that the key to success in this business is followup and I.plan to follow upevery month. However Ive heard from a successful wholesaler that he only sends out a total of 4 mailings to a list. (1st, 30/60/90) Anyone advise against this?

Would it be smart to start a direct mail campaign to a list of 500 absentee owners with vacant properties? As opposed to absentee owners that have owned a property 7+ years.

I'm going to start my mailings soon and want to send out 1000 letters my first month 500 to either one of the above, and another 500 to expired listings in my hot zones as I have access to the MLS.

Also, would it be smart to tell the sellers right off the bat that I can't offer full retail price to kind of warm up/filter out the motivated sellers. (I have a 1800 number that has a 24 hour recording)

Thanks!

The property is not listed. We filed a ch.13 Friday but his income is just too low, it's almost certain we'll have to file ch.7 which will most likely cause the 2nd to be granted the ability to sell the property. So what you're saying is at up to that point we can put the property under contract directly with the homeowners? sorry, am relatively new to this type of transaction

Jim so what do you recommend I do?