All Forum Posts by: Mark Ferguson

If you guys can come to Greeley, I can do it on a weekend.

This class would also be free.

I would hold that one if it were me, you should have great cash flow depending on the financing options you have/want.

Welcome! I am up in Greeley.

Good info Tanya,
Another thing to consider is the listing agent does not get paid when they have GNND listings. If the house does not sell during the GNND period it goes into the regular bid period and we do get paid. We tend to keep an eye on those properties if we get the chance to make sure they are owner occupied. If we happen to see a for rent sign in the yard and we didn't get a commission because an investor scammed HUD you bet we will turn them in.

My strategy is to borrow as much money as I can at cheap long term rates and buy as many rentals as possible. I figure my ROI is over 20% on my rentals not considering apreciation or tax benefits and I can borrow money on my cars and houses at less than 4%. It is a no brainer to me when I look at the math.

Am I worried about losing my house and cars if things go bad? No, I have enough passive income coming in from my rentals to take care of my basic expenses even if I lost all of my other income sources. I am also confident I can make money in Real Estate no matter what the market does.

In order to reach my rather lofty goals, I have to take risks.

I'm fairly new to the forums. Is it common for people to ask if its okay to commit fraud since there's a chance they may not get caught?

Steve Babiak, thanks for the encouragement.
One thing to remember is HUD has a very complicated process and most agents do not know everything about the system. My goal is not to turn any of you into my clients as I don't even work with buyers. I have buyers agents who do that, they won't be there and I won't even mention them unless asked. :)

For those of you who are Realtors this is HUGE news! HUD has a policy that the listing broker for HUD, any licensees under that broker and their close relatives cannot buy a HUD home, no matter who has it listed. Fannie Mae just announced a similar policy. This is the wording directly from Fannie Mae:

“Effective immediately, for any property assigned to a Broker, Fannie Mae will now prohibit the purchase by the listing Broker, Listing Agent, and any licensees affiliated with the Broker, even if located in a different office under the Broker’s control. Also prohibited is the sale to a close relative of the Listing Broker, Listing Agent, and any licensees affiliated with the Broker. A “close relative” is defined as a spouse, domestic parter, or child under the age of 18, or any relative who shares the same residence.

Should the Listing broker or any licensee of the Broker have an interest in purchasing a Fannie Mae REO listed with another company, the buyer/agent must indicate that relationship in Section 38 of the Real Estate Purchase Addendum. The agent receiving the offer must then communicate the agent's status in the offer comments when submitting the offer into the system. The buyer type for this purchaser is Licensed Agent. A Listing Broker may be an investor or an owner occupant so the occupancy intent must be stated in the offer comments."

Basically if you area a Realtor and your office lists Fannie Mae properties, no agent in your office or their immediate family can purchase a Fannie Mae home listed by anyone in your office. This rule is slightly different from HUD's rule which states you cannot by any HUD home period if you are an agent, or immediate family of an agent in an office that lists HUD homes.

Good to hear you found a good agent. It never hurts to lowball once in a while, I do it on aged MLS properties. By lowball I mean 80% of list price. It sounds like your market is to hot for that!