All Forum Posts by: Chip Towner

Great question, 

The good new is you're not too late. I have been working with REO's (Freddie, Ocwen, and a few banks) for almost a year and have a steady supply of 15k - 20k assets a month that average a round 30-40% below market value. The assets that don't conform to our client's investment criteria I make available to my colleagues in the industry. Well, let me rephrase that, to those that have vetted buyers with a proven track record of performing.

Feel free to contact me when you have an investor that fits the criteria above or if you just have a couple questions. 

Good luck, not that you need it.  All you need is a well defined goal,, a plan for success and  a code of ethics, for both you and those that you work with, that demands honesty, integrity along with a passion for CLOSING transactions; then top it off with a lot of hard work. ( I averaged well over 100 hours a week my first year. ). Then-BAM - Before you know it satainable success.  

Much success!

Chip Towner

In the biz 11 mos 2weeks

Avg several closing a day. 

I use a sass (propertyshark) that compile trustee sale information and I query for winning bidders. Contact me if you need more info 

Best

Chip

That's an interesting question. Have you tried asking the executor of the will or the attorney that drafted the documentl?  I think one of them is where I'd start to find a viable solution for the problem. You could also go to those online legal sites that have attorneys answer general questions free of charge  

Adrian,

I would, without a doubt, seek the advice of an attorney before having any discussion with  the borrower regarding flexibility or amendment of the loan's terms.  When considering to take advice regarding this matter make sure they are familiar with your states laws. 

I understand you are trying to find a viable solution for the other party and I suspect you have their best. Interest in mind, but unfortunately such discussions may render the terms of your loan unenforceable or at the very least allow the other party to make that claim. 

There are several sites online that will allow you to post your question and an attorney will reply with an answer at no charge. They hope that you will use their services if you decide to use an attorney. 

Good luck

Chip

Adrian,

I would, without a doubt, seek the advice of an attorney before having any discussion with  the borrower regarding flexibility or amendment of the loan's terms.  When considering to take advice regarding this matter make sure they are familiar with your states laws. 

I understand you are trying to find a viable solution for the other party and I suspect you have their best. Interest in mind, but unfortunately such discussions may render the terms of your loan unenforceable or at the very least allow the other party to make that claim. 

There are several sites online that will allow you to post your question and an attorney will reply with an answer at no charge. They hope that you will use their services if you decide to use an attorney. 

Good luck

Chip

Danny,

Are you asking Ivan you find a seller for a wholesale deal with a $1000 budget?

If you are the answer is "Absolutely YES".  Feel free to read my other posts and / or contact me and I'd be happy to help you. 

Good luck,

Chip. 

If you are less than exactly as you say please don't waste my time.  

With that said I manage a team of 600 Acquisitions Investors; we supply hedge funds with properties from Hawaii to Maine.  I have a surplus of $74million more than the buying requirements of our clients

If you REALLY have investors that you have closed deals with go to my website PartnersCapitalEquity.com and select schedule meeting. Or set up a Hedge Fund meeting.  We Guarantee every property we acquire is compliant with our clients investment guidelines.  

Always looking for more hedge fund referrals $100,000+ avg referral fee paid out over 6 months.

10 Property Sample Random sample or portfolio average is actually 71% of ARV / MV

Best,

Chip

PartnersCapitalEquity.com and select schedule meeting

Absolute great advice about not mentioning foreclosure or any reference to their current situation.  In my opinion, it's the equivalent of saying hello and slapping them in the face.  It just doesn't move the conversation forward.

That aside Id still like the link for the legislation.  Washington state has some ridiculous laws when purchasing a pre-fpreclosure.  Example must have a certified appraisal before ever discussing a purchase AND you may offer no less than 80% of the appraised value.  Crazy stuff, just want to read what the feds are up to.  

Thanks,

Chip

Hi Walt,

Redfin CMA

I have a team buying properties in Miami FL here is a link to CMA I just threw together

https://www.redfin.com/what-is-my-home-worth?estPr...

Just thought you should know.  Also the Miami-Dade County website a has nice property appraiser interface, assuming your in that part of Florida.

http://www.miamidade.gov/pa/

Best 

Chip

ARV After Repair Value

To calculate the ARV I don't use a spreadsheet. I calculate a properties ARV by creating a CMA (Comparative Market Analysis). If you don't have access to MLS the CMA feature in PropertyRadar.com ($60/mo) is excellent. The best free CMA resource, in my opinion, is available at Redfin.com.

Best,

Chip