All Forum Posts by: Irina Belkofer

@Account Closed these cases has nothing to do with the “subject to” though.

This was very famous fraud when mortgages were given away on inflated value for totally not qualified faked buyers.

The sellers, who suffered from “subject to” deals were not these invoked in mortgage fraud.

These are absolutely not related......maybe try specific search, not just quick googling

I think people have too much confusion about the subject because most of them are not agents.

1. "Coming soon" is an official listing, not only it must be signed as a normal listing but the copy has to be sent to MLS within one day. Normal listings has random audit (you have to submit signedpackage of signed docs to MLS, coming soon - each listing. It is only 2 weeks from the date of listing going on market.

2. It all depends on the seller: if the seller opt out of listing on MLS and you have signed addendum - it doesn't have to be on MLS. Another question - why a seller would do that? There are quite few reasons

3. Not all agents are members of NAR, however, NAR will apply their rules to every licensed agent. Why? Nobody knows...but it is how the cookie crumbles

4. How Realtors wholesale: Realtors market properties in their farming area and usually they already have prequalified buyers. Once they found a property they have a buyer, they negotiate the terms with buyer and seller and the listing goes into MLS with pending status right away...if it does at all. The major point to include their comission in between selling price and purchase price. Once everything settled - the dates in agreement will be correct for any laws. Technically, the listing hit MLS and the buyer called right away. Nothing wrong.

It doesn’t matter if the rules will change - there always will be the ways to adjust.

NAR can change the rules but they can't stop the game.

It means that zip 44710 has 42% of potential appreciation to reach the level of 2005.....plus great cash flow for these years as well.

Recently, I've see a listing at MLS with triple the price it was 4-5 years ago, when the investor bought it. So, the house was rented at 3% of the purchase price for these years (36% gross income) and now it's gonna be sold to triple the invested money.

Area is very decent and the price is on the low end of the today’s market. I bet it’s better return than put these money under a mattress 

Absolutely not.

However, you might have your market - OOS investors who work without local agent(or an agent who doesn’t care but to sell). Rentals have to be bought under market price or there should be room for improvement.

Buying rental with existing tenant is the worst scenario - the house must be significantly underpriced to make an offer. 

All the updates done by third parties, somehow deteriorated much fasted, especially when you see it on the surface....so called “cheap flip”

I’d rather have underpriced house and make some updates and I do want to choose the Tenant. Sometimes the condition of purchase is free from Tenant property

 Everyone answers to my call....lol

I helped many people. 

He brought money and was a big deal when I already was overleveraged.

He’s out of country most of the time so it’s only money....but it was just the right timing

Only few months after we bought these 3 houses, I've got an access to HELOC and bought another 3 totally mine with lousy 3% back then. So, yes, I have something to compare with.

Money is critical when you have a deal and nobody wants to invest - it still was uncertain time how far prices will go and in what direction. So, yes, I’d made whooping zero if he wouldn’t finance it. Fair and square 

@Todd Rasmussen it depends on the market but I'd be happy to pay 9% APR, especially at the time like 2015.

I bought 3 houses with 50/50 split plus the investor got his 5% APR on his money.

Now it's tripled so for these 4 years he's got not just 9% APR but close to 45%.....Well capital gain taxes still apply though

It's not 9% for the 4 months, it's APR. Investor made 3% on these money taking all the risk.

The real life example: investor who finance flips charging 2.5%/mo for the first 4 months and 1.25% thereafter.

So, for $90K used for 4 months, the cost of money would be $9K.

OP just got lucky to find good private money source. 

This is getting really bad - they buy online a “certificate “ that their pet is emotional support and you can’t charge any fees or security deposit.

There is debates to separate service animals from emotional support but if you don’t want to end up in court - it’s better not get involved. There are other to refuse renting to any tenant (I’m renting in C area) but the problem is that the service animal appears after the lease signed, people moved in etc.

I do accept dogs with extra security deposit $300-700 depending on the training (no vicious breeds though) and $25/pet rent. No cats.

So, people pay $60 for that “certificate” and avoid paying all these money. When moving out, the damage definitely more than normal one month rent deposit  

 That’s actually not so hard to verify - after these properties got sold, there will be a name of a selling agent - the one who represent a buyer. 

If your properties got under contract more than 2 months ago - chances are they’ve been closed.

Send me these addresses and I’ll tell you, if you’re right or it’s been a coincidence 

Ps please don’t send me an addresses to analyse - I really don’t have time for that. Just these properties, you’ve lost after you’ve sent them to your agent....it’ll take 10-15 min and you’ll know the truth

BTW, your agent might not return your phone calls because it’s still very overpriced market and he/she knows that you’re making low ball offers....for every agent it’s a huge waste of time. 

When prospects fill out the application, there is SSN, last 5 years of jobs, I take photo of their IDs.

If someone has all of that in the order - I don’t care if they illegally in the country or not. I ask everyone the same info and don’t discriminate.

I’m much more reluctant to rent to self employed than to people with W-2 jobs - 1099’s go through more extensive qualification process. But if a person has SSN and DL with few years of jobs - how can I ask them about their status even if they speak with an accent? It’s a violation of Fair Housing law.