All Forum Posts by: Account Closed

@Hugo Luna seeing that I just went through this as a Realtor, we were able to get the premium rolled into the loan, but not all lenders we looked at would agree to that. Also, the tricky part is that your contract will say the purchase price is X amount, but your appraisal price has to come up to X + the premium, otherwise it comes out of pocket at closing. My advice, stay away from HUBZU. There are better deals, and auction methods to use other than them.

@Jennifer Taves sounds like you dogged a bullet by not getting the home. The online auction is just the first headache, because it's followed up by having to deal with Altisource. 

@Aaron Cullen I have considered it and contacted a few HMLs. In most cases it seemed as though they could fund the home within 7-10 days, but when I calculated the additional holding costs, the balloon payment and the points, it really seemed to cut into the profits. I'm not ruling it out as an option, but if I can find a way to save that $6K-8K on a project, I would prefer that option. We tried using a conventional loan to remove the complications that come with a FHA loan. VA is out of the question, because I'm not intending to live in the home. Tried outbidding and cutting the profit margin to see if that would work, and it really didn't have the impact we were hoping for.

I'm sure many of the members in this forum have achieved the financial success to purchase homes with an all-cash offer. There are a tremendous number of cash buyers in my area that make it difficult to compete with great flip opportunities. On several occasions I have found flip homes that have 5-10 cash offers within 2-3 days of being on the market. In one circumstance we even had the highest offer, but because it wasn't an all-cash offer the seller chose someone else. Obviously, I would like to be in a position one day to make an all-cash offer, but in the meantime, I am curious as to what strategies some of you have used to succeed against the all-cash buyer? I have to believe there are more creative ways to compete than to get a HELOC on my home and cash out all my assets? Any suggestions or shared experiences would be welcomed. Thanks!

Thanks @Mark Gallagher! It's been a bit frustrating to say the least. As far as the title goes, only reason for asking was because it's free to use them, but we were thinking of just paying and using our own anyway. 

Looking at closing on a home on Hubzu and I was curious if anyone has closed on a property on that site? What are the Pro's and Con's? Is there anything I need to watch out for? Did you have a good or bad experience with Premium Title Service? Is there anything I need to look out for when making my bid price (i.e., don't forget to add the 4.5% fee)? Any help would be appreciated. Thanks!

Tim Jones unfortunately I have a meeting during that time here in Turlock but I would definitely be interested in any future meetings. I would also be willing to meet up for coffee and talk. I can always travel to Merced. Let me know.

Is this meeting still happening? If so, I can attend.

Is this group looking to do a regular meeting, say monthly? I would love to meet up. I can provide my experience and expertise, but I am also very interested in learning from other investors. 

Considering buying my first condo to use as a rental and I want to make sure the numbers I'm using are accurate. The source I've plugged my numbers is from an online website. The numbers are based on MLS listing, similar rentals in the near vicinity, and tax history. I would appreciate any help from anyone with expertise. Thanks!

Thanks Aaron Koski ! My biggest concerns with bringing in someone else is getting scammed and/or getting involved with someone whom I will have to exhibit a great deal of trust in without knowing too well. I had a friend once that started out with another guy based on common interests, but as time went on the other investor changed his philosophy. He wouldn't agree to liquidate the properties they were holding, which ended up being very costly long-term. What are some good warning signs to tell the difference between a solid investor and a potential scam?