All Forum Posts by: Jason S.

I really feel no love for the loan broker's.

I have heard their plight but they feed on people and maximizing their returns at the expense of others every chance they can get.

The only reason I want them around, even though I believe they will be extinct soon unless the get the Dem's out of office, is because they add competition to the marketplace. Without them rates would be much higher, even though, they do abuse their clients to the maximum possible margin.

In the end, rate jump away, if that broker could squeeze an eighth out of you they would in a heartbeat and call it good business.

I would track a purchase, determine the name he takes title in, go back in assessor records, see what he has done historically - let us know what you find.

I have done this before, when in doubt, investigate. You may learn something new and powerful.

I for one, would be interested in what he is doing.

Yeah Jake. Its too tight in the IE, we do not need more OC money out here.

If you had this deal under contract you could get the cash to buy it yourself outright in a snap. Assuming the numbers are real. Then you would re-sell it.

You will always get more money as an owner over being a wholesaler.

The hypothetical dies right there.

If you are really buying bulk reo then you should have $500K sitting around in commissions and/or profits already. Sorry to say "if you are really" because I have never found someone that actually does have access to bulk reo, but I am always looking.

Nope, nothing in the IE. Just move on.
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Just kidding of course. I know this forum is not up for that type of humor so I thought I would throw down a more complete response.

I think Bruce gives good solid information. I just do not think it is worth $5,000. But then again, $5K is not much when it comes to a RE transaction, even in the IE.

If you want a taste of Bruce he has archives of his radio show that are pretty boring as Bruce is not exactly a motviational speaker, but informative. You have to understand Bruce is a data cruncher, not a dynamic guru.

There is a local guy in Moreno Valley (Wholesale Lending or Wholesale Capital something like that, office right off the 60 with a big lit sign) who has a radio show on KTIE I think that will give you a class on why to buy rentals, then throw you on a bus and show you some local potential rentals and how to price out the re-hab. I am not a fan of all his theories but - if you know nothing - it is a primer for only a couple hundred and you do get a bus ride through Moreno Valley and a few slices of pizza.

As for discounts in the IE, no there are not any discounts. Just plain old buy an as-is at market, then fix and flip. Straight transactions same as in the OC or LA.

I borrowed from Norris one time and had no idea he gave boot camps - I later went to the Boot Camp for free because they gave it to me as a part of the loan I had already completed.

I do not think I would go though, just team up with an experienced re-habber and learn by doing. $5,000 is pretty steep to learn information you can get off this forum for free.

1. How to fund a deal.
2. How to find a deal.
3. How to analyze a deal.
4. How to price re-hab.
5. How to determine re-sale.

Is there anything above that you cannot find out yourself for less than $5K and save the $5K for your first deal?

I like to see a source on this because it is completely contrary to my understanding.

1. There is more than one reason why you would want to control a house.
2. There is more than one way to negotiate with junior liens once you are on title.
3. There are more reasons.

Such an interesting set of input.

I know that following the strict guidelines is the way to go. But in CA sometimes you are just lucky they leave without a hassle.

The only risk in starting the eviction is that maybe they intend to leave and then are insulted that you would be filing on them, then they decide to stay.

But in the end, experience dictates - follow the strictest path.

Manny,

Wow. I had no idea you were not licensed. But I am glad you read through the lines of what I was saying. When I was hot on short sales, before I could no longer find title insurance, I was not licensed and I was reported to the Ca DRE. They sent me a letter that they were investigating my unlicensed activity, I had to have my lawyer clear the issue up by showing them that there was nothing unlicensed about me being the Buyer of properties. I was the Buyer, and all transactions had Licensed agents on both sides, and I never even talked to the owners. But here was an instance where I was perfectly innocent, 100% innocent, and yet I had to push back.

Also, what you said about framing it as good for the community, good for society, etc - that is the only way to speak. Just like you advised him.

Now is not the time to fight an ideological battle.

Good Luck and hopefully that agent gets some deals and allows you to buy them!