All Forum Posts by: Kris Haskins

so I have an update for you BP. I have been negotiating a short sale with Ocwen over the past few months and they sold the loan to a company called caliber smack dab in the middle of our negotiation. The seller owed $240,000 and the new lender finally agreed to take my offer of 95,000. They also gave the seller a $10,000 relocating fee and paid $5,000 to ward delinquent HOA fees.

Including the realtor fees the bank will net about $78,000. 

 The new lender only took two weeks to agree to my offer.   I'm excited about doing more short sales, seems like lenders are being more willing to move on numbers nowadays. Anybody else have any experience with current short sale offers?

 That is an excellent question. What I found out is whenever I did a deal I would pay just a little extra on the payments. That way it really never felt like I was spending more money because the money came out of my deals.  It was truly a blessing because it seemed like magic all of a sudden the loan balance got lower and lower.  Next thing i know the bank told me my next payment was $198 and that was all...   obviously it did not feel like a short time while I was in the middle of the loan but it truly feels so real now that the loan is gone.

 Everybody is different I'm not sure about your situation but I have other rental properties that still have debt too.  It may or may not be smart for you to pay off your mortgage on your owner-occupied house. But there are several ways to protect ourselves regarding asset protection that assist w medical emergencies.  I would hate to live scared to pay off my mortgagees because I may get sick one day.  That kind of reminds me of people that are scared to take action because they may fail.  I am NOT saying that is you but I have met people like that. Hey dean, tell us a little more about your finances and whether you are a renter or home owner?  I love hearing from people that hv more years on this planet than me because u prob hv some good wisdpm...  

oh I love section 8. I believe the main factor in dealing with section 8 is the pre screening process. We typically do a home visit to see how the tenant is currently living before we make a decision. If the person is living fowl currently then they will be living fowl in your place as well.  DO NOT waiver on checking them out because ive seen some pure roach infested slobs in some of my inspections..

oh man, most tenants dont end up buying.  you'll eventually take that baby back so start preparing now.....

 hey dave, they r actually great Q's.    when i bought the house years ago, it just so happens the loan was w a local bank.  i pulled the original deed of trust from the court house to see when the loan was originated before i even got into the deal.  i saw the loan was older which meant the seller had already been paying on it for a while(good feeling)  next i got the a release from the seller.  then walked in the bank and found out the loan was in arrears.   paid it up and continued w the payments for years till it was paid off.  i simply walked into the bank every month and made the payment.  nobody ever asked for id or even cared who i was.  i simply said "im here to make a payment on loan number xxx.    thats it....   when i made that last payment the teller said it would take a few weeks for them to record the satisfaction.   no biggie

another great Q.  ive been HIGHLY leveraged since 2004.  since then ive changed my leveraging strategy from personally getting bank loans to getting private money and taking over other's debt.  i SO wish i had NOT used conventional loans, ever.  i changed my mindset to believe its ok NOT to personally guarantee debt.  since then i hv still borrowed hundreds of thousands, but i sleep better at night.  as i age, i feel paying off real estate is probably the safest place for my money having tried stocks, businesses, cars, and other investments.  especially when the real estate is highly desirable.   plus you wont believe the feeling you get knowing you hv 1 less claim on your time, which equals ur life.  every lender demands a certain number of life hours whether you realize it or not.  if u neglect just 1 lender, eventually you'll be forced to give something up.  im tired of having outgo and im focusing on building my wealth.  

brandon is right the Realtor will give you the best information regarding solds and actives. We also use real quest.Com as a starting point to find sold and active comps.  Realquest can give you the solds and then you can simply go to zillow to find the actives.  

hey Sebastian a good way I find decent contractors is by driving the neighborhoods that I am buying in to see where the large dumpsters are in the driveways.  Usually  those houses will have  full renovation jobs going on. It is challenging to find halfway good contractors that will tell the truth and manage funds and people well.  Let us know what u find...   

hey make sure u remember the pro rules...  never put houses in ur personal name and never personal guarantee debt, and u cant lose.....

just got a contract and found out there are 20 heirs.  some are dead so we'll need to find their kids.  has anybody had any luck with that many heirs?  if so how..