All Forum Posts by: Lanesha Gerron

I've been specializing in short sales for 13 years. Once the moratoriums end, I anticipate there will be a lot of foreclosure/short sale business, but its going to be slow until the foreclosures begin again. FHFA has currently extended all foreclosures through 1/31/2021 and I anticipate the Biden administration will extend again. Since there is currently no recourse for nonpayment I don't anticipate too many distressed sellers are in a hurry to sell at this time. 

This would be a good time to familiarize with your local foreclosure process and research the short sale process - they all vary a little by investor. There is a lot of good info here on this site - specifically the short sale forum and also shortsalesuperstars.com. You can find a lot of practical info on both. Also if your MLS allows you to pull the data, you can look up market share and trends of short sales and REO's in your local area, and (at least in my MLS) you can look up who is selling the short sales near you. If you find local agents that do a lot of them, you could attempt to research what they are doing for marketing that is proving effective.

If you have never done any short sales and you find one that will list with you I would highly recommend working with someone with more short sale knowledge until you know what you are doing. Its a complex process and failure to perform can cost the seller dearly. 

 Be respectful of their time. I get requests all the time from newbie local investors who want to have a cup of coffee. They say things like "can I pick your brain for an hour". In other words, give up my time to help them gain knowledge. Even if the cup of coffee is free, $4 for an hour of my time isn't a great deal. I am pretty open and willing to help people too, but I like to feel like someone is respectful of me.

I am sure you have something to offer. I would lead with that in the discussion. Tell them how you think you can help them rather than asking how they can help you. 

@Lanesha Gerron

I own a number of rental properties which is part of my retirement plan and in the long run will create generational wealth for my family.  My next investment will be a vacation rental in the panhandle of Florida.  I still work my W-2.  The tax benefits of owning real estate is tremendous.  I’m from the Chicagoland market and invest in the north and northwest suburbs.

Welcome to the community! I'm from Pasadena but live in Fishers. Let me know if there's something I can do to help you with!