All Forum Posts by: Lee Ali

Ryan, if one has the luxury of having cash to buy and the cash buyers to sell to, then REOs are just fine. But my post was in response to Mike who seems to be new to the game.

Jon, thanks for your post.

This "forum" is more like a newspaper than an interactive place.

I can neither edit nor delete anything I have written.

I am sure that there is a reason for such interface design. I don't like it but. . . whatever.

Will, I am not sure where you are seeing "promise" and "delivery" in my post.

Even though the creators of this website seem to be "New School", I am attracting more "Old School" attention than I like to have.

Yes, my post IS a "solicitation" for

C O L L A B O R A T I O N

which the me-centric "Old School" is having so much trouble with.

All I said, was:

"In SOME CIRCUMSTANCES HUD 223F is able to do 100% financing."

and then suggested:

"Please contact YOUR commercial mortgage brokers and ask them to investigate the specific conditions and requirements."

In Wikipedia's lingo, this is called creating a "stub." Which is described by Wikipedia as "a short article in need of expansion."

In threadless.com's lingo, it is called "submitting a design" for peer review.

But the "Old School" -- which seeks an ROI in every human interaction and which is squarely responsible for the misery of booms and busts in real estate -- sees "empty promise" and lack of "delivery" in my post.

Not your fault. . . you are operating in the "good old days" mindset, and as Seinfeld says, , ,"Not that there is anything wrong with that"... http://video.aol.com/video-detail/seinfeld-not-that-theres-anything-wrong-with-that/99768636

On a different note, in relation to my offline world work, I just got a note through Facebook from a fellow REIA member, "Thanks for all your positive input at the reia meeting this week."

Mike, my 2 cents...Stay away from REOs. Not because you may not be able to pull it off, but because banks are pain to deal with. Banks make real estate extremely difficult, and who needs that.

Why does one go to get an REO? To get the best price, correct? If you can get the best price from private parties without going through the agony of dealing with banks, then why not.

If you must deal with REOs, then use what is called "transactional funding."

HOWEVER, the bank on the end buyer side may (and most will) create a problem with seasoning.

Better and more relaxed approach...seek private parties.

Good point Darryl. I wanted to delete it, but unfortunately there is no delete option here. Even the edit option goes away after sometime. I am sure Joshua has that functionality for some reason, but I guess that it does not work in these situations :(

I totally understand Darryl. You should stay with what works for you.

I have referred investors to brokers who are open to structuring such deals. I am NOT making any money off of any referrals I make.

That is NOT my business. My business is to AVOID banks and brokers. :) But when something comes along which might help the investors, then why not.

I am not a typical "guru" who finds one thing which works in very limited circumstances and then blows it out of proportions just to sell his books, tapes, seminars and coaching. I am exploring a collaborative approach.

When investors who do have time to investigate their specific scenarios with the 223F brokers and report that it did not work for them, we can then brainstorm how it CAN work.

Folks: I am not asking you to spend ANY money on this "test". I just want you to present property/seller/deal/borrower scenario(s) to the brokers and see how it goes. Again, don't commit any money with the brokers.

Darryl,

I said "in some circumstances." It is NOT carte blanche. That's why I need to "stress test" it with investors' help.

Which state do you need funding in?

Please send me a PM and I will send you to a mortgage broker to see if he can do your/your client's loan at 100%. If he cannot, then we have a "negative test" data point and you report why it did not work for you/your client.

Thanks
Lee

In some circumstances HUD 223F is able to do 100% financing.

Please contact your commercial mortgage brokers and ask them to investigate the specific conditions and requirements.

I want to compile a list of parameters based on various investors' situations.

I think that this would be a useful empirical "stress test" of the loan program and everyone will benefit from it.

Thanks for your participation.

Lee

Arlene, let me know what you are looking for.

I want to try various non-guru models to see if it is possible to "pay it forward" or if the gurus are correct in charging everything upfront regardless of the results the students get.

Send me a PM so that I may assess your skill-set.

The best properties to buy in the next few years are:

- Apartment buildings.
- Self storage.
- Mobile homes.

Other commercial will be volatile.

Investigate HUD 223F. This program does 92.5% LTV. You may push for up to 100% financing. Don't take no for an answer.

PM me if you need broker referrals.