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All Forum Posts by: Lamont H.

Lamont H. has started 13 posts and replied 54 times.

Post: Finding a Wholesle Friendly Realtor in Ventura

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

Hello Alexandra,

I'm in the wholesale business. Have yet to do my first deal but I'm in the process of sending out my first postcard campaign as we speak. Now on to your question I don't know any wholesale friendly investor in your area, but what i can tell you is that if your in the wholesale business a realtor is ideal but not necessary. What i mean is as a wholesaler having a realtor on your side can save you alot of time and money. I'll tackle one at a time.

As far as saving you money, you will need to pull comps for properties that you pursue, or that pursue you (hopefully it's the latter). The most effective and accurate way to pull comps is by befriending a realtor who will pull the comps of a specific property. Which is essential when you are making offers.

Now when it comes to saving you money, having a realtor to pull your comps means you don't have to spend money on paid comp services i.e Realquest or Sitexdata. Both of these service are used by real estate investors to pull comps.

now with that being said nothing in this world is free (Unfortunately). So if you decide to go the realtor route, you have to have something to offer them in exchange for the service they provide for you. In this case it would be to pull comps. Most times Realtors wait for clients to come to them (this is not always the case). So what do you have to offer them you ask? Well private seller leads! I like saying I'm an Real Estate Investor instead of just categorizing my self as a wholesaler. I say this because if i come across a lead i would like to think that i could find a way to make money from it one way or another, but most of the time, and what alot of people will tell you is that you should focus on one strategy (wholesaling) and move on to the next once you perfect it. If you have adopted that philosophy then there will be some leads that you will not be able to do anything with. For example: Short Sales, Foreclosures, etc. These leads are your bargaining chips, and you will pass these leads onto a realtor in exchange for their services (comps).

Usually a new, hungry realtor will jump at a chance to work with us because we kind of do some of the heavy lifting when we gather all the information about the property and then pass it along to them on a silver platter. All in all if you find the right realtor who will work for you in exchange for "pre-qualified leads" it can be a home run for you and your business.

Hope this helps and good luck with your search!

Lamont H.

Post: Looking for a solution before a sale date is set!

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

@Scott Swink first off thank you for your quick response, and LOL YES HAMP not Hemp! Sorry. Also it was a loan mod not a refi..I'm doing a hundred things at once so forgive me lol. Now i notice you said that the DOJ loan is only in certain areas. You wouldn't happen to know those areas or a resource where i could find which area qualify ? If she doesn't qualify for this Mod. what would you suggest? I have already gotten alot of great options from the great community of investor here at BP, but i'm curious as what you would suggest being that you said this is your area of expertise.

Post: Looking for a solution before a sale date is set!

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

More Info: She has done a refi already and has a 2% hemp loan. @Scott Swink what is a DOJ loan mod??

Post: Looking for a solution before a sale date is set!

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

@Jerry Thanks for the explanation. @Scott Wink what your saying could be her best bet if they will allow her to do this. I know she really doesn't want to hold on to the property and when i last talked to her she was telling me she would rather take a lose than to hold on to it. I'm just trying to give her all her options before she takes a path that she will later regret. How good are the banks nowadays working with homeowners in her situation? By the way i really love BP! Such good people willing to spend their time helping and assisting others it's great!

Thank you All!

Post: Looking for a solution before a sale date is set!

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

still didn't work lol :(

Post: Looking for a solution before a sale date is set!

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

@Raymond B. Thanks for the tip. As for the window with the names of people who participated in this thread, it's not visible to me. Maybe it has something to do with me being on a laptop. Not sure if your on a smart device or Laptop. Either way thank you.

Post: Looking for a solution before a sale date is set!

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

@John Moore That's what i was thinking. The house is located in the Woodlands which is in the Bartonsville area, about 5 minutes away from the Lowes complex. I know taxes in the area are sky high, especially where she lives at. If I'm not mistaken i think it's the tune of 9k give or take. Would this present a problem with a lease option?

Thanks in advance

Post: Looking for a solution before a sale date is set!

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

Thank You everyone for the helpful information i guess the best thing would be for her to visit a experienced realtor. @Jerry Kisasonak, I'm assuming your saying it would be a lawsuit if she didn't bring the loan current and tried to bring a tenant/buyer in? In the event she does bring the loan current then it shouldn't be a problem to do owner financing correct?

Post: Looking for a solution before a sale date is set!

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

well i know she has talked to bank and they told her she can pay off the back mortgage payments to bring the loan current. I searched the area using Trulia just for a rough estimate and it looks like the house may be underwater but not by much.

Post: Looking for a solution before a sale date is set!

Lamont H.Posted
  • Jersey City, NJ
  • Posts 54
  • Votes 14

Hello to all,

I'm looking for a solution for a family member of mine. The situation is my family member has a house that she no longer resides in. She hasn't made a mortgage payment in 27 months, yet the bank has not foreclosed on the house ( Don't know how that is possible but don't kill the messenger ). Anyway she is in arrears some over 25k. She has the money to pay it off and bring the house current but she doesn't want to do that unless she can turn the property into an investment property. The route i suggested to her was a lease option which she understands but not enough to put a deal like that together. I know Real Estate but my knowledge for the most part lies within the wholesale arena. Also the bank is telling her that they could place a sale date on the property any day but i'm really not sure if she fully understands the situation but this is what she's telling me. The property is located in Pennsylvania the Poconos area. Does anyone have any advice on how i should tell her to go about this?

Thanks In Advance

Lamont