All Forum Posts by: Lyuba Barrington

We are in Nebraska. Score 620, 20% conventional, asylum application, only one FY17 tax return, good income. Their immigration lawyer has provided explanation letter that they will be able to stay 3+ years from now.

Found guidelines in HUD Archive:

https://archives.hud.gov/offices/hsg/sfh/ref/sfhp2...

Unfortunately we cannot find a lender who is willing to follow them!

Thank you in advance!

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Dear Fellow Omaha investors...

We have a pre-paid place in upcoming Ron Legrand workshop up in MN, from the last minute cancellation.

You can have it if you want to, but please check if Ron's appoach interests you and aligns with your investment goals, because ideally we are looking for a future partner.

We would be happy to have you come along with us. Your only cost is gas and hotel room for 1 or 2 nights.

Workshop runs from 8-5 this Saturday.

This is an intro workshop into the Ron's program, so he is likely to be upselling participants on some of his more extensive courses, at least part of the time. If you are not familiar with his investment philosophy - please Google/YouTube.

PM if interested.

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The problem is that the seller is hesitant to show the property, whatever the reason is... I believe because the renter is a relative or a friend, so she does not want to jeopardize the relationship but still wants to sell. There are of course (sneaky) ways to inspect the property without tenant being aware of the sale discussion (posing as insurance agent etc), however I do not want to run this business in a sneaky way, and even create a perception of being scam-y or sneaky with the customers...

Even if we have an offer accepted with interior access contingency ... at some point we will have to get a peak inside... Should I just go fwd with the process of sending a written offer, and worry about resolution of this contingency later?

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Excellent advice. I did prepare the contract (contingent upon interior inspection, but partner approval is good too) and I have my own buyers/partners!

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What would you suggest for converting a hesitant lead with an obvious need and desire to get rid of the property in as-is condition. We did not even get to the point of price discussion, and I only got the phone number (without texting capability), the name and mailing address. And of course the address of the property (its a rental). The owner is not a professional landlord and the property is mismanaged and getting destroyed by the tenant... Perhaps there is an agreement there that the tenant will fix the property in exchange for a lower rent, but it is not happening... per the owner. I am thinking that the tenant is also a relative or a friend. What kind of approach would you suggest? Should I just pass it to a more skilled buyer/wholesaler?

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Originally posted by @Jay Hinrichs:

@John Baker

5. You need significant cash.. because in my experience in doing this for many years and well over 150 homes bought pre foreclosure.. is the deals happen within 48 to 72 hours of the actual sale. And most of the folks will need 15 to 50k to bring it current and keep the sale from happening.. there is no time for a loan.. you need to be able to stroke a check. you need to know how to deal with the trustee companies you may need to send a driver with a cashiers check into the company to stop the foreclosure etc. This is when the deals are made and one of the reasons we were so successful at it. so many of the competition really did not have any real money or liquid capital they could tap on a moments notice.

that's the reality of NOD buying.

It was pretty easy to stop a trustee auction by listing a house with RE agent and accepting ANY ridiculous offer, below listing price, below what is owed etc.. RE agent will have to work short sale scenario after.

We personally stopped a FC sale with a simple call to trustee rep, 30 min before auction. The auction sale was postponed INDEFINITELY. Never asked what the $$ accepted offer was. I have been told that auctions are being cancelled all the time...

I don't know if it works in every county/trustee/situation, but it makes sense that Trustees are required to give a benefit of doubt for a fear of being accused of homeowner rights violation. Perhaps it worked because it was a call to a trustee rep directly, the day of the auction, on a short notice... and the rep was not in a position to make any other decision than to postpone. Had we called 24+ hrs before the auction, the accepted offer would have been scrutinized by the bank and/or trustee lawyers, and auction would still happen on-time...

If anyone ever had a similar experience - please share....

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How are bandit signs different from Valpak? Both trying to target wide population. Valpak claims 90% open envelope rate..., and an option to save a slip of paper vs trying to memorize the phone number during a short traffic stop.

Any comments?

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Attention Omaha Wholesalers!

I have 3-4 serious CASH ON HAND buyers ready for a (flip or rent) deal RIGHT NOW.

Millard school area is extremely popular request.

Above $100K is fine, but needs to make sense as to returns.

Below $100 is a bit more flexible on returns.

I run my (sophisticated) s/sheets with depreciation recapture and tax rates etc.

Contact me via PM and/or colleague request or respond to this post.

PS: I personally advised my buyers against higher crime areas and they all agreed. Please do not include those offers in your offers.

PPS: Disclosure: I am a licensed RE agent in Nebraska and a CPA in Colorado

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Attention Omaha Wholesalers!

I have 3-4 serious CASH ON HAND buyers ready for a (flip or rent) deal RIGHT NOW.

Millard school area is extremely popular request.

Above $100K is fine, but needs to make sense as to returns.

Below $100 is a bit more flexible on returns.

I run my (sophisticated) s/sheets with depreciation recapture and tax rates etc.

Contact me via PM and/or colleague request.

PS: I personally advised my buyers against higher crime areas and they all agreed. Please do not include those offers in your PM.

PPS: I am a licensed RE agent in Nebraska and a CPA in Colorado

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Originally posted by @Chris Martin:

The scenarios I see are what I consider to be not arms-length transactions. As a broker, your represented interest in a short sale should be consistent with the bank's (sellers) interest, not your LLC interest. I see major conflicts of interest, regardless of your disclosure.

Why exactly are you doing this?

I don't recall mentioning that I would engage in short sale fraud :)

Short sales usually go thru best offer situation and they are posted on MLS anyway. Banks give preference to owner occupants and often insist on holding period restrictions. Completely different line of business from wholesaling. But the leads come from the same marketing campaign... My partners also think that I can screen callers on their first call and research properties. From what I read on the forums to-date, it seems like being an LLC member is not the way for me to go. Fully disclosing my position in the deal is. And Finding a friendly broker too.

Want to thank everyone for input, I was able to clarify my position and approach.

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All Forum Posts by: Lyuba Barrington

Lyuba Barrington has started 9 posts and replied 27 times.

Post: Financing for non-resident buying residence with 20% conventional

Post: Free spot in Ron Legrand workshop in Minnealopolis - 8/12/17

Post: Got good lead, now what?

Post: Got good lead, now what?

Post: Got good lead, now what?

Post: What am I missing? 9 monthes, 1 deal...

Post: 2nd Post:: Valpak along with other services.

Post: Omaha CASH Buyers looking for wholesalers

Post: Wholesaling madness!

Post: I am a real estate agent and my LLC is a wholesaler..