All Forum Posts by: Marcus Mccray

Hey Richard,

Welcome to BiggerPockets (also known BP)! That confused the heck out of me when I first started! Anyhow there is a lot of good, free info here!

If you throw away any of those leads with credit challenged people you can start sending them my way. I have a program to turn these people into buyers and send them back to you (the referrer) when they are ready. If they use our lender to buy their home they get a full refund of the sign up fee at closing.

Sometimes you'll have to just hit the pavement and market it like a listing. You can add things like cash offers only or looking for investors etc. You can build a list that way.

You can also post your deals in the deals section of the BP forum and add those that respond for future deals. That's what I did.

Do you have a website? That may help too.

As a Realtor and investor here is how I see it...
Stay educated and know the law period. It can only help you. On another note our affiliate title rep came in talking about a new law that will eliminate Authorizations To Convey with banks. I don't have the exact info but she is normally on top of her game and I felt it was worth mentioning. If anyone else has more knowledge of this please post but this will put a huge change in the short sale game!

To be honest I don't know the first thing about tenant evictions but there have been a few done in my real estate office by agents. I'll see if someone in my office has eviction info and send you an email. It may or may not apply depending on the property state.

I would make offers on all. Maybe on the ones with the bad tenants offer a little less or give yourself a good escape clause. Meanwhile do some research on evictions, find someone who knows evictions, or maybe introduce yourself to the tenants and negotiate...maybe offer them a clean slate if they can make this months rent.

They are going to have BPOs done too. Every bank is different but I know BofA (Countrywide before) is one of the slowest. Do you already have an offer? If you don't get one in fast. If you do have an offer DO NOT submit another offer until you get an approval or denial of your first offer. Submitting another offer will send you back to square one.

I have extensive experience in dealing with BofA short sales when it was Countrywide during the change over. It took me months just to get to a negotiator! You just have to roll with the punches, call every day in the morning to check status, be nice to customer service it will pay dividends!

Do they have an affiliate or franchise in Southern CA? I'm looking for a new title company to put my deals through.

Casey,

This is what I do...help renters become homeowners! If a person sticks to the laid out plan it is possible for them to go from renter to a homeowner in about a year. It is a business that I just started up and am working on the website as we speak! I do charge for the service so if you want more details you can email me at my address below in my info.

For now here is some free tips cause anything I post here will be free...

*The min score to qualify for a home loan right now is 620 so that should be your aim or higher. Credit repair will give you a good head start.
*Also you will need a minimum down payment of 3.5% of the purchase price, ie house price= $100,000x3.5%=$3,500 down payment.
*You'll also need money for closing costs (lender fees, escrow fees, title fees, appraisal, etc) that tie in with the purchase of the house roughly comes out to 3% of purchase price.
* You also want to cut/pay down your debt as much as possible. As stated above lenders base their decisions heavily on your debt-to-income. Here's how you figure that...take your monthly gross income and divide by 2.Next add up all your monthly credit payments ie car, credit cards, student loans (unless deferred), medical bills etc.and subtract that from half your gross monthly income. What you have left is the house payment you can afford. So you could then buy a house where the monthly payment (PITI) is less than that number.
Example: Gross monthly income=$4000
Divide by 2=$2000
Lets say you have a car payment and 2 credit cards that total $500 every month.
$2000 minus $500 = $1500
You would qualify to buy a house where the monthly payment (including taxes and insurance) equals $1500 a month or less.
(the amounts above may differ depending on who you talk to and what lender you go through)

There are also alternatives like a lease option or rent to own but most owners will want to be sure that you will qualify for a loan at or before the time comes for you to exercise your option to buy.
You can also find a distressed homeowner and take over their mortgage payments. Depending on how many months behind they are it may be affordable for you to catch up the payments.

Hope this helps!!

I am in the same boat as you being a licensed agent and investor/wholessaler. We're (at least in CA) supposed to have our lic. numbers on our marketing materials as agents. I personally keep my agent biz separate from my investing biz and do my investing under an LLC for added legal protection. However when I make my offers as just me I of coarse include I am a lic RE agent acting as principle only.

My broker did offer to pay me under my LLC but I decided there are some things I just don't want my office involved in. Maybe that will work for you.