All Forum Posts by: Jill Md

That may be part of the problem or a hint of it, --if you don't want to share it here, what are you concerned about?

If it's your personal information, what better advertising? But if not, you can block that out -what don't you want people to see? If you are worried about what people in the business would think, what reaction do you think you'll get from those who are getting this in their home?
Just a thought.

I've done rehabs for 12 years. You got good advice from EricFoster.

No doubt, you will spend $30K based on what you describe, very likely more, esp. in SoCal.

Hi Eric,

I wanted to thank you for all your suggestions with my question here. This is going a little off topic here, but I went to your website and see that you have a very nice looking business!

I have a couple questions for you, because I am "new" to this side of REI. As I said, I have "invested" for about 12 years, but all by way of rehabs and a few lease options. So, I am new to the deal structuring and creative financing game.

For advertising, I have posted "I BUY HOUSES" type bandit signs, and also run advertising, both online and a few local papers.

I guess I am confused about what to tell people that you can’t help.
With the market the way it’s been for a while and many people being upside down on properties and waiting until too late to get out.....how is the best way to address a “no deal” situation with a client (such as this one appears)?

Also, I see you advertise for your company - on your website, for potential sellers to: [b][i] (click here to sell)
We Can Make You An Offer Within 24 Hours !!![/i][/b]

Are you referring to a cash out offer in this situation above? How are you addressing the “satisfaction guaranteed” portion? Is it that you will make them an offer (of some sort) within the 24 hour period?

I am just wondering because it seems like with today’s market and situations, most people aren’t going to be satisfied!

Thanks, azrealtor!,
Yep, I started 4 months ago with pursuing those too, still continue to follow them, but am getting discouraged with them because they all want retail and think their property is worth more than it is (still hanging on to 2005 prices!).
They also want more because they didn't want to pay Realtor fees to start with.

I take it you are having success with the REO's and FSBOs in the Phoenix Metro area?
What type of strategy/ies are you using now? (once the property is acquired, I mean)....

I am just so used to rehabbing, and that market is just too risky right now for me in Phoenix. I don't want to risk holding a property forever ;)
Time to learn new strategies and branch out though!

Yes, I have been pursuing the REO market for about the last 6 months. I have just started to notice some leniency on the banks parts, which I expect to get greater in the next 3-6 months.

In AZ right now, there really aren't any deals on the REOs. I have put in numerous offers and am continuing to look at them simultaneously.

Thanks Eric, I am going on the assumption that the amount owed is just 1 mortgage? In the amount owed that you quoted, are there any 2nd's, 3rds, or other liens in that amount? No, there is more than one loan on the property. They took out a second or some other line of credit to use the equity in the home.

It was purchased in 1994 for $114K, not sure what the first loan amount was.
It's my impression that the owner already had bad credit (by the percent on the loan) & because they are currently living in a lease option house (not sure if they moved into this when they moved out of the house they own).

Geez!, normally the first thing I do is look at what they owe compared to what the value is...honestly, I was considering all the fees they were going to owe from being behind, but overlooked that they owe more than it is worth now!

Is there anything else I should clarify with them tomorrow? They will be confirming loan amounts tomorrow and fees owed.

- Behind on the mortgage... (There goes your cash, plus another 8 grand) Forgive me because I am new to this, but what did you count the 8 grand for? Attorney's fees?

Thanks much...

Hi All,

My Experience: I have been strictly a rehabber for the past 12 years. In the past 6 months I have decided to go full time with investing, so as far as deal structuring with creative financing, I have little to no experience, --other than what I have studied over the years.

Potential Deal: I posted "I Buy Houses" type signs, and just got this response tonight.... The owner is in pre-foreclosure: 51 days, he has until mid February to do something (90 days/AZ) and moved out of the house a month ago.

The homes ARV/retail price is about $250K, (home is already in good shape and mostly remodeled)

His original purchase price was $114K. Refinanced a few times and has taken all the equity out of the property, used part to make improvements.
Owes $268K

Monthly pmt $2,030 with a conv. 30 yr. fixed @ 9.99%.

Owner wants $2,000-3,000 and to walk away.
Open to short sale
Open to creative financing
He is going to get back to me with the exact amount he is in arrears in the AM.

He contacted bank to see if they will work with him and they said they want full note value ($268K)

Owner wants/needs to do something fast.

Suggestions on what type/s of deal to structure?, And the very basics of how (I can figure it out when I know what type, I believe) would be greatly appreciated!
Thank you SO much for your suggestions & help :) !!

(FYI: I have approx. $6-7K in cash to work with at this time).

too much information.

How would you explain it in a confident manner so they understand?
I will be doing my first and would like to know!

Jeff,

Care to start and share your experience of your 2 lease options first?