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All Forum Posts by: Mike Keegan

Mike Keegan has started 5 posts and replied 16 times.

Post: Guardian Group

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

Anyone ever hear of this group based in AZ? They claim to able to buy performing notes (targeting 125 and up LTV) and then refinance you into a 90% equity note. They want me to push their product and I have brother up near Modesto who could sure use the help. I figure some of you more seasoned note buyers/people might know if the concept of buying these performing notes (they say they need to buy in groups like 100) is truly possible or being done.
What I've heard is that the non-performing are possible but it's tougher to get the performing. You would think if someone could get them then half the state of CA would be in line. My brother has an 800 fico and has never been late yet he's at 150LTV. I get calls all day from people like him and would love to tell them someone could help but I want to be realistic.

Post: Great opportunity- looking for investors

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

Sorry Joshua. It's a little confusing but here goes. Our "fund" will buy non performing notes from investors (who already purchased at a discount), work with the current homeowner to keep them in home, and profit from the newly created equity (that the bank wrote off). In the end the homeowner gets to stay in home, get some of the new equity(half) and the investor in the fund gets a good long term investment with returns. It's obviously more detailed and I have powerpoints to explain but I don't want them on the web. We have the infrastructure in place (legal,title,servicing etc...) and we have access to the notes, just looking for capital. It's a plan that is tailored toward pension funds,retirement,etc... since they have longer investment strategies (although everybody used to), but they want to see it in action first. First one in gets a piece of company on top of returns so it has a nice upside-- unless you believe the real estate market in CA,AZ and NV will not return to normal in the next 7 years.

Post: Great opportunity- looking for investors

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

Longer term investment in residential Real Estate. Sales arranged simultaneous to purchase. No renters. Cash flow and capital appreciation. Everybody wins. Great for community. First investor in gets returns plus possible percentage of company (negotiable). State of Ca to start but will be expanding. Infrastructure in place. Can e-mail details.

Post: temperature of markets

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

Thanks Barbara--I'm out of Southern California so it's obviously tougher here. Just trying to work the west coast mostly so your info helps

Post: Buying Reo's

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

Sounds good--thanks

Post: Short Sale Question

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

If the short sale is already approved through the realtor --does the realtor have a contract in place?? We have to submit an agreement with the paperwork for the bank to consider sale. If there is a contract are they going to allow you to resubmit would be my question???

Post: Buying Reo's

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

Is there ever any way to negotiate with the bank directly on their reo's or its it always through a listing agent only?? I guess what I'm wondering is there a way to get to an asset manager at all??

Post: REO's and assignments

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

Recently many bankls are now allowing or considering this but you don't get much time (15 days) and performance is key

Post: Listing price

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

Depends on area Barbara but most investors want low obviously (70-80). I take a shot at those numbers first. The listing will always be high but eventually the lenders will come down and in many cases you can get them to 85% and even lower with a good counter BPO (get rehab estimates and good photos to supplement your counter offer)

Post: Short Sale noob question

Mike KeeganPosted
  • Real Estate Consultant
  • newport beach, CA
  • Posts 33
  • Votes 0

Each lender will have somewhat different requirements for their package but it is possible to come up with a standard one that covers most and actually the packaging can be key considering how busy they are