All Forum Posts by: Account Closed

Like I said, this is the first time I'm considering HM. My past REO's I've bought with cash, so I apologize if my questions sound stupid- don't I need a POF from the HML to put it under contract? (if you're dealing with the bank, not pre-foreclosure type investing)

I guess you're right. I just wanted to make sure I wasn't being reckless.

This is my first time considering hard money- made some calls today, and I'm wondering:

Is it ok to give your hard money lender the address for the home you're looking at buying before you have it tied up?

Seems like a chicken/egg kind of thing- can't make offer w/o POF, can't get POF without disclosing property info.

Did you write the content (by content I mean words and sentences not internet language) of your squeeze page yourself? Just wondering, because I'm trying to make a squeeze page, and when I look at other peoples' it just seems like something I could never write myself, they are all so cheezy and sales pitchy. I'm sure it works, just saying I couldn't phrase it myself.

I have my eye on two homes in my area which are REOs.

The same thing is happening for both homes. I have called the listing agents (different companies), spoken to someone in the office, who gave me little information (bed/bath etc) and said someone would call me. I have called both of these offices many times, and in some cases even spoken to agents (who were not the actual listing agent... who said that the listing agent would call me back). 2 months later... no one ever calls me, these properties are NOT sold ( I though they were maybe ignoring me because they have their investors lined up) and still no one will give me any information or access to the homes.

At first I think its because I told them I was liscenced. Recently I have been saying that I'm a buyer (because its true) but I guess even that didn't help.

So, question is- can i somehow find out which bank owns the homes and deal directly with their asset manager? I mean, the homes are sitting there, listed and not sold for two months, in an area where REOs are sold in days!

@ Dan

I think in this case, the buyers don't necessarily have to be investors looking to make money on this deal, but people who want to use the land. (I dont know how much it costs to go camping, but if its say, 30.. you go ten times, and you got your money back).
Like people who buy a timeshare, they're not looking to make money on it, but want to use it. When and if they want to sell, they can.

And my question sort of relates to Dan's, in that I'm wondering if this would this only work on land that has value (non-monetary.. like the possibility of hunting or camping) to the buyer?

Because, then, I might agree with Dan, that it may be hard to sell interest in land that has no use and is just sitting there, where no one can build.

Interesting though!

Hi Everyone!

Thanks so much for your input.
This deal was quite a while ago, and I decided to pass on it.

@ Peter, We did extend the contract subject to a phase 1 Environmental, but decided to back out before I went ahead with that.

As far as the vacancies in the area are concerned, there weren't nearly as many as I expected. The location was a busy street, and there weren't as many empty commercial locations as I thought I would find.

I truly still believe that there was money to be made on this deal, but I wasn't ready to take on an out-of-state rehab.

I now rehab foreclosure properties in that same area- if I had the team then that I have now, it would have been a different story.

Thanks Mark, I definitely agree with you!

Looking back, after deciding not to undertake the rehab, I should have at least tied it up and wholesaled (wholesold?) it. 10,000SF, 7 unit commercial property for $30,000, in a busy part of town- you almost can't go wrong.

PS. Steve, this was bank owned. Seller bought it from bank for $70,000. They were going to lose 40K. (They were trying to re-sell it for 150,000$ for a while, and it didn't work. Didn't want to rehab, so were willing to take the loss to cash out)

I've had a hard time finding insurance for my rehabs, but someone just told me about a company called Zurich. Can't vouch for them though, still waiting for my quote.

Thank you,

and a question to you both. I checked out Don's website and Matt's blog, and I'm just wondering if there's a reason your blogs aren't connected to your websites.

Is it because of the different target audience?

Just wondering, thanks!

Has anyone used those pre-made investor websites?

Originally, I was against the idea, but since I haven't made a website in 4 months, I figure that might be a good way to start, and then when I'm ready, I can always upgrade/change my website, as long as I have my own domain.

I've been leaning toward
www.investorpro.com

But there's also
http://www.realinvestorwebsite.com/

(they don't list how much it costs after the free trial)

and

http://www.realestateinvestorswebsites.net/

anyway, wondering if this is a good idea?
They all have squeeze pages, ability to post your new listing to facebook or twitter, etc etc... seems like they are all pretty similar.