All Forum Posts by: Andre Scott

The only way you can close in 7 days if for the bank to already has the title work for the asset.

Your right! The flip waiver is for abnk and AM's, but if used properly investor can use it. It's all in the language in you contract addendums. All you have to state is the the bank is allowing the LLC to become an "authorized vendor" for the purpose of effectuating a sale of the property. I've even seen cases where the LLC (investor) shares a profit with the note holder, for allowing them to do so. This is america! anything is possible!

No, I started construction ASAP. I just waited for seasoning to clear. There is also a way to work around it, assuming the bank are motivated to move the asset. Check on FHA.gov and you will find a Flip waiver. If you choose to use it, let me know and I will let know the language to put in you contract.

BTW, come find me quick so we can party!

Hey Gang! Sorry for not adding the details in a timley manner. Biz is great!

Pretty much there was an REO on the market 200k and the comps were ranging from 250k to 290k. I offered the bank 160k, and they accepted the deal. Closed it in 7 days CASH, and begain the renovation. Complete redo! to include granite, ss, HRDW, and more. I had the property back on the market in 3 weeks, and had an offer in 2 weeks. Closed the deal at 296k minus realtor fees and 6% closing cost in 30 days. Netting roughly 64k.

This is a great market to Flip homes the legal way and make alot of money. That was actually the first one for the year, and I am now currently working on my 8th! If you have any deals that are worth looking at in MD/DC/VA shoot them my way!

My advace is to market the payment, and not the property! I've they are willing to pay the price, they will call.

Just closed a reo flip and profited 64K in 90 days due to the FHA seasoning! :D

I closed on one in Maryland 2 weeks ago for 162k, did a full 35k renovaton, and have a 250k buyer ready to close in 2 weeks. This is the best time for cash buyers because asset managers give discounts for fast closings. Just make sure all due dilligence is done before you write on the property.

In MD quality sales quick, so its super difficult to do that type of deal. Please advise the best way

SHORT SALE!

CMC,

You will have to negotiate a short sale in order to purchase the property for less than what she owes. After that is negotiated, the bank will determine what they want her to do with the balance. Lately they have been just washing their hands if the debt.