All Forum Posts by: Rob Huxman

If you are looking just for people that have 50% equity nothing personal Good luck finding a list that is good! Most of the time these list are put out by newbies in the business that don't realize there givng you properties that the Second has filed Foreclosure before the first. So the Deals look OUTSTANDING! Until you realize there is still a 80% first. I can tell you where to get a list of people that are 60-90 days late on there mortgage and not yet in Default.. These are great leads. Let me know.

Great post BIll we should hang out on here more often I can put up the idea and you can explain in deatil that is awesome! LOL Could not have explained it better myself. After 16 years and thousands of Short Sales I get in the groove where I don't totally explain in detail very often. Thanks for your post Bill saved me a ton of time.

Scott,

I totally agree with your post. The problem I had was when I got to #4 if we can't use BofA, Chase, Wells Fargo, WAMU, Wachovia, EMC, and America's Servicing Company. We are kinda stuck! LOL

Now to the rest of you looking for the way around this problem there is a REALLY SIMPLE SOLUTION!

BUY THE NOTE! After the Short Sale is done instead of buying the property BUY THE NOTE! This is something I have been doing for YEARS! Now with that being said Not only do you avoid there rule on this there also is no title seasoning!

Can you double close still? Yes instead of buying the house I am closing on the note and becoming the bank.

Will Transaction funders do this? Mine will!

This is the best way to do this in 2010! Oh and it also worked well in 2009, 2008, 2007, 2006, 2005 and so on!

Be creative its FUN!!!

sorry about that each unit is worth 168k. And our offer was that we contract the work they hold the property and we don't qualify for a loan! So our deal was to finish the project on their dime and get a free unit.

We got really creative at the end of the year and marketed found some properties that were REO that were non-complete Construction deals one has been REO for over a year and with it only needing flooring and doors and siding there was no way to get a trad. loan on the property. I wrote the offer on the property that they escrow the funds to complete the property and we would contract the finish work using there funds. This is a 6 plex in Lakewood Colorado. They were asking 45k a unit well long story short today they accpeted the offer and took the deal.... Here is the sweet part!

We took on NO LOAN!!

Contracted a General Contractor to do the work.

They supply the funds to complete the project.

I will have no hands on for the project.

And in return for our efforts the General Contractor and I get 1 unit FREE AND CLEAR!

OH HERE IS THE REALLY NICE PART ARV 168K

Be creative it works!

Mobile phone BUSINESS EXPENSE

Insurance BUSINESS EXPENSE

Are you ever asked to sign a personal guarantee?

Was when I got into business 15 years ago now I guess my business would have to sign for me! LOL :mrgreen:

Do yourself a favor and buy some leads of home owners that are 60-90 days late on there mortgage! These people are 90-120 days before they get a NOD/NED and are really easy to market to!

I ahve worked for a major lender owned a Loss Mitigation company and still some of my best friends are Managers or Higher at some major lenders and I don't know of one that would allow you to avoid seasoning issues. Personally I have never used a option contract and never will there are ways to avoid the seasoning issues without hoop jumping.

Keep in mind that just because you own a bunch of units does not really mean to much. At one point I had over 40 SFR's and I hit a point where I had to come up with 6k a month (rookie mistake 10 years back) then I got smart and created notes now I hold a 2nd mortgage on all of those plus more. And have a escrow company that does all the debt collection for me. Let me promise you one thing if you own a bunch of rentals and don't have a good property manager in place you will wish that you owned ZERO! This is America Cash flow is king and Zero debt is better!

Got a funny story about that as well. Pulled my personal credit the other day and it said PRESUMED LIVING! Nothing on there at all... Yet my business has ROCKIN CREDIT!

Being in the industry for years I can promise you the best paper you can send to a Realtor or Broker is a contract. Show them you are serious and that you want to do business with them. I offered on every Short Sale on the MLS with a Proof of funds to close. Its really that simple if you want to see some energy show them the money.