All Forum Posts by: Nick L.

Has anyone used NLDS Corp? Are they easy to work with? How fast is their process?

@Mark Rogozinski - did you end up using hardmoneyman.com? i am looking into them as well. thanks

Thanks Mark. Looks like you ended up getting a great deal on it.

Can anyone else help me out? Great subject-to lead. Highly motivated seller. House is listed w Realtor and is not selling (seller contacted me directly after seeing my ad on CL). How do I get around the Realtor, or get rid of the Realtor? Thanks

Hi Everyone. I have come across a similar situation to the one that Mark experienced. Mark - if you see this, what did you end up doing?

It is a single-family home. 3/2 in a decent neighborhood. Seller is highly motivated. She called me off one of my Craigslist ads.

ARV 100k, owes 95k. Payments 925/month. She is about to fall behind on the payments. My exit is to wholesale to a retail buyer for a 10k (or more) down payment. I'd give the seller $1000 or so.

It is listed with a Realtor. I have not spoken with the Realtor yet. The listing expires in 2 months and I suppose I could wait until it expires, but waiting could mean it gets sold to someone else, OR I will end up having to make up back payments at closing.

What to do? Should I try to arrange for the Realtor to take a flat fee (thinking $1500) at closing and take her sign out of the yard so I can market it to retail buyers?

Thanks BP!!

Hi BP. Looking to hear from the buy and hold investors out there.

If you are going to purchase a cash flow property with seller financing in place, what is your highest priority regarding terms?

Minimize the down payment?
Total purchase price?
Longer balloon period?
Low interest?
Low monthly payment to maximize the cash flow immediately?
Something else I am completely missing?

I am asking because I am negotiating with a seller on a seller finance deal right now.

His original asking price was too high, plus he wanted to do a 15 year amortization.

3 units (1 duplex + 1 SFR), total $1600/month gross rents. Units are already rent-ready but you could do some minor repairs if you wanted. 2 units recently became vacant, 1 unit occupied with a 26 year tenant.

Derek - I can not concretely say yes or no to the red ink on the envelope, but that is what I am doing with my first YL mailing that is going out this weekend.

Also, check out strugglinginvestor dot com and find his post from Aug 25, 2009. It details a very efficient way to "do it yourself" for yellow letter marketing. If you are just a little bit tech savvy and have a computer and printer you can do this. Just wanted to pass the info along in case you are actually hand-writing any of your yellow letters.

PM me for the link if you can't find it easily on your own.

Hi Jacob - welcome! Check out the flip2freedom podcasts on iTunes. It will give you a lot of FREE info from an actual investor. I listen to it for new ideas and knowledge, and also as motivation on those days when I am not feeling great about my REI journey. Just keep taking action and don't give up.

Interesting topic. George (or anyone), can you explain a little more about why the seller would be paying interest? I'd like to avoid unknowingly putting my sellers in to difficult situations.

Scott - thanks for all of your great insight!

Hi everyone - I was digging for this type of info on short sales, and wanted to see if the above answers still apply in today's environment. I have a house under contract with the seller subject to her financing remaining in place and subject to negotiating a short sale with the lender. We have the short sale package from the lender and are in process of completing it. The package does not state that they need to see a listing agreement. Is this something they are going to ask for?

The comps are about 60k, and she owes 70k. She is 8 months behind on payments. The seller had a hardship with death of husband and death of son within a 2 month timeframe. The seller is in the process of evicting tenants due to 4 missed payments (should be completed in 7 days). This was also a clause in our contract - tenants must be evicted.

The house was never listed but the seller called my bandit signs about 5 months ago, then I did some follow-up with her 2 months ago to get the house under contract.

After all that, my question: Does the seller need to have her house listed with an agent for me to be able to buy it as a short sale? Thanks