All Forum Posts by: Jeff NA

Look, my mother used to put me to sleep as a little child with a copy of Murphy's Law, so I'm well aware that if there are five possible things that can go wrong, and I take steps to circumvent all five, a sixth way will promptly develop. That's why I'm here.

Jackie, I appreciate the suggestion and I understand I might be irrational in my opposition to working with others. Thing is, I don't care for most real estate investors. Most of the ones I've met or talked to in person. . .leave much to be desired in terms of ethics. I don't want to go calling and knocking on the door of these people, asking for their help in exchange for my profit. BP is easily the best source of good, reliable info from people who can write in whole sentences, so here I am.

A sincere thank you to all that responded.

I swear I read a New York Times article not long ago stating that the Obama administration was pushing through some program of incentives for all parties involved to encourage short sales. I seem to recall something about a $1500 incentive to the seller for moving expenses. A search here doesn't bring me any answers so does anyone know any more about this? Obviously $1500 to the seller is much more motivation to cooperate through the process and show up at the closing table than nothing. Was this another press release put out to show that our government is doing something and then promptly forgotten about? Is it real? Any info?

I finally get my first call from my direct mail campaign last week and I had the unfortunate experience of having no answer for the gentleman. I'd like to say "I don't know" as few times as possible in the future, but I'm not sure there is an answer here.

The couple is either getting a divorce or has already gone through with it. They now have an NOD filed on the house. The husband called me and explained that he is completely on board with a short sale but that the ex wife won't sign the deed. He says she's going to make life as difficult as possible on him and couldn't care less if the bank forecloses.

Anyone know of any tools in the shed that could fix this? Or is this just a case to walk away from?

I would have no problem removing myself from a transaction if it meant getting the deal done. I figure I gain experience and knowledge even if I have to wait for the money.

Many thanks James.

Like what? Wholesaling? Those prospects don't call, but I'm sitting on a pile of short sale leads right now. So how about I figure out how to make it happen?

Also I think it's a stretch to suggest that I would "mess up" their financial situation. I have no question who I am here to serve, and after meeting the other parasites at the local REIA, I have no question that at least my intentions are in the right place.

Of course if you have advice or suggestions on how to learn or grow, I'd appreciate it. If your "advice" is to find something else to do. . .well. . .thanks anyway.

After many starts and stops trying to get started in some area of real estate investing, I finally have calls starting to come in from a direct mail campaign. Problems is that I have many serious questions, and while I don't mind telling someone that I don't know, that I can find out and get back to them, I think you can only say that you don't know so many times in a single conversation before you appear to know very little.

So without making this too long, perhaps someone with more experience can lend some advice or answers.

Two biggest questions I have:

#1. What happens if I get through the entire short sale process, the bank approves the price, the seller is on board, and I just don't find a buyer? There's no question that it would be from a lack of marketing effort, as I'm sure I'm going to go far out of my way to get my first deal done so I can move on. Surely this must happen though. If a buyer doesn't materialize, then what? What happens to the seller? How do I protect them?

#2. What happens if the bank doesn't accept proof of funds from a transactional lender? I've heard it happens from time to time, and I do not have a backup plan here.

I am most afraid of convincing a distressed seller that I've come along to help them only to have the entire deal fall apart and them suffer further consequences. Any helps or ideas are most appreciated.

Unless it's somewhere like Multnomah County, Oregon. When I called, not entirely sure what to ask, the person on the other end had no problem telling me exactly what I was looking for. The "Red Tag List", she said, which she'd be happy to give me. For $50.

I mistakingly didn't ask how often it was updated, but I did get the sense that I wasn't the only one looking for it, so I passed on spending money for a list that a number of people already had.

And she told me she doesn't want to sell now, not in the future, not EVER. Don't mail or call her ever again.

I'm on my way!

So this whole investing thing sure is work. Taking that into consideration, and from looking around at what seems to be 80% of the people here at BP, I was wondering:

If I start wearing a tie and get a serious looking picture of myself, can I start calling myself a Real Estate Coach? I've been reading stuff about how to invest for years, and would have no problem repeating it in exchange for money. I can even paraphrase!!!

I mean, if Than Merrill is out there doing it, then anyone can, right?

Joseph,

To be honest, I haven't bothered with Craigslist. I did write a brief message to my local REIA's yahoo message board and tried to address the concerns that they rightfully have with wholesalers. I was able to generate about ten responses from the group, all very interested and very experienced in buying investment real estate. When I get a deal, if I am unable to sell to one of these ten investors, I'm sure I'll give Craigslist a try. However, if one out of those ten don't take my deal, it probably wasn't a deal at all. I think I can circumvent that issue by only bringing a good deal, but that's another story.

There's no question that Craigslist is worth the time and money (free). In my mind, there is also no question that the open access is going to bring a less qualified buyer, or more tire kickers. That shouldn't be a big deal, since there are certainly serious and active investors using it as well, and you only need one. And, again, free. My only point is that the investors that I would prefer to work with are more interested in my service, which I hope is no nonsense, no fluff, just real deals. I can't personally deliver that message by introducing myself with a fake house that never existed. There is no question in my mind that if you write an honest, well written ad, and put it on Craigslist daily, you'll end up with no less than one good, qualified buyer.