All Forum Posts by: Jim Gordon

The information on expired listings is available actively for a long time. Cincy changed the mls software provider in the 90's and our information on all listings goes back that far. I can pull agent data on people that have passed away and know their listings, expired percentage, list price to sale price ratio both as a buyers agent and sellers agent. All you have to do is be a realtor and pay a couple of thousand a year to participate.

They are using a realtor why wouldn't you? The agent that has it listed owes their loyalty to the seller, get a good agent to work on your side. They can do the research for comps in the area and give you an idea depending upon days on market and the last price drop what the bank may take. By the way if it is a listed property and most reo's and all short sales are a realtor costs you nothing. You must be preapproved by a lender and submit your preapproval letter with the offer otherwise it will be rejected automatically. If you need to find a realtor that works with buyers of lender owned properties in columus let me know and I will network for you.

It sounds like you already own your first rehab property. Get the money to pay off the taxs. Fix it up and pocket more than the 18k that you say you can get now. As for pre forclose deals most people are so upside down on the properties that they have to go with a short sale if the accept reality at all. Most wait until the very end and some of that is the lenders fault. The collection people at the lender will tell them whatever they want to hear to get more money out of them. They will tell them that if they send in at least xxx dollars they will delay forclosure. These people think that the bank is working with them all the way up until set out day.

The property you own is what most investors get so get started.

This sounds like your first investment property experience. I would suggest that you partner up with a mentor in your area. Try to work the entire deal from property search to the ultimate sale of the property after repairs are done. The best way is to find a REI group or investor/rehabber in your area and offer your labor for free for the education.

It would be very hard for me to tell someone to put their own home on the line to invest with no experience. Even the pros run into cost overruns and timing issues. A 625 score is not going to qualify you for the best rates or programs available so you need to go in with your eyes wide open.

Good luck and yes there is money to made in RE it takes work and effort just like anything else in life. Go in with the right attitude and you can have a good life for your family.

Sorry I'm getting to the party late. USPS is the least expensive way to overnight a letter size item and if you are doing regular mailings you can meter them and they will pick up at your office. Sounds like they are being fiscally responsible.

Churn for investors?

Churn for investors?

From www.myfico.com

"What to know about "rate shopping."
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score. "

By the what I also ment to ad is don't just look at the interest rate but the over all performance of the loan. You can get a 95% LTV Pay Option ARM at 3% but if you max out what you are qualified for at the lowest payment option you have 2-3 years to live in the house before the bank takes it away. Be smart buy a house but be in a loan program where you can keep your house.

Because Ohio's program follows FHA guidelines they look at collections, judgements, and past dues not just credit scores. I had someone able to verify 2 years rental history with a BK discharge seasoned for 3 years get a 5.4% 30 year last fall. Well at least with the intrest being up I am at 100% occupancy in my investmeents.