All Forum Posts by: Lance Schaefer

I am looking at Bulk REO purchases. I am trying to get a handle on some of the terminology used in the traders lingo. Can anyone help define what these terms mean?

Tape

Axe

EPD

Crosses 

Released

Having a hard time narrowing down some of these.  I think I understand Tape.  Any help is appreciated.

Thanks

Lance

Robert Blake...that was it. Patrick James and Robert Estill at Tax Strategies And Solutions Inc.

Did some follow up. You helped alot. Thanks

Ok...This year of 2014, my email was bombarded with marketing material from large RE investosr.  It talked about a heavy hitter investor who buys properties all over.  His material dealt with tax strategy and tax planning and preparation.  He used a big firm located somewhere in Colorado.  It seemed like every other guru out there was promoting his course and webinar.  Many were affiliate linking it from the guru sites. 

I have had a computer crash and wanted to store the firms info in Colorado,with the hopes someday I would need it.  I remember in the video/webinar he said that the accounting firm he used in Co. had a partner who was an ex IRS lawyer.  He commented that he made over a million dollars a year, and legally paid in a small amount and this firm does wonders for him.  He talked about how he rented out his house to other people for two weeks out of the year and made tax free money.  I do remember that much. 

I know it is not much to go on, but am hoping someone out there can remember his name, or watched his webinar.  I am looking for that firm name in CO as I have use for them now.

Any help is appreciated. 

Thanks

Lance

The paperwork the realtor gave to me is a "REal Estate Purchase Addendum" from Homepath. Section 27, states : "Assignment of agreement. The purchaser shall not assign this Agreement without the express written consent of the Seller. The seller may assign this Agreement at its sole discretion without prior notice to, or consent of, the Purchaser. "

Pretty one sided huh? No quid pro quo here.

I am making offers on Fannie Mae REO's through Homepath.com. In their offer to purchase contract there is a clause that says it is not assignable. Does anyone have a way around this?

I want to wholesale to rehabbers and landlords etc. and I have heard that you can ADD another party with me as a buyer, and then at closing quit claim deed to them (my end buyer) and all is well. Anyone do this? Any other ideas? Thanks.

This is a great thread. I am a new LLC and have had problems getting credit/hard money and without a PG.

There is a firm that contacted me and told me that for $997 up front and $179/month they would loan $35k and then 4 months later advance 50k and so on every 4 months to build a credit score and file for the LLC. They handle all paperwork and filings and build my score so that at the end of 2 yrs I am able to get near a million for a loan. Sounds interesting but too good to be true.

The whole purpose of my LLC was to operate a legitimate RE business and separate it from my personal crappy credit. I will keep following this interesting topic. Thanks.

Has anyone lost a deal over HUD requirements? I may lose one. I sent a POF letter, and now they want it signed and modified and back in 24 hrs. This is now after they have sent my offer back and wanted other things just so. Thought that HUD realtor should dot the I's and cross those T's. We sent it back in. Now they want this POF with a fast turn around.

Tried calling my guy that sent the letter and he is out. Anyone want to help me with a POF for $12k? What to do?

Does HUD usually make such requests and try to find a reason to keep my earnest money? This is my first deal and I am seriously thinking about not doing another.

Thanks. Yes I do have a list of buyers, albeit small and not hundreds. If someone closes, we ALL make money and help the homeowner.
The tip about my advertising is what I guess hit home. I felt it was false when challenged. I need to build cash in a business account or have a line of equity or a hard money lender with agreements ready to go before buying any more properties. Thanks guys.

Well being a newbie and getting my first lead, I met with Harry and Mary Homeowner. I explained how I represent a network of cash buyers and would like to negotiate a price and sign a contract and try and sell their property, and get them the deal they were asking for. Then an uneasy question came. They asked me if I wasn't the one that was going to buy their house why would they just not list it with a realtor. My only answer I had was I would only try for 30 days,no long term contract like a realtor, and if I did not find a buyer, they kept the $10 consideration and we all walked away with no fees or costs to them.
They signed the contract and I'm sure it will be fine. (I need a buyer and quick though, and it is assignable)

However, they did cause me to think. I cannot buy their property without finding an end buyer. I have no cash, and My credit is crap and I cannot get a loan or hard money to acquire properties to sell in 30-45 days. My LLC is new(30 days old with no track record) and I am doing this full time because Aug. 1st I became unemployed.This is a moral dilemma.

How do you approach people and get them to give you a contract? What are the exact words you say to get them to sign? I do not want to burn them with some silly out clause if I don't have a buyer. I want to legitimately find a buyer and make money at the same time.

How do you handle someone like this(I was lucky on my first deal) that says..."I was under the impression that you were going to give me a cash deal like your ad says."

I think these people had their bags packed and were wanting money and FAST. What is your take on all this. It is quite different than the GURU's talk about and it is serious if you don't deliver. We have a reputation to uphold and I only want to be honest and keep my integrity.

Thanks all. Not going to do that until I have at least 1.5 times my current income sitting in my savings account. Trying to get going, looking at networking with some people to pick their brains on a deal. Thank you all for checking in. Hope to chat soon.