All Forum Posts by: Ram Srinivasan

@Alexander Pezzutto, are you confident that you see more opportunity in the states than in Canada?

Ram

@Marco Santarelli

Our first meet up was during a weekday I believe... so hoping many can attend...

There were a few folks on FB who Are able to make it.

How does Oct 21 work for everybody here?

Ram

@Jesse Shields

@Tony Akhigbe

@Taylor Brown

We do also have a FB Bigger Pockets group for Calgary and Area members, if you would like to join us.

https://www.facebook.com/groups/688922047908933/

@Alexander Pezzutto

Welcome to BP Alex. We have a FB group to help Calgary & Area local investors stay in touch. (also easier to message everyone instead of tagging individually). Your goals are great.

One thing Brandon always mentions in his Podcasts are, what is your Very next Action step?

I really find that this is an effective question to guide me on my path

@Sean Dawson

@Richelle T.

I listed the property for sale in Oct 2014, took about 9 months to sell. I also switched property managers to Century 21. 

I sold it for 10K less than I bought it for. This does not include the 5K of work I put into it. 

All in all, it was a disaster. I purchased it all cash, had 1000 TOTAL cash flow in 2 years, 

and sold it for 10K less than I purchased for. All things considered, lost about 18K on the property.

The only person who really made money on the deal were the property managers and my realtor who I bought it and sold it with. The realtor's name is Kay Strait. At first, I thought she was a good realtor to work with, but later it turned out that she was really in it for herself and could care less about her clients. Avoid her at all costs if you come across her name.

@Marco Santarelli

Hey guys, is there a way to tag ALL of the above on this forum?

@Jesse Cornforth

@Jett Rao

@Roy N.

Interesting, 70%. I have an example here, perhaps you can comment on. 

On a $50000K property, on a total LTV of 80%, say borrower stops making payments and goes under foreclosure for 6 months

There is $100K of equity. I subtract out real estate fees, 7/3, is about 19K, closing costs about 5K,  court costs 5K, interest costs for the first mortgage, about 8K

There appears to be approx 62K left in equity. Am I missing any other fees? Just looking to understand this risk of high equity loans better.

Thanks,

Ram

Hi @Roy N.

Somehow I missed your post to my message until I received a notification that you had answered another BP question by directing them to this post!

Thanks for the insightful information.

Yes, these foreclosure "lists" do seem non existent. However, I am wondering if it could be possible to get access (for a fee or a visit to the courthouse), to properties that have reached the "statement of claim" phase. The rational being that in the lawyer for the lender would more than likely visited the courthouse to make a formal application.

It's been a challenge in finding these deals, my thought right now is that mortgage brokers have first access as they could get calls from homeowners looking to refinance.

Otherwise, the other option is to do B2C marketing, so I can reach homeowners facing foreclosure directly.

On another matter, I do have a question related to the world of lending. I do know either the first or the second mortgage holder can start the foreclosure process. However, in the case where the first mortgage holder triggers the foreclosure process, Does the second mortgage holder step up and make the payments on the first mortgage?

Thanks,

Ram