All Forum Posts by: Ray A Delfi

@India Brown https://www.biggerpockets.com/blog/ultimate-beginners-guide-real-estate-wholesaling

I might be shooting in the dark (with a sawed off shotgun), but have you tried talking to the Lien holder and possibly work a wholesale deal with who ever has title? If they have equitable interest in the property they might want to expidite the process get the property off their hands or have the bank call “do on sale” and hurt the gentleman that holds the mortgage (occupant). It might be quicker than waiting for the Government to take the property and You could possibly get a better deal. It would be a hell of a strategy if you pull that off. I would imagine (just to get your wheels turning), contract with the lien holder for equitable interest of the property in a form of a trust to pay yourself, the lien holder and the occupant (ethically speaking) if you are able to wholesale it. While your negotiating the deal with the lien holder. I would recommend contacting an agent that specializes in short sales to get that note down under 60% in order to wholesale it quickly. It’s a lot of hands in the pot but TBH if I’m reading correctly, the occupant doesn’t have right to title and you may be negotiating with the wrong person. If you can negotiate the short sale your buyer may be the one holding the lien. Sounds crazy, but some of my babbling has to hold water, it just may need a more experienced set of eyes.

@Patrick Bavaro has someone already purchased the tax lien?

@Torrence McClendon great response time! Lol did you sell it off BP Market or did you find another buyer just curious?

@Jeff Lee average bird dog fee is around $500, but I’m not sure why he needed you to make the deal? Was it an off market property?

@MELISSA PITTS thanks I know what transactional financing is great to use for double closes. The heading was spelled wrong thought it was the name of the company or something. Thanks for the info and explaining in more detail. Are you available in all states?

@Steven Denio awesome great analysis. It makes sense that you are looking to build an enterprise and I could see why you are doing this research. Definitely organize these tasks and milestones on a scrum board like Trello were you can bring some people on board to assign some of the low hanging fruit and focus on the big picture. You have a lot going on here and also sounds like a manic episode (was not meant to be offensive). Put it on paper and document everything! As an entrepreneur our minds are all over the place; just last night I had a “great idea” that now I can’t even remember what it was. Good luck to you!

@Erik Allahverdian I forgot to add that you have exceeded the 70% rule on your analysis, there are always expenses to get it market ready. Your offer should actually be no more than 100k-115k

@Erik Allahverdian yes first step is to stop the foreclosure with only a 5 day window you will need to extend your timeline a bit. What’s the bill to bring the note current?

If its a good deal and you have no problem presenting this to a buyer (numbers check out), take control of the property by getting the contract under subject 2, have the seller call the bank and make you an authorized contact and confirm the catch up amount to get it out of foreclosure and ask for an extension, catch up the payments and cash to the seller through escrow at closing (don't pay out of pocket), double close after you contracted with the seller or Sell the property to an investor after you close and have control of the property. Most important piece of information I could give you is to walk away, your emotions are telling you to go go go, but I'm afraid you may have most likely made a few mistakes on evaluating the property and with literally no time to take a deep dive into the property. If any analysis you did were all assumptions you might put yourself into a bad position. You want to make this deal happen because of all the time and money you have invested and may be going in blind. I mean no offense and your analysis could be solid, but I just want to make sure your joy punched in the face and turn your back on REI if this fails. Keep what ever systems you have in place and the deals will come and you will be in a lot better position than this one.

@MELISSA PITTS ok, not to sound pessimistic, but I’ve been seeming more and more of these company popping up. Please be honest in response to these questions.

What are the required documents needed for the application?

What are the terms if approved?

Does the company take your information and key it into a system and blast it out to several lenders to compete for the best rates?

Are projects or deals taken into consideration or is this just based off an algorithm that evaluates credit history, debt/income and Employment history?