All Forum Posts by: Richard Florestan

HI, 

 I live in North Austin Texas and looking for a CPA to help file my taxes with. I have 8 rental properties and a wholesale company and looking for a real estate minded CPA for correct appreciation benefits. The CPA does not have to be local.

  Thank you in advanced

 Richard Florestan

Hi group. Besides getting a realtor involved is their anyway for us to find sold comps of an area accurately? I don't have access to the MLS and would feel bad to call a realtor everytime I need to run numbers on each property. Thank you in advance

Originally posted by @Dave Visaya:

Hey @Kenneth Littrell glad to have you here! Let us know how we can help, and jump into the community here. You'll love it :)

 Dave,

 Do you live in Cebu but invest in Texas ?

Stephan, Care to share your lenders information? I'm not too far from your area. Thank you

I have studied that some bankers can be lazy and to get a more favorable response for request of a loan, having your information you provide to them organized, easy to read can. 

So far I have not had any trouble finding loan officers that I could use for my buy and hold residential type investments. I dress very nice, give them my business card and have all my information organized along with my goals. We talk about the type of loan packages ( 15yr, 20yr, 30yr gixed, 5 yr ballon) down payment requirements and all the ins and outs ( pros and cons) of their bank guidlines. 

  Where I am having trouble with some bankers / loan officers are either very slow to get back to me even with just a pre-qual letter. They become hard to get a hold off down the road as they become busy. Initially I thought maybe it was something on my credit but I knew that couldnt be the case. I am in the high 700s with no bad debt, very low debt to income and plenty of reported income. I thought finding the bankers that closed the most loans ( the busiest) were the best ones to work with, but now I have second thoughts. I am now starting to think to find bankers that are not as busy so they have time to work with me as I am in a very fast buying/selling market. 

What do you guys look for in bankers or loan officers? Do you have any signs both good and bad of what to look for? I have been primarily been using credit unions and mortgage companies that have a lot of experience in SFH - 4 plexes ( my area)

Hi,

I had an idea from someone who said he worked for an investor that used this strategy for building a real estate portfolio and was wondering has any one else tried this or even have thoughts about it.

What the did was find home owners that were about to get foreclosed on and offer them a cash settlement to walk and sign the home over the title them. He would offer between 2k-8k depending on the mortgage, equity inside the home, condition etc. after he made a deal, the original owner would sign over the title at a title company and prepare to leave. The house would still be in the original owners name as far as the banks concerned. He said as long as the title was transferred even thou the liability was still on the original owner, he said that 100% its his house and he didn't have to worry about the mortgage under the original owners name as he would maKe the payments himself on behalf of the original owner. He said that if the investor didn't make the payment, the bank could obviously foreclose on the property but the investor said he could even resell it even thou the lean was under someone else's name.

My questions are
1. Has anyone done this before or thought of doing it?

2. What would you be careful about if attempting?

3. Would a title company be a good resource for more information? Could a title company have an issue with them ?

4. Would I only be able to rent it, or would I have the option and sell it with the first lean paying off the original owners mortgage.

I know this is very similar to finding de-stressed owners but the title is different from the liability owner in this case. He did mention that a new appraisal would have to be done, escrow fees, title fees.. everything but realtor fees

Thank you in advance

Hi, Any interested in an owner finance deal? Also is their a local property management company managing it right now ? Thanks

Brandon,

 Thank you for your reply and that was a huge help. What I think I will love the most is talking to a potential seller and working out deals off the market. I am currently looking for a good lead site, which I might have found one in (successor date . com ) to start cold calling potentail sellers that may be needing to sell because of a bad situation. This way they don't get foreclosed and everyone wins. From your response, I would bet you have done this a time or two 

Hi, Im an investor looking to start calling potential off market residential homes in my area through leads and list of properties that may have owners highly interested in selling their home. I'm aware that every situation will be different in respects to: current bank loan/ back taxes, leans, owned outright with no mortgage/ property condition and location what I am struggling with is what are the things I need to be aware of. Examples of what I mean are. If it would be a cash purchase for me and possibly no realtor involved. 

1. How do I assure I'll be the property wound have any leans and is free and clear to sell? 

2. If it has a current mortgage, would I be better off contacting the bank to take over payments and transferring the deed into my name?

3. Is it as simple as drawing up a residential sales contract and opening title at a title company? Does everything look the same as I was going with a realtor? 

4. What are some of the red flags you may look for or things that you have to be careful about when negotiating a deal?

5. To me it seems like the bones are all drawn out at the title company. How does the title company play a roll into it? I have read about doing wrap loans, but also heard assuming mortgages are very hard these days.

What are some of the weapons some of you have used to help assist on off the market or pocket deal in respect to closing. I have heard of people having 5 day closes after inspections. Thank you in advance

Hi,

My name is Richard Florestan and I am with Florestan Properties. We are a buy and hold investment company close to Austin, Texas. We have been lookig for properties in your area and saw that you have listed a property for sale in the past. Im not sure if you are a wholesaler or flipper but I am very interested in becoming a cash buyer for you as you come across properties. I like Single family, duplexes and 4 plexes. Since I am out of state, I would be buying them and using a local property management company to assist. If you have any current deals, please contact me and let me know at [email protected]

Thank you