All Forum Posts by: Joel NA

I posted this in the recent "short sale negotiator" thread but got no responses....can anyone offer some prespective or advice?

1. What separates a short sale negotiator from a someone who is acting as a realtor w/out a license?

2. Does there have to be a joint venture or another way for the negotiator's name to be on the offers made to the bank to make the transaction legal? How do short sale negotiators handle this when they work for investors?

A little background...I've got a buddy who finds the deals and negotiates with the banks. I buy and rehab. He's bringing me good deals that are "buy rights." We're trying to find the right legal framing of the relationship. I am interested in full disclosure.

Thanks in advance!

We spent about $7,500 on a crawlspace rehab with int. drain installed and mold remediation....

Great discussion, all.

Stupid questions coming---

1. What separates a short sale negotiator from a someone who is acting as a realtor w/out a license?

2. Does there have to be a joint venture or another way for the negotiators name to be on the offers made to the bank to make the transaction legal?

A little background...I've got a buddy who finds the deals and negotiates with the banks. I buy and rehab. We're trying to find the right legal framing of the relationship.

You've elicited some great comments from everyone, David! I've learned a lot on this thread.

I called around 2 weeks ago about a cash out refi on a buy and hold-- sounds similar to your situation. I wanted to pay cash and rehab it.

The small local bank that keeps it's mortgages said they could do give me a cash out refi after rehab with the right credit score and 6 months reserves. The bigger banks said I'd have to wait 6-12 months.

Hope that helps.

Right...that makes sense. Thank you.

Will or Bill or Anyone else for that matter...

Any suggestions on where to locate a sample contract for private money loans? I've got investors and we've discussed terms already.

It's great to hear these perspectives!

Sam...perhaps when we begin passing up deals to scrub mold and lay floor then we need to re-evaluate. But like Rich alluded to, when starting out, doing your own work might be the only choice-- or at least the most financially responsible choice.

I hope this thread keeps going strong because I'd love to hear from other vets out there!

My partner and I are dealing with figuring out the value of our time and money right now before we sign our next agreement. We are investors who have been doing our own rehab--- yet I see on BP so often that swinging the hammer is the least profitable part of real estate.

This site is the best place to start learning!

I wish I would have had a "plan" when I was your age! Congrats on starting early.

BP advice will help you tremendously. Search the "50% rule" for buy and holds and ARV formulas for flipping.

Good luck!

I'm looking for a template or sample of a private money loan agreement. I have already discussed the rate and the time frame...I was just wanting something official and professional to start with before I draw it up.

Anyone have a suggestion, a sample, or a place to look?

Thanks in advance.