All Forum Posts by: Robert Rein

Listsource.com is one is the more common ones. There is also usleadlist.com but it's more expensive. You could also go to various agencies and do the research yourself if you don't want to pay for a list. That involves going to the county court house, tax assessor's office, or magistrate depending on what list you want. 

There is an abandoned REO across the street from where I live and managed to get the full story from a city commissioner. He informed me that BOA foreclosed on it almost 10 years ago and has never tried selling it. The power is still on and the bank sends someone over to cut the lawn; likely to avoid city fines. The comissioner wants it fixed up and occupied so the city doesn't spend years trying to get it back through condemnation.

Is there anyway to get the bank to discuss selling it?

@Gloria Duran On a side note, you can use the VA Loan to buy a duplex when you PCS and buy a new place. You typically need to justify it as something like an "in law suite"; no using the term investment. I've read that you can use it up to a four unit but an investor associate of mine who is also a bank manager says the VA never approves more than a duplex. Good luck with your real estate classes. The realtors I know do seem to have a more flexible schedule but they also do a lot of showings on weekends so keep that in mind.

Lastly, when you move out of your current house, you have to inform your insurer of the change in occupancy status from primary home to rental. Otherwise if you need to file a claim you could be SOL. You would also want to look into getting that house out from under you personally. This requires either a land trust into an LLC or umbrella insurance. My understanding of this is rudimentary at best so talk to an attorney. I started the process on my rental but it's under contract to flip instead.

I'm originally from the Newark, DE area but the military has me stationed in New Jersey.  I would like to link up with some other DE investors to see what else I can learn about the area.  I've got one property in Newark that is under contract to flip.  I

@Chris Daliani  It doesn't always have to satisfy the delinquency, that's what short sales are for.  Short sales mean that the bank is selling the house for less than what is owed on it.  But it's usually a better alternative to foreclosing because then it's even harder for the bank to make money.  The problem is short sales often take a long time to negotiating and banks can be stingy on the loss.  Not to mention anyone else in the negotiation has to agree to the short sale price which often includes the private mortgage insurer.

I know a successful investor in Jersey who loves to beat up banks over prices and get them to come way down.  He got the pre-forclosure house under contracted and the lady moved out.  He put a tenant in the house and collected rent for over a year and never sent the bank a dime.  Then he managed to get the bank to short sell it for far below what the outstanding loan was.  I don't recall his exact explanation but I think he had her deed the house over to him without actually selling it.  Somehow the bank holding the loan can't foreclose but I don't know how.  Ask around from some more experienced investors and maybe they can tell you.

People's Capital Group in North Jersey runs a lot of REIAs and seminars in North Jersey.  They also have a networking meeting once a month; it's on Tuesday nights I believe.  I haven't been to one of their REIAs for awhile because I'm in south Jersey although if they ever start doing their weekend seminars again, I'm definitely attending.

@Richard Fields Shouldn't be an issue then.  Which means you'll have less issues with conventional financing.  Most banks don't like mobile homes with a lot rent because the lot holder is technically the first lienholder.  If the mobile home owner pays the mortgage but not the lot rent, the lot owner can foreclosure and the bank is SOL.

On a side note, start talking to lenders.  Around me, mobile homes typically go for around $50K and many banks won't underwrite a mortgage for less than $100K.

Manufactured as in a mobile home?  Find out if there is a lot rent and a management company.  Many of mobile home property management companies forbid using the trailers as strictly rentals.  However, you can often  get around this using rent to own, holding the mortgage yourself, or lease options.  Some of these get around their requirement of owner/occupants only; contact the management company if there is one.

@Jessica Stiner Because it's an hour away and I want to offload it to focus on REI closer to where I'm at. If I don't get the asking price I'm looking for then I will rent it out. The realtor I'm using was initially contacted as a PM company.