All Forum Posts by: Ryan Donohue

@Anthony Hubbard

I know this way posted a loooooong time ago...but I'm currently looking to do my first deal which will be a short sale.  Why not start out with one of the trickiest strategies right? hahaha just the way the cards fell this time. Any input would be awesome.

-Ryan

 Awesome, awesome advice Jeff! Thanks so much, I'll keep that all in mind and will be calling our family attorney because I believe he specializes in real estate.  Do you or does anybody else have advice on strategies in contacting a bank from first contact to final signatures?  I know its normal to feel nervous about screwing it up but wondering if theres a few pointers for the mindset I should have going into it.

-Ryan 

 Thanks @Wayne Brooks! Thats actually the reason I'm looking to partner, as I dont have enough capital to pull the deal on my own.  Could there be more leins and debts not mentioned on the county clerks website? How would I go about finding this on my own if its possible?

-Ryan

 Thanks Matt, 

   The funny and wierd part is both the son and father are attorneys! I will definitely look into having that set up though. Thanks for the advice!

-Ryan

So I believe I have what looks to be a good potential of a short sale:

-Owner is an elderly man(incompetent) in a nursing home and family(his son) was just going to let the house proceed into foreclosure(bank messed up foreclosure ~3 times apparently).

-Son is open and willing to cooperate in short sale. He said I should call the bank and see where in the process the foreclosure is.

-I've been keeping a friend I met at an REIA meeting up to date with my research and he is currently looking into whether its a good deal. He has done short sales before and is willing to teach me the process and partner with me.

How should I go about doing a joint venture(paperwork etc)? Is it too late because I told him about the property already? What questions should I prepare for both the owner(son), and my partner? Has anyone dealt with a situation where the actual owner may be unable to cooperate and a family member had to step in? Ask any questions you need and I'll help you help me! 

Thanks, 

Ryan 

 Its basically "This property has been inspected and found to vacant. The mortgage holder has the right and duty to protect this property..." Blah Blah Blah. I'm thinking I might walk to neighborhood and ask people.  It seems the bank has assigned an asset manager but I cannot seem to locate who or their contact information...upsetting. Does anyone know of a nationwide lookup for this? Maybe someone at my municipal office would know their information?

-Ryan 

 Welcome to the site @Johannah Ridley! I'm a REI a bit north in the Bergen county area. I'm interested in wholesaling and finding my proper niche. Good luck and hope to see you around the forums and even the neighborhoods!

I believe I'm in a similar situation on a house I found while D4D as well except when I search the tax records it seems to still be owned by the owner and not a bank. The house is vacant a run-down with REO stickers and maintenance checklists. Unfortunately the information on the door doesn't lead to the asset manager or the bank. Am I wasting my time if I cant get in touch with the owner as well? Any suggestions on how to further to research and do a potential short-sale before foreclosure?

-Ryan

 @Bryan L Do you have a suggestion for a similar service in NJ? It looks like this isnt covered in my area but a very good tool to use for non-realtors. 

-Ryan

Hoping this this the right place to write about this...

So, last night I went to my first ever REIA meeting after the first THOUGHT of REI came into my head about 3 weeks ago. I now have a huge stack of business cards and luckily from advice on here wrote on the back of their cards some notes after I met people. That way when I make my lists I'll know when to contact them. I signed up for a few lists and met people from rehabbers, buyers only(resid, comercial...etc), lawyers, title companies, and on and on. There were even guys there that are on BP who I'll add soon and listen to BiggerPockets Podcast! I got plenty of advice like:

-If you use a title company rather than a lawyer you'll "funnel" most through the TC rather than 3 lawyers battle it out(might be common sense for some people but I'm a newbie). 

-Also apparently theres certain MLS sites you can pay and still have access without being a realtor.

-Propertyshark.com and RedFin.com for comps. Comps are my biggest struggle now. Also knowing the ARV and a good guestimate on the repairs. ARV is top of my list.

Anyways, I learned a lot, met a lot of people, and will be going to A LOT more of them. If you're new like me I highly suggest it.  I know now that its possible I can really do this and know there's genuine people out there willing to help. Anyone from North NJ feel free to comment and ask if you're interested.  I want to help out too!