All Forum Posts by: Andrew Meegan

saxon i believe is REIT owned by morgan stanley.

there will be more. they will have more houses to deal with.

i see this whole thing from another angle as someone who is in the mortgage business. 40 apps in NH over the last couple weeks, and only 4 apps worth working on. who knows if theyll be loans or not.

its not right to sand bag these REOs like many of the banks are doing. the market needs to move along. that will only happen when the banks and their staffs get serious about all this. i dont know that they are 100% on board with all this yet. because wall st is involved, its scary because wall st sees things that they havent taken a loss until they sell. if they dont sell, everything is all good.

i wonder what the board of directors, or share holders would think of that? thats not good business.

why do you want to pick up these houses w no equity when they are already lost? there are more, better deals out there right now. if i were you and i was looking to grab up these properties again, i would definitely negotiate a short and buy them for less then you already own them for. unless you are trying to keep the loans in place cause they dont offer 100 or 95% financing on investment properties.

i dont know what to think of all this, but i do know that there are tons of opportunities out there for you if you want to step up and take them.

haha, pound sand was my words. he is pretty good at this stuff, and has closed a few shorts this month. his last year has been almost all shorts.

i see it that these banks need to consider themselves in a position of ZERO, and any money they get back above and beyond that is recapturing lost money. the old full note and what they think the value is, is meaningless. any money NOW is better then holding it one more month.

saxon is off his list of banks he will work on. he says carrington, deutsche bank and a few others are much more compliant, so he sticks w them.

ahh. thank you. i do get it.

i dont know that MA is the best state to invest in either, except that per unit rents are significantly higher then most states. there are some 3 and 4 units listed for 120-140 up here that would make great money.

i do have MLS access, so i will keep looking there. thank you

gratzi, but those are just normal listings. is that where you get most your properties? im still looking to find these things before they hit the market.

does anything like that exist in MA? 5-15k per door seems very low for this area, but comparable numbers?

its a secret. shhh

at a minimum, your questions are good for me to read. thanks for doing your homework before jumping into a transaction. so many people screw themselves in this world by not knowing what they are getting involved in. just remember, that walls are there to keep out the weak. it is your job as a strong willed investor to get around these walls, cause thats where the money is.

who is the hard money lender being used on this deal? i am up here in the Boston area and have a desire to get into this arena. i believe that the right property up here will bring substantial gains. so far i havent seen too many properties that make me hot. i am working on a campaign to get some much much cheaper then what im seeing to make the flip more reasonable. too many of my end investors are my friends, and i want to see everyone make money.