All Forum Posts by: Andrew Meegan

thank you. i have been reading and digging through all these pages. i was hoping someone would have that one great thread i should read and maybe post the link.

Im new here today too. This site seems to be a great resource. Good luck in your pursuit!

i think everyone else was second and third generation and didnt have the accents.

I have a borrower that wants to get rid of an investment property. His servicer, America's Servicing Company is already out front of the adjusting rate he will be facing and automatically locked him in for 5 more years. The interest only feature will not be there, but the rate will stay the same for the next 60mos. the property will not cash flow for him the way he wants it to (he will now be paying a couple hundred out of pocket every month after all expenses, even fully rented), and he is severely upside down in it right now.

He just wants to move on, but doesn't know where to start. I gave him the name of very competent realtor, and an attorney to handle the short sale. The attorney is demanding $1,000 up front to make this happen.

My client is hesitant, because he thinks he will spend the $1,000 only to have to short rejected, because he has no real reason to sell other then that he just wanst to.

owes $490,000 on a 3 fam. Market is currently running $340,000 to $365,000 for similar properties.

Thank you. I am a big fan of the idea of a pool full of gold coins that can go swimming in. And it would be great to be so rich that I dont have to wear pants like Scrooge McDuck.

I know a few of you must have done your first deal with an REO or package of REOs fairly recently. Can you offer me some insight as to where you started?

I am thinking that trying to get to someone who is employed by the bank itself would be the ulitimate person to talk to. But i also feel that paying for a service by a professional that can navigate through the mire also has a lot of value to me. Problem is, what middle men are worth it, and who is blowing smoke?

This is all too new to me to know for sure, but I am hearing a ton of BS from a lot of people.

thanks in advance

has anyone ever had success buying everything a local bank has for REO? i would imagine that the properties must be focused in a geographical proximity that would make it easy to manage them. easier then buying them from a national at least.

i would imagine the thought proces would be no different then any other real estate transaction. who has the most actual cash, who can move the fastest, who puts the least burdon on the seller and who is least likely to fall out.

where did realty trac come from? i feel like the site shot out of no where from some great marketing through newspaper articles. every single article about foreclosures has realtytrac as a source.

I just wanted to introduce myself here. My name is Andrew Meegan and I am from historic Salem Massachusetts.

I am a loan originator of mortgages for the last 7 years. I have seen a bunch in my 7 years and I am currently looking to expand my horizons to branch out in this market. I have known about and read biggerpockets for a while now, but I finally joined the forum so I could get more information about REOs, specifically buying in bulk. I know this seems to be a topic that many are seeking info on lately, and I am happy to see how much debate has already happened on these boards about it.

I am still in the proces of figuring out all the steps it takes to cut out the endless amount of middlemen, and get to the sources, or at least the people who can truely help me on my mission.

I am not easily shocked, or offended, so always be stright forward with me.

Thank you in advance.