All Forum Posts by: Sean Davis

good stuff I agree!

It's no big deal anymore but thanks! She called me too late... the house isn't hers anymore.

Well I guess she's kinda SOL. I hate it because she's a really nice lady. She got screwed when she bought it from a real estate investor. That investors business has been shut down since then because of numerous lawsuits. Now that investor is a real estate agent. That agent is waiting for it to go to the auction so they can buy it back... but they won't help her sell it now. Dirty.

You always have great answers John... thanks. As far as getting a release from the owner... is that a legal document, word of mouth, legal action?

The sign in the yard makes sense now. I doubt they will even consider the short sale with me because she couldn't get a realtor to list the house for some odd reason. So there has been no sign and they specifically told her to have the house on the market for 90 days.

It looks like I might not be able to help her... thanks for the advice though!

Okay here's the deal. I got a lead from some flyers I put out. There's a lady with vacant home and her husband just died about 6 months ago. She can't handle paying for the vacant home and her new place. She informed me that it's going to sherrif's auction in about two weeks. The Mortgage company told her that they would accept a short sale as long as there has been a sign outside of the property for atleast 90 days and it wouldn't sell (I'm not sure what that's all about). Here are the numbers...

ARV around $95,000

Loan Balance $95,000

As-Is about $85-$90,000 (they got taken by a pretty dirty investor... needed repairs were ignored/hidden only to surface later)

I'm assuming the way to go would be a short sale since the mortgage company said they would do it. Do I just need to contact the mortgage company and make an offer? Why would they want to short sale it over auctioning it off? Will they need proof of funds or will they allow me to assign it to an end-buyer?

I want to help the lady out but if there's nothing I can do then there's nothing I can do. Let me know if guys can help. Thanks!

:lol:

No No No lol. I ALMOST did that because I tried to start wholesaling without educating myself first. I think I have read every thread on the first 3 pages of the wholesaling section of this site. I'm also sure I've read 50% of the books in the real estate section of my local bookstore. I would never do that now. But I tell ya, I was sure about to do it about a month ago lol. 75% ARV - repairs isn't even good enough for me now lol. I usually make my offers at 65% - repairs, or lower.

I'm in Lawton, OK... that's the town outside of Fort Sill Army base.

Yea I agree with these guys. Read more. Educate yourself first. I have been trying to get started for about a month now. I'm in action and getting leads but I've yet to come across a good deal for wholesaling. But I will tell you this... I tried to go at it without reading much first. I almost had a house under contract at about 86% of the ARV and it still need about 10 Gs in repairs... the ARV was under 100k... think about it.

Read as many books as you can. One thing I do is sit in our local book store and read until my eyes water. My book store buys books so sometimes I buy one, read it, sell it back for store credit, and use that money plus a little pocket change to buy another. However you do it, just do it.

Well I'm no vet by any means. But I can tell you this, in number 4 you mentioned having your own financing just incase the property under contract doesn't sell. You need to be using contracts that allow you to back out of the deal in the event you don't have a buyer. You aren't here to buy the property so you need to make sure your contracts allow of to back out. Ofcourse you don't want to do that frequently or you will build a bad name for yourself.

I'm sure others will chime in and address your other questions.

Good Day :)

Yea I've heard this before numerous times. I try to keep my buyers lined up as investors only since they usually finance the deals with funds other than conventional loans.