All Forum Posts by: Christopher W.

Is it too much? That's up to you, You will find everything he is teaching and more right here on BP and the web in general. There are no 'secrets' to short sales. Really, what you would be paying for is him to gather a bunch of info together and give it to you in a nice easy to read package. Oh and hope the info isn't too old because a lot has changed in the last year or so. So is that worth $3,000 to you?

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I think this depends on the student. If the student really wants to learn then they will be ok doing the grunt work while they learn. If they are lazy the it really doesn't matter either way. The thing is that the mentor is spending his or her valuable time teaching. If the student isn't paying the mentor anything for the lessons, then the mentor might as well get some grunt work done.

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Hi! Good to see another OC member on here! Where is your investment property?

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Originally posted by Mark Claire:

Hey Brandi, Welcome to BP!

Is the OC as glamorous as it seems on TV?

:D

LOL. Yes. yes it is. :lol:

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Originally posted by Sam M.:

Christopher,
When you say the listing stays in place with backup offers going to the investor do you mean that listing goes to pending or no. I am trying to get my head around how to work around the MLS restrictions.

How do you attract offers for a backup position? Obviously you would need to have a very attractive price to get people to even put offers in on a pending transaction or is all that explained in the listing notes so they understand they are in first position.

Sam, you will have to check with your local MLS rules to see what they say. They all seem to be a little different. I want the listings to stay active so we have the agents put the status as backup. If we put it as pending, that takes it off the market. We still get some offers, but we want to keep the listing on market as long as possible to attract offers.

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What you're talking about doing is called wholesaling and it happens every day of the year. Read the wholesaling forum for lots of info but basically you find a seller and put the house under an option contract for a certain dollar amount. You then assign that contract to someone else for a higher dollar amount. You keep the difference. You could put the house in your name but I don't see any reason to do that in this situation. It just adds cost and time.

Now your buyers list is where you find your buyer. You have to contact others to see what kind of houses and where they are buying.

Like I said take a few hours and read everything you can in the wholesaling forum. Everything will start to come together.

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If you're looking to flip the condo yourself then transactional or private funding would be your best bets.

As for the MLS, the way we work is that the listing stays in the MLS under the listing agent but in backup offer status. The offers go to our cash investor to find the C buyer. Some agents have a problem with this but they have to realize that they don't work for the bank. Their relationship is with the homeowner to get their house sold.

We also pay the listing agent an extra 1% on the listing so they make a little extra when they work with us.

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Thanks Nick!

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Originally posted by Vikram C.:

Bryan, I think we have different perspectives on where RE is in the cycle. I think it is on the way down and has a long way down to go yet. Your post suggests that you think it is close to the bottom.

I guess only time will tell which one of us is right. If I had your view on RE prices, then it would make sense to buy-and-hold right now. If you had my view on it, it would make no sense to buy at this time because your long-term return could get wiped out by capital losses. (Leverage works both ways.)

Vikram, both you and Bryan have great points. But, if you see the market going down further, how far can real estate drop? to 0? Barring some major catastrophe, no, I don't think so. But if you are buying for the long term (more than say 10 years) will it matter if you buy now or a few years from now? Even if the market tanks another 20 or 30 percent in the near future, I don't think that would matter much 15 or 20 years down the line.

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Originally posted by Bryan Hancock:

I am not purchasing any more SFRs for long-term holds because the numbers suck when you compare them with MFDs.

MFD? Multi family something?

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All Forum Posts by: Christopher W.

Christopher W. has started 9 posts and replied 244 times.

Post: short sale class

Post: Looking for a Mentor? (this is not a solicitation)

Post: Hello from Orange County, CA!

Post: New to BP Community from Orange County, CA

Post: Short Sale Flip -Transactional funding

Post: REI newbie

Post: Short Sale Flip -Transactional funding

Post: What Does My Short Sale HUD1 Look Like?

Post: Does buy-and-hold make any sense now?

Post: Does buy-and-hold make any sense now?