All Forum Posts by: Shawn J.

I too am new to the idea of wholesaling and Bandit Signs keep coming up. I have one kind of major issue. The only type of signs allowed up are political election signs. There was even a story locally that a code enforcement officer followed the owner of a small salon around for a half hour, took down her licence plate, started collecting her signs after she was done putting them up , then slapped her with a $1500 fine... that was only for 10 signs.

I had no idea that there are some cities that do not allow them. Is there a way around this? I mean, political signs are more of a nusance!

Thanks so much Karen and Karen! Both of you are right. My plan was to be up front but did not know the "rules of engagement". I know everyone has access to the MLS, but I want them sending deals to me before they hit, or give me a heads up that they will be hitting the MLS if they are worth the look. @Karen Rittenhouse: I want to use anyone that brings deals to me, just wanted to make sure without having to use any sort of "exclusive agreement". Your strategy sounds exactly like what I should be doing. Thanks!

I have a dilemma. I am working with an agent at the moment but all activity is coming from me. I am finding properties, doing research, and she is arranging them to be viewed. She does not know the market very well I have found out, is a bit short on communication, but she is getting her new business off the ground. I stumbled across another agent that is very proactive, knows the market really well, sends updates to things he has found and is generally "all over it" for his business.

I want to be respectful of both involved, so is it fair to work with both, without telling them? I am thinking not, but thought I would throw it out there.

@Wayne Brooks, thanks so much. All of the prices these homes are at ridiculous compared to value. at least so it seems. how, if at all, is anyone flipping REOs here? is there an alternative way to get hands on these deals before they go to FNMA? mayby in pre-foreclosure? if so, where would one start?

Thanks again!

SJ

Thanks Ned, any tips on how you are finding deals?

I am looking at foreclosures and have some questions. But here is a scenario first. This is only one property described below.

: Property set for short sale at $285k --- on market for 3 months, No buyers...
: Property forecloses @ $282k --- next day it is on market for $280k and is on the market for 14 days with no buyers... property pulled off market
: It returns to the market as a Fannie Mae property in HomePath, 3 months later for $397k!

Market value after repairs and updates is about $425k

I visited this property, and it is in need of about $130k to get it to be worth $400k... (in the kitchen, there is actually no flooring, missing ceiling drywall, and no countertops) So current value is around $250k to $270k.

Question 1: Why would they ever price it that high if they foreclosed at $282k and had it on the market for 14 days with no bites? How is $397 even enter in their minds?

Question 2: What is the actual process that a home goes thru during forclosure? Seems like in this situation there is some seriously greedy people involved.

Question 3: I am looking at another HomePath (Fannie Mae) property tomorrow, is this even worth my time? My Realtor I am working with is saying this is pretty typical type situation with Home Path properties.

Question 4: What is the best methodology to go after foreclosures to get deals?

Sorry for so many questions, but I am trying to take some action and coming up empty.

Thanks much!

SJ

Thanks Will. No question I will be very engaged. I have a promise to keep to my 6 year old... Promised her I would find a way to be home more. I plan on fulfilling that promise with help from all of you here on BP!

Thanks so much Karen. I will be uploading one tomorrow, and I am going through the links you gave me now.

Thanks again, I am looking forward to contributing!

Hi there, my name is Shawn. I am from sunny So Florida (please do not hold that against me), and while I have been reading alot of what you have here on BP, I am looking to finally get started. I was hoping to chat with, and/or meet some wholesalers in the area that would be able to help me get started. I am eager to learn from the professionals how this business gets done. Thanks everyone for your time, in advance!