All Forum Posts by: Samuel Ksiazkieicz

I have followed Michael Quarles' posts on other websites and I like a lot of what I read. I am not a huge proponent of mentors but at the same time, my free time/study time is very limited with my job and he offers a year long mentorship for only 899. Unfortunately I cant get any references for him.
Anyone have experience with him?

Thanks for the indepth reply. I understand it up to the part about influencing the BPO. Isnt the BPO being done after you make your offer? Do you mean you do this because the bank is not likely to take your first offer and will counter with the BPO?

Figured I might as well make one of these since we have about 5 others with the same name.

I am missing something in the short sale process. Looking at the banks short sale package, they want an offer or purchase agreement before they will start the process. So if they havent started the process, they havent gotten the BPO yet, so how do I calculate my offer?

I know this going to be a simple answer.

Hey, I found this while searching online, it is the Mortgage Bankers Association very own paper on the costs of foreclosure. Check it out, and use all of these points as bargaining chips for lower offers on short sales

www.nga.org/Files/pdf/0805FORECLOSUREMORTGAGE.PDF

Bill, sorry I meant it as a general question but youre right, Ill fill in the specifics of it to make it more understandable.

Ha yes, this is actually a ridicccculousss situation. Got a call from a realtor I have send me leads that a friend of his is about to foreclose. Turns out this seller just went through chapter 13 and is, get this..........2.5 years behind payments out of the 3 years hes had it......oh ya its a 5 year interest only with a bigg balloon and an 80/20 by the same company. The house lol is a4/4/3 with a loft, over 3100sq, just a taddddd bigger than these people should be in lol

How did they get the house you ask? The investor that sold it to them also had a mortgage company, did a super fast qualification for them and yes, that investor subsequently had his home raided and was charged with 23 felony counts of fraud and laundering, which he was later aquitted of all counts.

Ha so overall it is a bizarre situation, no equity obviously.

So I am still wondering, besides the obvious "hey this loan is underwater", does the second loan give me any other bargaining chips?

Would you briefly explain how you make money off of deed in lieu? Havent done much research on it besides reading the actual government publication.

So are you saying that the second loan can get written off by the bank just as if it were with a different bank? How is that possible, being that the whole reason we normally have leverage with the second bank is that they know if the 1st forecloses, the second will get nothing, but with this, they are both the same company, so what leverage would we have?

Hey yall, Ive come upon a few 80/20 loans that were written by the same bank and was wondering if there is any different way of dealing with them. Seems to me they would have to go as a normal short, but I wasnt sure if I was missing any other creative way?

Brandon, you dont like homes with second mortgages?

ha, thanks guys. Ive always loved finding opportunities and making money at things others arent but for some reason never had even a small desire to go into real estate. Then about a year ago I went to my first reia meeting and the scales fell off my eyes. I love all the different ways to make money in rei, limited only by your imagination, and at the same time the ability to help so many people.
Marine Corps is my number 1 priority, but after that, whenever that season is over, I will see yall out there, if we arent sharing billions then at least hundreds of millions lol

Well, I finally deposited my first assignment fee today. Only 2200 lol but feels good to be started.
I appreciate all of yalls help and look forward to making money with you for many years to come.