All Forum Posts by: Steve Londeau

You're going to go see it TONIGHT? In THIS crap weather? :P

Hey I have to drive from Farmington Hills to Westland to Columbiaville tonight, so why not. :P

OK enough Michigan hijack. :) Back to the topic at hand. I think that Ryan is probably correct. Its his protection, and like I said earlier, if its a deal at 265K, who cares what he's making on it. Good on him for making a good deal a better one, and not even having any money in the deal. :)

That is really a wonderful idea! I might just copy that and get 4 pre-paid cards and randomly give them out. That's only $100, and it would make a huge difference in people's lives, especially in my area!

Thanks for the inspiration!!

I have an older Blackberry... uh 8703. I've had it about 2 years. I love it! I was thinking about the storm too when it was released. I think I'll wait until the 2nd gen comes around before I make that purchase. I haven't seen the curve.. I'll have to look into that one too.

I would tell him I would obviously need to see the house and details before you argee to anything like that, but that you're not opposed to it. If its legit, he deserves his fee for finding and negotiating the deal, IMO. Everyone has the right to get paid! :)

I wouldn't sign anything or agree to anything in writing without more info. If he gives you what you need, and you find its a good deal and want to go forward with it, make sure you do everything by the book. Sign an assignment of contract or something along those lines and not a 12% commission type agreement. As long as you are both protected, and the fee is agreed on, it shouldn't be a problem for etiher of you, IMO.

Hmm, maybe he just wants an assignment fee? Get more details from him. What is the house actually worth? It it a good deal at $265K?

Mark,

What city is this property in? I work with a lender that does Rural Development loans, and I haven't run into the seasoning issue. Record your Memorandum of Land Contract, and you have a title interest that begins to season, if you do need to go FHA. 91 days isn't bad if you have seller financing in place, etc. BTW, why not offer it for more with your own seller financing? I bet you could get even more, and generate some good cash flow and not just a quick check. Just a thought. Call me.

That's really terrible.

I have just started working with Realtors for my short sales. I knew that a lot of times buyers don't want to wait for the short sale process to run its course, but I step in and speed it up a bit. I would hope that my agents wouldn't be doing things like that! IMO that's extremely unprofessional!

Josh,

Yes most title companies are in big trouble. LandAmerica, one of the large national companies, recently filed for Bankruptcy. My company is in a unique situation in that we are EXTREMELY busy right now. We do foreclosures and REOs almost exclusively, and are the largest such company in the state. Fannie & Freddie are two of our clients.

Rich & Christian,

Thanks guys! I hope to be able to help out and contribute to the group, and use my expertise for good rather than evil. :P

Hello,

My name is Steve Londeau. I just found this site, and wish I had found it sooner! (Hat tip to Dave at SSBlogger for mentioning this site, it was an old post, but I had just read it yesterday)

I've been in Real Estate for over 10 years, in the Title Insurance industry. I have been in the title end and the escrow/closing end of things. I am still a full time Title Examiner at a major player here in Michigan. (Think about who would be busy in this market and you probably know who it is)

I've been investing in Real Estate for a little over 2.5 years now, starting as a wholesaler and short sale flipper. I still do short sales, after stepping away from them for a bit I've made it a large part of my business again. I've done some sub-2 deals, free and clear seller financed deals, rehabs, quick flips, and just picked up 6 multi-family homes to hold. I consider myself an expert at the foreclosure process here in Michigan, especially with what I do now. I've done a lot, but there is still so much more to do, and that I can and will do. :)

Here to network with other like minded people, make some deals happen, and of course I'm always looking for private money! (10-12% interest, low LTVs and every other security protection I can provide) Thanks for what appears to be a great site so far and I hope to meet and network with many of you! :)


Steve

Roop Doran, are, IMO, two of the best teachers/coaches out there. It is costly, but there is a LOT of free info available from them as well. Save the 2.5K for now, and hell, even save and go to the bootcamp. You'll get a TON of material for signing up, and trust me, even without going to the event, your money is well spent. You will be overloaded with info. Top notch, IMO.