All Forum Posts by: Gary St. Armand

Can anyone recommend an NY State attorney that is familiar with
land trusts. I want to use this method to do a short sale flip to get around the seasoning issue. I know of a lawyer on long island that is doing it, but she's very busy. Btw, I need someone in the NYC area, because I live on long island.

Thanks in Advance,
Gary

Melissa Data is kind of expensive. If you're looking to get targeted lists, infousa is much less expensive. As for what to say and how to say it, I say buy a copy of TESTED ADVERTISING METHODS by John Caples. I think Tony's approach is a really good one, and I intend to follow his example. Yellow Letters Complete and STL are way too freakin' expensive. These people are preying on our need to find a magic bullet. We are being lead to believe that they've had discovered "the solution" to our real estate needs That solution is to give them some mo' of yo' money. Well I say, phooey. I say take your time, struggle, and split test your own campaigns. After you've closed a deal, hire a virtual assistant, to do some of the things you'd prefer not to do and/or free up your time.Scale up your operation...and continue to split test, and then come back here share your wealth of knowledge. Cris Chico, seems to do ok with click2mail. Everyone of those guys wil tell you they're not RE Gurus, It's as if they all reading from the same script but they all are. Greg Clement, Josh Cantwell, Watson the Lawyer, Nathan Jurewicz, Chris McLaughlin, Than Merrill, Tim Mai they're all great salemen pushing "the latest and greatest" discovering that is going to change your life and make you lots of money. I know because I've bought all of their products. None of their products ever live to the hype. None, no exception

I was wondering if you guys might be able to help me or refer me to someone. I have a short sale deal that I'm working on. I have an end buyer line up. I have transactional funding line up, but I'm concerned about title seasoning being issue. I will not be the owner of record until the day of closing. If the buyers's bank insists on following FHA guidelines recording owner record, I'm concerned that I may lose the deal. The buyer is not getting an FHA loan to finance the purchase from me. She's putting 5% down and she has good credit.

I need a back up plan, in case the credit unions and small community lenders that I recommended to the end buyer also decide to follow those same FHA guideline. My credit score is current hovering around the mid 500s+, is there a hard money lender that y'all can recommend. The property will be purchased from the bank for 150 and sold to the end buyer for 175K, it's worth around 175-195 K, and I have a private lender that is willing to invest 75K for the A-B side of the deal. So..long story short,

1) Do y'all know of any lenders that are not gonna insist that I be on title as owner of record for
anywhere between (24 hours- 12 months). If not, what's the shortest amount of time, do I have to be on
title as owner of record.
2) Are there any HMLs that finance this deal. If so what sort of rates, points and how many pints of blood are we talking about.

Thanks in advance,
-Gary

Doesn't the End buyer have to be a member of the credit union to qualify for the mortgage.

I went and took a look today at the duplex. The house is in an
awsome area. But the house itself looks like it's breaking in two. The support beams underneath the house seem to have been devoured by termites. The floor is clearly slanted in one direction. The tub on the 1st floor is cracked from some kind stress. It's as if the left side of the house is bearing to much more of a load. To replace the beams on which the house appears to be supported, the entire first floor would have to be smashed and redone.
The bathrooms, living rooms and Kitchens would have to be updated. The entire house would have to be redone, and updated. The insurance people estimated $75K to repair the problem, is of course without address updated and renovating the entire house.

Please let me know what you think. This was the first wholesale prospect that I talked to. I intend to pass on this one because it seems like the repairs to entire house will be extremely costly. Am I way off? Owner has set lowest asking price at 160K below what appears to be ARV, at least according to cyberhomes. My other source has it 525K. Either way, I'm sure the asking price is negotiable.
If you were going to pursue this, what would you offer?

Thanks again Don, I guess I'll know more when I visit it on Saturday.

1954= Year Built
1950 sq ft =living area
rectangle ( I guess)

By The way thanks for the quick replies, how much would a SE charge me for something like this?

Would you consider hiring a structural engineer to come and look at it with you.
The home owner told me that the contractor told him that he'd have to hire an architect...and He kind've implied that I may have to know the entire bldg and start from scratch. I didn't want miss out on an opportunity to wholesale it to someone with experience dealing with something like this.

I have an appointment to look at a house that is a duplex that was built 1954. The lowest comp I saw, on cyberhomes was 439K. The seller was told by a contractor that the floor is settling, and it will cost him about 75K to repair the floor. I wanted to know if any of the veterans in the CT area had faced such an issue. I am not looking to rehab the house, I just want to get a real sense of what kind of repair cost the rehaber-end buyer will face, and so that I can make an intelligent offer to the homeowner. The owners seems to think I may need to start from scratch and rebuild. The property is located in CT, if that helps. I will not be rehab this house. The goal is to flip it to a rehabber. It would really help to hear from the rehabber that has personally delt with this issue or has been in the game for more than a decade.

Thanks again Steph. I hope I can reciprocate in the future.

-Gary