All Forum Posts by: Tom Noden

Why are reverse mortgages so difficult. What’s the lenders motivation ? Tom

Find a local Reia group to join. Same us true , don't buy books and CDs until you know waft your doing. RK is a good speaker but teaches concepts , not how to !! So find a mentor. RE license is good but not required. I got one because I could not find a realtor to work with. Commissions on fixer uppers are not much so Realtors don't work hard fir investors. The best deals are not on the MLS so don't get caught up on that. Find out how to get deals in your area. I love door knocking. Face to face is the best. Good luck.

Not really. Most banks will pay something for cash for keys , moving expenses. $3500 is average , more for high end homes over $400k. You can buy personal property from the seller at the time of settlement with a receipt. The bank docs do state " no side transactions". That's mortgage fraud. Be careful. ST.

I do short sales as part of my business. I usually end up with both sides of the transaction so it's worth it. I also charge a fee for preceding the short sale $950. If my investor buys a short sale fixer upper then I can list it again. Yes it's a lot of work but it's only part if my business. Find a short sale negotiator to hire. Mine collects her own fee from the back. Full commissions only 6%. ST.

Love door knocking. It gets me a close up if what I am looking at. The house. Also meet the owner and assess their situation. Yes normally pre foreclosures but sometimes just a distressed house. I leave an intro letter about me and a card. Then ask when is the best time to follow up. And best number ? I have never received a harsh reply. Never. The motivated owners who don't know what to do will spill their guts and tell you everything. With a table full of mail they never opened. I don't mail any more. I pick and choose what I buy from that first contact. The only way to buy houses.