All Forum Posts by: Account Closed
Account Closed has started 4 posts and replied 682 times.
Post: Can You buy your own REO back?
- Manhattan, NY
- Posts 801
- Votes 61
I'm not trying to anal or a jerk but this is not making sense. I know you said you didn't ask about the details and that may hold the key to understanding.
But, from the information you have given here something just does not add up.
Did the lender know the defaulting borrower was buying the note?
If so:
Was this a federally chartered lender? If so, how did the lender get this by the regulators? If not, how did they justify it to the investors?
If not:
How did the attorney hide this from the lender and it not be fraud?
Since you didn't have the details, you may not know the answers to these. And I am not saying it didn't happen. However, lots of questions come to my mind from your post.
Post: Utilities????
- Manhattan, NY
- Posts 801
- Votes 61
Yes, even water and sewer.
If the tenant is NOT paying the bill they have absolutely no incentive to not be wasteful.
Ah, so what the faucets can't be turned completely off, the landlord pays the water bill.
Post: Can You buy your own REO back?
- Manhattan, NY
- Posts 801
- Votes 61
Originally posted by John Andre:
The home owner was behind and close to loosing their house. Hired my attorney to try to do a loan mod. The bank was not being very cooperative in the process. The attorney changed gears and started negotiating for the non performing note on the house. Was successful in buying the note at penny's on the dollar and worked out cheaper than a loan mod, or, the going short sales price in the area. That is the first time I heard of a home owner buying their own non performing note. Turning lemons into lemon aid!
Of course I must add, this was performed but professionals, do not try this at home or you might cause great home ownership harm. And proves how scr@#$ up the system is right now.
Post: My tenant is a call girl
- Manhattan, NY
- Posts 801
- Votes 61
Originally posted by NC Mark:
2) Where I'm at, the authorities can SEIZE YOUR PROPERTY if you use it or allow its use for illicit purposes.
I like Tim W's idea, get a good fire and brimstone baptist preacher to hold your sessions during her business hours and this will solve itself fairly quickly. In fact, if you just mention it to her, she might move before her business goes limp.
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Yeah, I know, but I just had to say that. :cool:
Post: Why The Rich Get Richer - They Buy Low-Sell High!
- Manhattan, NY
- Posts 801
- Votes 61
Originally posted by Jeff Tumbarello:
that is what I meant, the term passive income is floated around as if checks just float to the bank for you
I have a friend and mentor who owns about 15 million worth of mortgages in his AR. He spends hours on his "passive income". Turning the defaults back to performing,, ETC, ETC
He has a qualified staff, in spite of that he has to be hands on
If it is too good to be true it is......
I chant that there are no secrets the rich are hiding from the poor. And there aren't, everything is right out there in the open. However, the poor seem to be particularly adept at ignoring the obvious...
The rich own and control assets and make those assets grow into bigger assets.
The poor consume things and create liabilities.
Post: Why The Rich Get Richer - They Buy Low-Sell High!
- Manhattan, NY
- Posts 801
- Votes 61
Originally posted by Jeff Tumbarello:
Post: Ok, I must admit, I am a bit terrified... please help
- Manhattan, NY
- Posts 801
- Votes 61
Originally posted by Franklin Lee:
Show me where people are saying it is easy. No, actually, I wouldn't. There are always creative financing ways for a seller and buyer to transact a deal. Just because you don't do them, or maybe even know how to do them, does not mean they don't exist and aren't used often. Banks don't do zero down deals any more, but some HMLs do. And as for the good sub2s and lease options, well, they are done every day across the country.
Now, having said all of that...
Tiara, forget about investing in Detroit. There are much better places even in Michigan. Get through school first, but while you are in school do some research on the economies of other cities in Michigan and maybe even neighboring states. Then seriously consider moving to one that looks promising when you are looking for your first post college job.
Post: Those "pay it off fast" schemes??
- Manhattan, NY
- Posts 801
- Votes 61
If your lender won't accept bi-weekly payments FOR FREE without a "setup charge" or any other garbage fee just...
Take the principle and interest portion of your payment and divide it by 12. Then add that to your payment each month.
If you pay bi-weekly you end up making 13 payments instead of 12 each year. What I described above does the same thing for free.
The ALOC/HELOC payoff strategy is GREAT for the companies selling you the "magic software" and such but is a bad idea financially.
Work on paying off your mortgage after you get all other consumer debts paid off. With no credit card debt, student loans or car payments you will be amazed at how fast you can payoff the mortgage from your normal salary.
Finance isn't rocket science but unfortunately we don't teach the basics to our kids.
Post: My tenant is a call girl
- Manhattan, NY
- Posts 801
- Votes 61
Originally posted by rescueme:
If she gets caught you will be in it together.
It is very stupid to knowingly allow illegal activity to take place on any property you rent out.
My suggestion? Get and retain a good criminal lawyer. I suspect you will need one eventually.
Post: Database or CRM Software
- Manhattan, NY
- Posts 801
- Votes 61
Wow, $3K plus $200 a month is insane!
I built our CRM/ERP solution using vTiger as the basic plumbing. It is FREE, open source and available at http://www.vtiger.com
If you need it installed and tweeked for your needs, let me know. I was a project manager for one of the VERY early CRM/SFA software companies in the early 1990's. vTiger is solid and it works really well.
If you want to talk off line about how we use it, just PM me with a number and best time to call.