All Forum Posts by: Ryan Ellis

Eric - Thanks for the referral. It's crazy how Google Street View allows you to look right at the building like you are standing in front of it!

I am very interested in using you as a lender. I sent you a colleague request so we can talk further.

ALSO: I have updated my short sales system draw-ring. Either click the original link above or I'll be nice and let you

View My Short Sale System From This Link :lol:

-Ryan

Luckily the real estate attorneys in the area created a great association with an online presence giving me a great list of attorneys to pick from.

I got my questionnaire lined up and have already been interviewing some attorneys. I do feel I have the one I would like to deal with though.

Sorry I didn't get in touch with you today I'm slammed right now. I'll try you tomorrow after 1200 (est).

-Ryan

I just discovered this sweet little nugget of information. Can you go into more detail of when you use a lien release fee (I assume when the negotiations fall through some how), and when it is paid out.

-Ryan

Bryan-

Dave-

I looked up Chicago Title and they are huge. Found the Chicago Metro division and there are offices all around me. Thanks for the direction! :cool:

I will definitely track down the decision maker, and reminded me of this overlooked sales principle. Chop down the tree at the base instead of cutting from the top down, so to speak :lol:.

Noted and on it. I knew it was a good idea to post here because all these great loose ends are beng tied up.

I love killing two birds with one stone. Getting a word of mouth referral from a peer in the industry sounds like gold. I'll be sure to add that tidbit to both my title company and funding interview questionnaires.

Matt and Scott-
I will be sure to read up on everything I can find about laws pertaining to short sales. You guys have reinforced the need for a competent Attorney that can work with my title company and also act as my closing agent. This person should always be up to date with local laws and regulations to ensure they are looking out for my best interest.

And finally, two more things to keep this thread burning:

1. Any advice on what to "sell" to realtors to set myself apart from others and convince them to bring me there short sale listings? Should I meet with the brokers (decision makers) instead because they can trickle down to all of their agents? I have had some sales training on value creation that says if you can satisfy a decision maker's personal (recognition, promotion, etc) and business (increase revenues, cut costs) agendas then you have just put yourself at the top. Any ideas?

2. Building an adequeate buyers list. I am currently networking like crazy via social networks, posting ads on craigslist (handyman special, call 867-5309), and am heading to the local real estate investment meetings. Doing a quick search I have also found: Calling "we buy houses" ads, Call "For Rent" Signs, Place your own bandit signs saying "Investor Special 3/2", and Ask agents to bring you cash buyers and pay them commission.

What has worked best for building your buyer's list?

Sam, I feel your pain. When looking over all of my materials I knew I didn't want to pursue homeowners and banks. I have no problem sharing profits so that I can have less of a headache and find more deals. But nothing beats the experience of doing it yourself! And once that power team is setup your transactions will go much smoother. I will definitely be taking you up on your offer for help stay tuned!

Thanks to everyone else for the help in this post. I guess what I'm still looking for is:

1. I'm still looking for a short sale negotiator. I contacted James Ward and am waiting to hear back (if you see this message me).

2. I need to find a better title company for short sales. I saw good things about Old School Title, but they are not in Illinois so I think that would add a layer of complexity. However, they do provide negotiation services which could make things simpler. Or, Anyone know of a local title company near Chicago that knows how to do short sale double closing transactions?

3. Cash Buyers feel free to colleague me to get on my list, or let me know if you have a buyer's list and want to split 25% profit with me for providing the end buyer.

Dave, thanks for a complete answer and clearing things up. I'll get in contact with those individuals and let them know you referred me to them. :D

-Ryan

I just noticed I totally put this thread in the wrong category. I apologize and move if necessary!

My Drawing of my outsourcing of short sale transactions

I know I didn't invent this stuff, but I wanted to organize my process. Here's how it works.

I train Realtors / Agents to bring me their potential short sale listings. I forward the deals to my outsourced loss mitigation partner.

An outsourced negotiator (The circle with an 'N' in it on my drawing) will meet with the bank's BPO agent to influence.

I perform a double close when the short sale is approved by the bank and sell the house to an end buyer. The funds for the first close are provided by hard money / transactional funding.

I would like my attorney to oversee both closings and make sure I get my check. The Realtor gets paid their commission from the first closing.

I know I left out some things like closing costs coming out of the transactions but I wanted to keep things clean.

1. Do you think I should find a local appraiser in the area to meet the BPO agents?

2. I'm looking for a good loss mitigation negotiator ... I saw a post mentioning Scott Hubbard, James Ward, and Steve Londeau. I have no problem doing my first deal as a JV partner. Does anyone have suggestions, and are there any takers?

3. I have been looking at some transactional lending services such as: Best Transaction Funding (Don't like the raining money on their webpage though), Jed3, etc. Does anyone have someone they have worked with and liked?

4. If anyone has a good buyer's list and would like to get a finder's fee for providing end buyers let me know!

-Ryan "The Closer" Ellis