All Forum Posts by: Phil Z.

If you are the buyer, then you would get a 3rd Party Authorization from the Seller and then contact the banks Short Sale Dept to find out what documents they will require.

No one is going to talk to the buyer at the bank. I suppose someone, somewhere, at some time did but that's not the way it works. If a buyer is interested in a particular short sale property, their agent will contact the bank with the appropriate authorization. Not the buyer directly.

They will talk to who ever has 3rd Party Authorization, even if its the buyer. The only issue that will arise is if they require MLS days on market, which is not always.

That's going to be a very short conversation. "Who's calling"? "The buyer". "Thanks, please contact your agent". What agent that's been in business for more than two weeks is going to put the buyer on the phone with the bank? As i stated, that's not the way it works. Especially in a short sale. If the agent put the buyer in contact with the lender, they need to retire or get into another line of work.

I get it and again, previously stated, yeah, sure, someone somewhere has done it and someone is going to say they do it all the time. That's not how it works.

It is the way it works. I'm not guessing.

And I didn't say a seller's realtor would approve of it. I'm assuming the investor is working direct with the seller.

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Originally posted by @Ron S.:

Originally posted by @Phil Z.:

If you are the buyer, then you would get a 3rd Party Authorization from the Seller and then contact the banks Short Sale Dept to find out what documents they will require.

They will talk to who ever has 3rd Party Authorization, even if its the buyer. The only issue that will arise is if they require MLS days on market, which is not always.

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Originally posted by @Jason Foster:

Phil Z. Can you expand on your thinking a little more? I see the higher cash flow as a positive, so I can use it to buy more properties.

Higher cash flow will be with the 30yr (lower monthly payment). The money leverage, I was referring to if you used a larger down payment on the 15yr to make it cash flow similar to a 30yr.

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You can be a Real Estate Agent and make commission. You can wholesale. You can find someone who will partner with you (friends/family).

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You're going to pay the bank back a lot more money with a 30 year, but you probably won't see cash flow unless you can significantly put down more money. Besides the cash flow, the other issue is going to be leveraging your money to buy more properties / investments. If you only want 1 property, then it might make sense. Also keep in mind the tax deductions for interest.

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Originally posted by @Ricardo Baker:

I do find motivated sellers on Facebook. I get around 40 leads per month thru Facebook. Re-marketing or Retargeting on Facebook works I have been using the pixel on my website for a long time. The best thing is uploading our mailing list and creating a lookalike audience. It also works best when you exclude people who have already filled out your form so you don't serve ads to them again. The numbers seem to work in favor of Facebook.

I was probably a little too vague. What I meant was, that targeting using FaceBook's basic 'demographics' ads is not targeted enough, but to use more targeted sources .. the most targeted being people who already visited your site looking to sell their home. If you have contact info to feed to the system that can be good too (re-marketing).

Do you have any idea what type of criteria is being used for the 'similar audiences'? If not, its a a hit or miss?

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I think you would be better off reverse engineering a typical transaction and buyer/seller systems.

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What's shown in the video is Matterport. Personally I prefer traditional panos/virtual tours.

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If its a reverse mortgage no ones getting relocation funds. If its a standard loan, then it would be the same as if the owner was alive .. eligible to occupants. Either way the bank is going to tell you what they want to give and you have very little say. When they want to give $5k for relocation, you must take it.

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A separate LLC should have a separate bank account. You can inject funds to your LLC from your personal but it should be accounted properly (Loan?Gift?). Co-mingling is like if you buy a dirt bike from your real estate account, or buy appliances from your personal account. If you do something by accident, I would highly suggest accounting for it and paying it back immediately.

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All Forum Posts by: Phil Z.

Phil Z. has started 13 posts and replied 897 times.

Post: Short Sale Questions

Post: Short Sale Questions

Post: 30 yr mortgage vs 15 yr mortgage

Post: How to start with no money!

Post: 30 yr mortgage vs 15 yr mortgage

Post: Advertising PPC or FB Ads?

Post: How to give value to agents and brokers when talking to them?

Post: 3d virtual walkthru software

Post: SHORT SALE in PROBATE

Post: doing a LLC for my flips