All Forum Posts by: Glenn C

Oh, that Deed in Lieu! Deed in Lew really threw me a curve there for a minute John. :-).

Thanks for taking the time to answer my question Gentlemen.

Regards,
Glenn

Thanks for everyone's responses.

She's in Michigan, she's 51, I believe, so not currently tapping into her annuity for any distribution. She has had to tap into her 401k twice to make her house payment and wants no more of that. Plus penalties and interest.

She has an interest only loan on this house for close to $200k that is now worth approx $150-$160k and less every day.

John- I'm not familiar with Deed in Lew. Would that eliminate her short sale process I'm just getting started with?

Jon H. So you're saying that once she hits 65 yrs old and collecting her retirement that the bank could actually take those funds then? That is, if the bank is still around?

I'll try to corral a local RE attorney about the legalities of this and try to get my answer with the free initial consultation intead of costing me $150hr I'd rather not spend right now for a million reasons.

I guess I still have some investigating to do with this.

Thanks everyone!

GJames

Hello-

I'm in the process of doing a short sale for a homeowner who is upside down on her property and behind on payments.

She told me she has close to six-figures in her 401k and some annuity from a previous employer. She's stressed out that she's worried the bank will confiscate her retirement money because she's losing her home to foreclosure.

Anyone ever crossed this bridge before and know what the legal scoop is regarding this? Can her bank seize her retirement money since she's walking away from her mortgage committment? Or is it off limits and she doesn't need to lose anymore sleep over it?

Anyone suggest where I could get these answers so I know in the future how to handle this with confidence and provide some peace of mind to my client?

Thank you for any help you can provide.

Regards,
GJames

Thanks for the replies. These cards arew strickly for marketing, not my personal business card. These glossy cards I leave at gas station counter tops, grocery store bulletin boards, wherever I stop basically I put a few out. Very basic WeBuyHouses card with a 24/7 rec and a website address. No name, no direct line, no address, nothing. I have all that info on my personal card.

Again, thanks for everyones input.

Greetings-

Thanks for stopping by. Anyone have an opinion or positive feedback regarding DataX for running comps and other info when doing my due diligence on properties?

Thx

Thanks for the detailed info. I almost bit the same deal you got involved with but I just didn't feel comfortable with the answers I was getting. They've called me 3-4x a year for the past couple of years trying to sell me a county. Last time I asked them "if this is such a great deal, why is my county still available after 3 yrs of you guys calling me?"

I've found out (ask me how I know this) that all these hyped up real estate marketing "secrets" NEVER produce even sub-par customer service, as you can attest to. It's always almost non-existent once they've deposited your money 99.999% of the time regardless of the price they hosed you for. Just because you paid $10k doesn't mean you get $10k worth of service thats for sure. I've paid $3k and received probably $99 worth of useful info. You get sucked in by the smooth talking telemarketer who says everything you want to hear or the online sales letter that does the same thing. Very rarely will you get your moneys worth or the "personal attention" via email or phone access they claim you do once that money is deposited into their bank acct. Your just another dollar sign to them.

I can honestly say I've NEVER gotten my moneys worth from any "coaching" or "mentoring" program either for that matter. Anything that is hyped to give you an "edge" or "advantage" over your competition will get you nothing but broken promises, a depleted bank acct and historically lousy customer service.

Under promising and over delivering isn't something 99.999% of the guys hawking their bs online these days obviously try to fulfill.

If anyone has experience from someone who isn't a part of the 99.9999% I'd sure like to know who they are. If I had paid a bunch of $ and was extremely pleased all the way around, I'd be touting that guy and telling others so they wouldn't be getting burned by all the other cons out there who just want your money and leave you no better off than you were before.

So who actually walks the talk, has the excellent customer service and can speak from experience that their training investment was well worth it and then some? Whose in that 1/10th of 1%? Surprise us.

Huh? I checked out that site and what I'm looking for didn't jump out at me. It appears it's mostly lead generation materials but biz cards are buried in there somewhere and a template or upload format like most other sites I've checked into.
Thanks anyways.
Guess I'll have to try to find a local printer to get printed what I'm looking for.

I already have my own business cards for professional contacts but I want to have some of those high-gloss yellow and black WeBuyHouses marketing business cards that I can leave at gas pumps, quick-stop counters, wherever I stop and exhale during the course of a day.

Most websites I've looked for them at have real estate templates for cards but not what I'm looking for. My professional ones I have made with VistaPrint but these WeBuyHouses cards I want are high gloss yellow and black just like the yard signs.

Anyone chime in and recommend a reasonable printer that does this without costing and arm and a leg?

Thx

Wow, to me the rehab estimate is pretty high for a $60k house. Unless you enjoy rehabs and all that goes with it, with so many houses on the market why not get a property with little/no rehab work and get a return alot faster than a rehab would.

There is soo many houses for sale in good condition, why in the world would anyone even want to tear into a 3 month $20k rehab project that might very well turn into 4 months and $25k with overruns, miscalculations and other unexpected surprises you're bound to run into with a large rehab?

Not for me but congrats on breaking the ice on your first deal and hope it works out well for you in the end and you come in under budget and completed sooner than expected.

K guys, I appreciate your input. I was in a holding pattern debating whether or not this was a good opportunity but I have since gotten cold feet and will pass.

Thank you