All Forum Posts by: Account Closed

Thank you for your help upon this matter Bill.

David H.

Dear BP Community:
If anyone of you knows of a good Nevada based paralegal that handles dissolving LLC's and Corps in the state of Nevada I would greatly appreciate the referral.

David H.

BP Community:
Someone mentioned that these are the 4 main sources for private money.

Private Money:

1. Cash
2. Self Directed IRA's
3. Seller financing.
4. "Cash values" of life insurance.

What I'm finding out by talking with other investors or reading BP posts is that everyone is trying to do the same thing to raise money for their deals through these four channels. If that is the case then how effective is that strategy?

I've personally been able to raise $100k in 2 weeks through unsecured lines of credit and I'm looking to raise another $400k in the next few months. It appears banks are easing up now in order to prepare for the recovery.

David H.

BP Community:
I was on an investor call yesterday and was informed that because of HAFA the banks have gotten a lot faster on the approval times. I wanted to ask the short sale investors and negotiators what they've been experiencing in terms of short sale approval timeframes lately?

Now if the approvals are coming out a lot faster then that throws off the timing to find an end buyer so how have short sale investors been able to adjust to this whole new set of timing when working with the banks?

David H.

Hi Nick:
If you can email that information to me that would be great. My email is within the signature.

David H.

HAFA was most likely heavily lobbied by the banks to have the politicians sign off on this. As stated earlier it's another excuse for the banks to harm the homeowners and make more money be getting the home back quicker throught the deed in lieu foreclosure.

Here is a Msnbc’s Dylan Ratigan piece that is an indictment that the politicians are in bed with the banks.
http://www.msnbc.msn.com/id/32450072/vp/36233217#36233217

If I was a politican and I was getting paid $355 million dollars in campaign contributions then I wonder what kind of legislation I would pass regardless of the interests of the American Citizen.

I would educate all of the misinformed realtors and homeowners of the harm that HAFA will do to the homeowners and that they should just stick with doing regular short sales with good real estate investors.

David H.

Hi Kyle:
Thank you for the good advice. I definitely agree that if the realtor isn't open minded to working with a short sale investor then it's better to just move on.

David H.

Steve:
My idea was to wholesale the deal to an investor that had the funds to buy and rehab this property.

David H.

Here you go.

http://www.cnbc.com/id/36195838

Please don't forget to vote up my posts. :)

CNBC just came out with an article today stating that foreclosures are on the rise and that this is just the beginning. Please inform all of the realtors that you are working about this new information.

It stated within the article that only 35% of short sales that go into contract close. Why is that? I'd like your feedback on this low ratio?

Here are some the things I came up with in why that closing number is so low?
1. Bank of America has a horrible system.
2. HAFA is going to create havoc on the short sale markets
3. Any government policy with regards to loan modifications has been a mess and totally ineffective.
4. Realtors are handling the short sales the wrong way.
5. Attorneys are handling the short sale negotations the wrong way.

Bottom line if the government pushed back on the banks to expedite the short sale approval process with without the HAFA restrictions and as long as the banks are being reasonable with the short sale discounts we would be able to correct this market imbalance a lot more efficiently. This is just my two cents.

David H.