All Forum Posts by: William S

LOL

My 2 cents...

Instead of pooling money, which you can do btw by first filling out the proper paperwork with your state (I have never done that and I'm sure it's a pain in the ***), I would instead give a 1st mortgage to the larger loan (PL) and 2nd mortgage to the smaller loan (2nd PL.. maybe for rehab work for example). As long as you keep within the LTV agreed upon this should be fine to both PL's.

There are also specific regulations that stipulate seeking private lenders outside of your state. Also,
If you go beyond a certain number of PL's on a yearly basis you would need to fill out paper work with your state as well. Remember, each state establishes it's own reg and exemptions.

In the end, I guesss your best bet would be to seek legal advise before pursuing PL for funding your deals.

Hey guys,

This is from Dec 2008 but it reflects exactly what's going on now with the Alt-a and option arms. Very, very interesting piece.

http://www.cbsnews.com/video/watch/?id=4668112n

Hey guys,

Today, after following some of the instructions given buy Will and others on working with REO agents directly, the following happened :

I contacted an agent and explained what I wanted to do. We had good conversation which went beyond the initial conversation and into our local market, what's happening, what's coming, etc..

It really was just a good conversation and turned into that once she realized I had some good knowledge and knew what I was talking about.

To make a long story shorter, I let her know that I wanted to be as efficient as possible and that I would really be interested in making offers on properties that had not hit the MLS. Her response, "well actually, I have one that just came in this morning and it's not listed yet but will probably will be on Thursday. Take down the address and take a look" I then asked, "Will I meet you there or can I just take a look myself?" She said, "no,.no, I'll just give you the lock box code"

My jaw dropped...lol!

So, it really is very possible even for a newbie like me. I plan on doing this over and over again until I have a solid number of brokers sending me pre-listed REO's

BTW, a great way to find these good REO agents is to go to the bigger bank web sites,,look for the REO property's available in your county and cross reference the REO broker (Real Estate Co) which comes up the most. Call them and introduced yourself and begin to establish a relationship.

I have done this twice already and the second REO broker I contacted I will meet up with this coming Monday for coffee.

Thanks again for all the good info guys...

Why do I feel I have to start paying someone??

I was to curious to find out, from those investors actively buying REO's from banks, what the range is for a typical accepted offer.

I'm sure this range will differ from state to state. There will also be a substantial difference between some of the most affected states in the country and those that did not experience such ridiculous appreciation between 03' and 06'. However, all things considered, I would like to ask all investors on this forum to please submit the following:

1) Your city and state

2) A basic range (50-55 cents/1.00, 56-60 cents/1.00...etc) as pertaining to your own personal
experience on accepted offers.

3) Please include your source as well (was it via a listing broker, RE Agent or carve out from larger
institutional buyer..etc)

4) How many times do you resubmit your typical offer until it's accepted?

Thanks in advance everyone.

Will

LOL

Yes...Steph is the bomb!

Thanks Will.

Not yet, but will definitely have an opportunity to use your funds. I do have a few all cash end buyers/investors (and adding more) as well as an LLC. LOL...just did some numbers and realized, based on just a per diem ROR, my PL's would be crazy not to want to do this. For now I would love to do several with you when the time comes.

This forum is ridiculous (meaning "amazing"). I always had a concept of what wholesaling was but never really knew exactly how it worked. In the last few weeks I've had a better education by investors who are actually doing this business successfully. I don't think some people realize the value here. Quite humbling. With exception of one mentor who I greatly admire and respect, I have spent 1000's over the years on RE courses collectively and not experienced this kind of support, encouragement or expertise without having to pay quite a bit for it. Coaching fee's, which could be the most expensive aspect in a RE course alone would run you in 1000's for an 6 or 8 week program.

What you put out in service will come back to you exponentially

You know who you are...thank you... everyone.

Crystal clear on that now.

MUCH appreciated.

Do you offer wet funding in any state as long as the deal is right and all paperwork is submitted?

Thanks Will.

Establishing a direct relationship with a heavyweight REO broker in my area is also a great way.

Definitely take everything you said to heart.

William