All Forum Posts by: Yoshio Sugawara

Thanks, Peter.

Looks like I've got some good people to check with when I plan my trip down there.

So Jed, your experience is that Bocas property is already pretty high?

I'd bounce that off your attorney. I guess as long as the $30K note is in no way related to the short sale, it should be ok, but having it show up on the books at the time of the short sale looks suspicious.

Just like all the other advise you've received on this, I've heard that it's the nature of a short sale that the seller not make anything. It's a requirement. Even if you were to fully disclose the $30K side deal to the bank, I'm sure that would nullify the short sale offer. I would certainly wait until she changes her mind on that. If you give in, and it comes out you knew about this, you'd be libel for fraud.

What she's getting is out from under a note she can't support with less impact on her credit than a foreclosure.

Ruben,

Unfortunately I haven't yet had the time to put any of their programs to work. I'm particularly interested in their non-performing asset program. But since I work a full-time job at a web development company, I'm always working during the day when banks are open. I am taking time off during the Xmas/New Year's weeks, so I hope to be able to get that program started. I'll keep you posted.

Here's the web site of the title company my real estate investment group uses for double closes:

http://www.oldschooltitle.com/

They can do closes in all 50 states.

Exactly. We're basically gophers for a large private investor group. They give us a Proof of Funds letter to send in with the Short Sale Package. Because we have a legal business arrangement, I'm able to purchase the property with cash, their's. I then turn around and sell it, which isn't illegal, to a buyer I have lined up with his/her financing in place. The private money is paid back from the proceeds of the second sale, and the rest - minus their 1% + $300 fee is yours. You negotiate both transactions.

Thanks, Mr I. I plan to!

Man, Jon, I'm always going to ask you before I do anything. Great analysis.

Having said that, Mike I vote for SFH. You're young enough that even a modest return, if kept up consistently, will have you very happily retired. The key is to learn Jon's methods so you can determine deals to avoid. Don't get too impatient or greedy.

I have to say that you're on the right track. Don't get too impatient or greedy. If you've saved more than your average peer, I'd say keep those practices in place. You've learned to do what a major part of our population doesn't. In fact, I'd increase savings when possible.

That said, the key is to understand what a good deal looks like,... or a great deal,.. or one you shouldn't even consider. Be patient. Some say, knowing when not to get involved, is the bigger part of investing. Don't be too excited about making a killing. Because of your age, you can make a ton of money in your lifetime by going for a consistent, bankable return.