All Forum Posts by: Jimmy C.

Stay In the middle of them to insure the closing happens. Otherwise you could get screwed over and not even know it.

Closed 2 short sale flips this year. And we always have at least 4-6 offers going on short sales at any given moment.

We make our offers on the Realtor listed short sales. They are sitting on the MLS getting no bites because people think they are a waste of time. I hope people keep thinking that way!

Whatever you decide to go with, you will have an inspection period. Make sure you inspect the accepted offers thoroughly and re-negotiate or back out if you are about to lose your shirt in rehab.

No license needed. You will be a principal on all of your offers.

Make the offers direct to the listing agents. Most of them wont have time for you, and will pawn you off to a buyers agent in their office. Once you perform a few times, they will make time for you.

If you wanted to automate, you could eventually get an assistant to handle the contracts and correspondence with the various agents you will be dealing with.

Yes

You should never have any holding costs though. If you are assigning the contract you will never own the property.

Same method applies, except its harder to show to your end buyers, unless you have a cool seller. The only time I have done it successfully, is when the seller (owner of record) knew exactly what I was doing, and actually asked me to show my buyers the property.

I'm not saying that you couldn't pull it off with a seller who doesn't know what you are doing. Just saying, you need to meet the tenants, and be able to schedule your showings. That will be the biggest hurdle.

Jennifer, the seller would be the homeowner who is in FC. What I meant was that you could market pre-foreclosures and contract with the homeowner at a price you would be willing to pay, then work the short sale with the bank. You will have to do a lot of research on how to negotiate with banks, and it would be very time consuming. But you should have another 2 years worth of steady leads coming in at the courthouse.

If you can't tie up escrow money and show Proof of Funds for the amount, then don't bother working Realtor listed Short Sales. Although if you can do those things, using Realtors and the MLS is the easiest way to make offers on a lot of short sales.

If you don't have escrow money or POF, find a partner and use theirs.

If that doesn't work, then you could direct market to pre-foreclosures and contract directly with the seller.

I am not an attorney either. Unfortunately

But I did have an experience with this once. An ex wife was given half of a property in a divorce decree, and was not named in the FC.

One title company wouldn't insure the title, and the next one we asked did insure it. So with title insurance in place, we proceeded to close anyway.

Learning and performing your title searches would be time consuming.

I don't know if CA is an attorney state, or if you have title companies like we do in FL. If you can use a title company, then use one. You need that to get started anyway. Get an expert for no money up front, and have them do the work!

Personally, I would never step foot into the court house. Unless its for lead gen....

When dealing with private sellers we have done $100 before when we were starting out.

IF they ask about it at all (not every time) I would just explain that we cant afford to have thousands of dollars tied up in escrow accounts on all these houses we buy and sell.

Now that we are flipping REO's we actually are stuck with thousands in escrow, so I could have the same excuse the next time I deal with a private seller.