All Forum Posts by: David Wright

@Crystal Fogg - it all depends.  Note you will make less profit per deal because you have to pay the realtor.  However, you could do more transactions if you have a good realtor that will bring you more business.  So you may make less profit per deal, but more money overall with more transactions. 

I hope this helps and I wish you the best.

@Holden Davenport - really it's a personal preference decision.  Now yes their are pros and cons to anything.  Some pros and cons I have heard from investors that I have worked with in the Section 8 market space are below:

Pros:  Guarantee Income on a monthly basis from the government.  

Pros: Easy to find tenants

Pros:  Normally can purchase property at a good discount because of the neighborhood

Cons:  Nightmare tenants who will tear your property up and literally destroy it.

Cons:  Slow slow monthly payments.

Cons:  Hard to sell property , who wants to buy a property in a crime area.

Cons:  Dealing with the government

Cons:  Very Hard inspection requirements

Cons:  Maintenance of property requirements

@Marie O'Keefe - I am not an attorney and will not give you legal advise, but whither doing a Short Sale as a wholesale transaction is legal or not, its not a good idea because the bank owns the property and it will take a long time getting a good deal wholesale, and most banks will never deal with a wholesaler.  Do not waste your time.

The main difference between a Short Sale and a Foreclosure is the lender is in control of the decision to sell or not sale on both, however with a Short Sale the lender is willing to take offers BELOW the loan amount.  

The confusion for you may be in the fact that with all Short Sales normally the property is in Foreclosure or has already been Foreclosed on, but not always.  Any lender or an owner finance person who owns a property can sell their property below the loan amount even if it is not in Foreclosure proceedings.  So the main difference is that not every Short Sale has to be in a foreclosure status but most are.

I hope this helps.  Let me know. 

@Brian Davis - your current 100% financing deals are not good, but you did not really give us details why you consider them bad.  There are pros and cons to 100% deals its always a give and take.

I would explore getting some type of Business Loan (not back by real estate).  They could come in the form of business lines of credit, credit card stacking, short term & receivables based financing.  If you need help in that area just let me know.

To be honest with you however, without knowing the details of why you feel you do not have a good deal, I really do not think you are going to find something better than what you currently have, but I could be wrong.

I wish you the best Brain.

@Travis Salley - With most lenders, No.  However, there are private individual money lenders that will do almost any type of deal if you can show them how it makes sense and will benefit them. I wish you the best.

@Joshua D. - I have a few questions before I give you my opinion.  1.  Is your attorney a real estate attorney and does he have investment experience himself.  2. How much experience do you have in these type of transactions?

@Ron Todd - In my humble opinion, I would not touch it with a ten foot pole.  Why?  It's in a bad neighborhood, so if you ever try to sell it will be a nightmare.  And no appreciation.  Can I ask, why are you even considering this deal?

@Sergio Altomare - Ok so what is your question I am kind of confused?  Looks like a good deal

@Jenny Nguyen - Go to Connected Investors and look search on Craigslist.  You will find some there.  I hope this helps.

@Brian G. it was an empty lot/new build and I was the lender for it.  I am a Commercial Broker.  I do not know if it sold or not.  We all types of Ground Up Construction and anything that is non-owner occupied really.