Don't make this mistake - screen your buyers
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We recently had a deal fall through due to our own negligence. It's not an easy thing to admit but it's true. We were tied up in a few other deals that were taking up all of our time while this happened. We purchased a bank owned house for 80k and decided we got it for such a good deal that we would try to resell it as-is and make a quick 20k off of it. (We were too burned out to rehab this massive house). Sure enough we get a call from a realtor saying... continue reading >>
Thriving in a down market
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Ironically, I am currently experiencing the largest downfall of the real estate market since I began investing 5 years ago, and business could not be better! Anyone else agree? We are picking up houses left and right at bargain prices. Bank-owned houses are reaching unheard of listing prices. Even paying full price for some of these properties is still a STEAL. For the first time in nearly 5 years, we are turning to the MLS to find deals. Over the last couple years we got all of our deals from auctions, bandit signs, and... continue reading >>
Does anyone have washington mutuals short sale package?
I need a copy of the short sale package for Washington Mutual ASAP and the bank is taking forever to fax it to me. Does anyone have a copy of it on file? if so it would be greatly appreciated if you could fax it to 860-887-0055 or you can email it to me at brianducharme@gmail.com .
thanks,
Brian
Be smart when choosing deals
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This pertains more to people who are purchasing houses to "flip". I thought I would share some past experiences we have had in this business. Some of you know, my partner and I started investing at a young age, so we had a lot of information to learn and experience to gain. I was 19 years old, a sophomore in college, when I first started investing in wholesales and sub-to deals. Being new in the business, all we wanted was to GET DEALS. We wanted anything that could come our way that we could try... continue reading >>
marketing / collecting leads
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I posted this in the marketing forum but it isn't drawing any responses so I thought I would post it here as well.
- What methods are the seasoned investors out there using to gather leads from the city halls or court houses? I know it will probably vary depending on the size of the cities you live around. Do you pay someone right in your office to go out and personally collect them? Do you collect them yourself? Do you wait til they hit the newspapers or local real estate papers? any other system? We are interested... continue reading >>
marketing question
Need help on this short sale
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We are currently working on a shortsale for someone who has a loan with AHM (American Home Mortgage). This bank has recently been ordered to cease business activities, which some of you are probably aware of. This causes a slight problem for us because there is no way to contact this bank, all options on their menu bring you to the same voicemail box, which is full.
How do you handle a loan with a bank that is no longer in business? Where did this loan go and who is handling it. We are trying... continue reading >>
short sale success
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I just wanted to share some information on a couple deals we have going on. We're beginning to get good results on the acceptance of our short sales. We just closed a property that we completed a massive discount on. The homeowner owed approximately 205,000 on a property that she bought last year. The property was in decent shape but needed a lot of cosmetics. We knew to us that the property was only going to be worth it if we got it for about 125,000, which was our offer. We figured it was a... continue reading >>
Indymac Bank Short Sale Package
Does anyone on here have a short sale package for IndyMac Bank ? They take a long time to send there packages out, and they'll only send them to the property owner directly. I'm looking to get one that i can keep on file.
thanks,
Brian Ducharme
a week of hard work and 5 grand earned us 30k
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I thought i would share a recent deal we are completing right now. We short saled a property that needed a quick cosmetic update from 180k to 130k.. We tried to sell it AS-IS for 155k (a steal for this particular house,, however it wasnt selling) we were confused! there were several showings and no takers. An agent actually said, "that place is a disaster, it needs a ton of work" We responded with, "are you serious? it needs 5 grand" - she disagreed. A few days later we made a very wise decision. We purchased it... continue reading >>