ELIZABETH MONJE
Screen Name: Xadhanny17
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Points: 14
Lawrenceville, Georgia
United States
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OFFLINE
My Details
About Me
Hi I am an Investor/Realtor in the Atlanta area, being aminority is always a challenge but I love what I do, Im hoping to extend my network and coop with other investors.
My Business
I specialize in short sales, however I also offer loan modification and debt settlement services to those who need it.
Unlike other companies in the Loan Mod business I do not charge thousands of dollars I believe in providing a true service to the community, although is not free is very affordable and I know anybody can do it.
I am looking for cash investors to offer my short sales to if you are interested please let me know.
I will be posting some of the properties I have...that is if I find out how to here, ;) I just joined as of today 3/23/09
My Contacts
My Comments
06/04/2010
Well, I have a problem with what you are all saying. Have you not heard that now flipping short sales can get you arrested for fraud. The banks do not want us investors to make a lot of money or at this rate no money at all. We are no longer to do owner/seller financing unless we are certified.
Dolores
06/04/2010
Hi Elizabeth, your comment inspired me to reply. I had the same feelings when we started. Seasoning can become an issue if you don't know how to overcome it. There are a couple of ways: 1) New FHA guidelines now only require you to show up on title instead of being on it for 3 months. That means that you can use transactional funds for 3 to 5 days until you show up on title and then flip it.
2) By recording the memorandum of option, most banks consider that as you being on title, so if you record right after you get the contract, by the time you close 3 months would have passed already.
3) Deal with cash buyers only. Look on the MLS all cash transactions closed in the past 90 days and contact the buyers, more likely they are investors and are looking for more deals (your next deal). There is no seasoning (or marinating
) to worry about with cash buyers.
I hope that helps you Elizabeth, you can find more great tips at our blog: www.blog.xtremeholdings.com
Regards;
Roberto
03/24/2009
Hi Elizabeth,
I first want to start off by saying whoever told you that you cant flip houses in a freaken idiot.
You dont need to be so worried about "seasoning". I have flipped over 60 properties in the past 5 years and have just about never ran into this problem. MOST conventional loans DONT have seasoning requirements. FHA loand usually do. Usually you must hold the property for 3-4 months before FHA will loan on it. In these rare instances where we couldnt find a Conventional buyer and had to go FHA we made an agreement with the buyer to hold it for three months or do a Lease Option for 3 months. This basically means you rent to them until they can get financed. There are so many ways around this issue so dont listen to what anybody says. Get out there and get your feet wet!.
-Ryan
www.LearnToFlipRealEstate.com