One Day at a Time
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Today I am working on wholesaleing a property that I got under contract on August 10th. I have been advertising on Craigslist and have also given the property information to a seasoned investor friend who has forwarded the property to his buyers. Its been moving a bit slow. it seems the problem with this property is that it has a very strange layout due to multiple families living in the property and having done their own, very different, customizations. So the floorplan doesn't flow as well. However, with a little rehab, it could be a very lucrative property becuase there... continue reading >>
Lost Deals...But Still Truckin'!
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Well unfortunately, both the short sale I was doing and the bank REO fell through. For the short sale property, the property is in Maryland and MD has a very strict foreclosure law that I found out only after I got involved in the deal. I had a real estate attorney review the deal and he told me that due to the way the new law is, I did not enter the in a way that would allow me to purchase the deal. So unfortunately, I had to get a release.
The other deal that I was pursuing, the... continue reading >>
Marketing Strategies
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So I have been mailing pre-foreclosure leads from the city hall and tha has been getting some ok results. I also placed a WE BUY HOUSES ad in the local Express newspaper and that has been so far really productive. I have been getting so many calls and currently have 4 appointments to go look at houses just this week alone. Two of the people are in pre-foreclosure, another person has a small run down commercial property that they want to sell, and the other person has a run down 2-unit property he wants to sell. We will see what... continue reading >>
Bank REO I am Trying to Get
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So there is this local bank REO property I am trying to acquire. It is pretty run down and disgusting. I just viewed it with the realtor who is listing it. It's the worst of the worst and plus there were like 20 people living in teh house and apparently thought it was a good idea to build 2 more kitchens in addition to the one that the house already had. Needless to say there is fire damage to the frot part of the house, but the rest of the house is ok. It is like a perfect rehab property,... continue reading >>
My First Short Sale Part 4: Offer Accepted!!
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The bank accepted my offer!!!! I am currently getting the property for $415k below market value (appraised at 995k, bank selling it to me for 580k). They just told me the other day. They are going to fax me the acceptance letter and I have 30 days from the date of that letter before settlement. This is so exciting. I have been building up my buyers list so I just sent out a blast about the property to all of them. We will see what happens. Also, in my marketing I found that an ad in the Express newspaper (a... continue reading >>
My First Shortsale Part 3: Package Submitted!!!
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Wow! What a week this has been. I haven't even had time to log on here and blog or peruse the forums like I normally do! So I finally got all the documents together that were required by this homeowners bank and submitted the short sale package. I faxed it to them and also mailed it to them so that they could have a hard copy. It was a lot of work to even reach the stage of being able to submit it, but very gratifying! I can't wait to hear what they have to say about my offer. I... continue reading >>
Joining My Local REI Club
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Well today I attended my first meeting of DCREIA, my local real estate investors club, and it was AMAZING! I met great, like-minded people, and got to get some super helpful info! So many people were in attendence, like 300! It was great. The main topic of today's meeting was how to buy bank REOs. What I learned was that the majority of REOs are given from teh banks to real estate agents. Therefore, if you want to dicussing purchasing one its important to get an agent on your team who can look out for other listing agents that have... continue reading >>New MD Foreclosure Law: Am I screwed :(
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Ok, so I was speaking to a friend of mine and he told me about this new Maryland Foreclosure law that states that the person negotiating the short sale cannot be the person purchasing the short sale .... I have been researching for hours and finally found a link to the new law: http://mlis.state.md.us/2005rs/bills/sb/sb0761t.pdf and it sort of does say that. So, now i'm in a bit of a pickle.....because I don't know how to get around the fact that, under this new law, I would be classified as the "foreclosure consultant" and the "foreclosure purchaser". I'm trying to find... continue reading >>My First Short Sale Cont'd: Attorneys, Realtors and a new BPO!
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Wow I can't believe the new year is almost here! It's amazing how time shoots by. This morning I emailed the executed purchase agreement over to the attorney I am working with so that he can prepare the HUD-1 I need for the short sale package. I also found a Realtor to perform a CMA for this property to include in the short sale package. She said she would have to do it next week since this week is so short and they are rather busy.That's fine for me because I think thats about when I will get the HUD-1... continue reading >>
Rejuvinated and under contract!
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Hi !
Well, it certainly has been a while since I have been on here! I miss this place! In my absence I have been working like a rat, and trying to finish school while doing real estate on the side. I still have not yet closed my first wholesale deal. I think I got dissappointed and distracted and just stopped for a while. Well I don't think, I know thats what happened. Then, just recently (like in June) I got layed off from my job. That changed everything! First of all, I have never been fired or layed off... continue reading >>