tag:blogger.com,1999:blog-7800674.post5675152253302806068..comments2023-06-22T05:23:55.920-07:00Comments on Shaun's Real Estate Adventures: HML #9 paid offShaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-7800674.post-31877564586220313082010-01-25T18:16:25.167-07:002010-01-25T18:16:25.167-07:00Since I'm the hard money lender in this case, ...Since I'm the hard money lender in this case, no I'm not scared by them :-)Shaunhttps://www.blogger.com/profile/05654897560778650994noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-35918944297184826792010-01-25T16:56:18.898-07:002010-01-25T16:56:18.898-07:00Brookline Condos For Sale
Do you not get scared ...<a href="http://brooklinecondosforsle.com" rel="nofollow">Brookline Condos For Sale </a><br /><br />Do you not get scared with the fee's, charge's and points hard money lenders charge.<br /><br />chrisDiary of a Badhttps://www.blogger.com/profile/00079962471403977646noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-77787928013472681932010-01-17T17:19:08.068-07:002010-01-17T17:19:08.068-07:00Have you tryed to form a small fund to do these sa...Have you tryed to form a small fund to do these sales? It seems to me it would be the way to go. You have a track record. Put together a business plan and take to the streets and raise capital.Richard Stabile Bergen County New Homeshttp://newhomesbyrichard.comnoreply@blogger.comtag:blogger.com,1999:blog-7800674.post-68639995747419107962010-01-12T13:09:41.415-07:002010-01-12T13:09:41.415-07:00It's good you made a couple of dollars....It's good you made a couple of dollars....HBInvestmentshttp://housebluesinvestments.com/noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-8726627535407133282010-01-12T07:19:03.802-07:002010-01-12T07:19:03.802-07:00Stephen - I give the details in the first post abo...Stephen - I give the details in the first post about each loan. Currently, I'm getting 10%. A couple years ago, when interest rates were higher, I was getting 12%. The borrower actually pays 2% more than that. My partner keeps 2% as a servicing fee.Shaunhttps://www.blogger.com/profile/05654897560778650994noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-2145897451230783172010-01-11T23:01:36.084-07:002010-01-11T23:01:36.084-07:00Shaun as far as your hml's go what rates do yo...Shaun as far as your hml's go what rates do you get from them?stephenhttps://www.blogger.com/profile/11364648777413404527noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-82834150370517143892010-01-07T08:44:36.223-07:002010-01-07T08:44:36.223-07:00Trying to buy a short sale is a lot like rolling t...Trying to buy a short sale is a lot like rolling the dice in VegasRalph D Bredahlhttp://ralphandtricia.com/noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-20420188140239046592010-01-07T07:39:57.126-07:002010-01-07T07:39:57.126-07:00It's possible the property that has the NOTS i...It's possible the property that has the NOTS is another property. I review about 100 short sale listings a week, and some owners are not even delinquent yet. That often occurs when someone is transferred out of town and is left with a Phoenix house that is worth significantly less than the mortgage balance.<br /><br />Short sale listings run the gamut on the point of listing. Some owners list before they are delinquent, and some wait until a week or two before the trustee's sale. A lot of people try for loan modifications and don't list until late in the foreclosure process.<br /><br />There are some good deals out there for cash buyers that don't require you to be a slumlord. You are doing well with your hard money lending, but you might want to start looking at acquisitions as rates go up and purchase subsidies disappear.Another Investornoreply@blogger.comtag:blogger.com,1999:blog-7800674.post-18702933574496021812010-01-06T21:26:21.156-07:002010-01-06T21:26:21.156-07:00That's exactly what I tried. I have done this ...That's exactly what I tried. I have done this before you know :-) I found the original mortgage but not the notice of trustee's sale. Now that I've seen that notice posted on the gate, I could probably find it again if I looked. I'm guessing the sale listing went up a couple days before the notice of trustee's sale was filed.Shaunhttps://www.blogger.com/profile/05654897560778650994noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-74065984595543649152010-01-06T19:30:52.515-07:002010-01-06T19:30:52.515-07:00You should be able to piece the info together on M...You should be able to piece the info together on Maricopa.gov. Go to the assessor's site and put in the address. That will give you the owner's name. Then go to the recorder's site and put in the name of the owner. That should give you the notice of trustee's sale. You should also find all the mortgage information as well. <br /><br />If you know someone with MLS access, they can look up the listing. The tax records associated with the listing will show the information from the notice of trustee's sale in a concise format.<br /><br />There are lots of flippers trying to do short sales in Phoenix. Unless they can tie the property up with a low bid and hoodwink the agent doing the BPO, they are out of luck. Too much competition.Another Investornoreply@blogger.comtag:blogger.com,1999:blog-7800674.post-49259070850414600302010-01-06T14:04:54.280-07:002010-01-06T14:04:54.280-07:00Thanks for the info on short sales. I've never...Thanks for the info on short sales. I've never done one of those.<br /><br />Yes, I've checked comps. I live literally down the street, so I know the neighborhood well :-) The only unknown is the interior condition. In my analysis, I figured on $15,000 in fix-up costs. Based on the other rehab work I have done, this should cover it even if the inside was fairly well trashed (which would be surprising given the outside condition). I also figured a sale price $20-30K below comps for a quick sale. As I said, it was a very conservative analysis.<br /><br />The listing agent did not give me a date for when the auction was set and I couldn't find any listing for it. I saw the for sale listing about 1 day after it was posted, so that was probably why there were only low offers at the time I spoke with the agent. I live in the Phoenix area - Kiyosaki-land. There are a bunch of flippers and rehabbers here and I'm sure they were the ones who put in the early offers.<br /><br /><br />About two days ago, I saw a notice of a trustee's sale taped to the entrance gate of our neighborhood (it's a gated community). The text was too small to read from my car and, since I was passing on the deal anyway, I didn't bother getting out to look more closely. I assume it was for the house in question. The notice was gone when I went out again a few hours later.Shaunhttps://www.blogger.com/profile/05654897560778650994noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-72799387039276746152010-01-06T13:48:38.891-07:002010-01-06T13:48:38.891-07:00It's common for short sale listers to list bel...It's common for short sale listers to list below market to generate offers. It generally takes an accepted offer for the bank to move forwatd with a BPO (broker price opinion), which establishes the value at which the servicing bank or investor will sell the property. By setting the list price well below market, the lister creates an auction environment in which buyers have to guess the winning price. The lister collects the offers and sends the best offer or offers to the bank.<br /><br />I recently bought a short sale out there that was about 35 percent of the selling price at the peak of the market. I paid cash and I stepped in at the last minute after another buyer backed out. The banks and the seller were just happy to get the deal done. It was a little below what the foreclosures were going for and it was in better shape. <br /><br />Are you sure the house is worth $250,000? If the lister has several offers around $150,000, that may be near the current market value of the property. Check the current comps before you calculate that rate of return....Another Investornoreply@blogger.com