Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Wow, if he can pull this one off, no telling how many others can.

http://realestate.****/blog/2011/07/18/man-snags-300-000-house-for-16/

I just landed another major player to my power team.

Awhile back I saw some pictures of a rehab that was staged, the staging was absoloutely amazing. My wife had a client that works for a lady that does staging as a hobby. She owns a clothing store and does the staging for her husband who is a realtor.

To make a long story short I had a meeting with them tonight and she agreed to stage my rehabs for free if I let her husband be the listing agent. He seemed like a stand up guy also. I figure with her gift as a designer, stager it'll put my rehabs a cut above the rest that are sitting empty.

I love how things take place when you put yourself out there.

I just started the Success Academy and am probably jumping the gun, looking at properties while still learning...but! I'm in TX, and was looking at properties in my Florida hometown. Found something interesting.

4 townhomes(2 bedroom, 1.5 bath each), all 4 for $69,900. That breaks down to $17,475. per unit. I looked at Totalview and they state the value at pretty close to the asking price, and the appraised taxes are pretty close, also. But, I'm thinking something is off there, somehow.

I talked to the realtor there. He says it could use about 5K of rehab per unit and a new roof will be needed soon. But, that the units could be sold seperately. Or, held and rented. It's near a country club and not far from an air force base.

I have a question about selling a Land Contract that I would buy as my home. Can I turn around and sell this land contract a week after I bought it? I would sell it for more than I bought it for and it would not be sold again as a land contract. My plan is to buy a property on a land contract (say it is to be my home, but I will not move in), then turn around and sell the property right away; pay off land contract and pocket the profits. I am just wanting to make sure there is no legeal reason why I can not do this. I will be looking forward to hearing from anyone who might know anything about this.
Have a great day
Pattison

If there are 2 homeowners on a mortgage, how can you get one of them to fill out the papers, if they are too high on drugs and/or they refuse to? Both parties are getting a divorce ~ One party could definitely afford the payments but isn't paying the mortgage & doesn't want to fill out any short sale papers, & the other can't afford it & would like to fill out the papers. The house hasn't been paid on in about 1.5 yrs., and it's vacant, but it's in great shape. The current house payment is around $1200/month & the original sales price was about $144k. back in '08.

Before one of the parties decides to include the house in bankruptcy, can there be a way to do this or am I dreaming? Thanks in advance.

It seems to me that every real estate investor or prospective investor faces the same obstacles. A few of them are:

> Funding
> Finding sellers & building a sellers list, and
> Finding buyers and building a buyers list.

I have taken many real estate courses, including those involved in getting my real estate license, and these things just don't seem to be addressed well in most books and courses. I think I have found some solutions, after decades of studying and looking, and hopefully we can share.

We just finished this remodel of a house we bought
about 4 weeks ago. It was a probate that was a "pocket
listing" of a REA that called us because she knew we would pay cash & do a quick closing. We paid 25K for the house, had an estate sale & made about 1K; did the remodel which included new kitchen, appliances, both
bathrooms, paint in & out, flooring, & lighting fixtures ... spending about 6K on materials. Will market it at 55K, not a bad profit for a month's worth
of work, despite the heat & humidity while painting the exterior.

We closed on our first flip and cashed the check. 8,563.53 was my side of the profit after paying my other partner and the money lender. Total profit was around 23k. This chunk will pay off the rest of my debt other than my mortgage and I just got an offer on another rehab we've had on the market. That one should net me around 10k. The light at the end of the tunnel is finally here, Man it's been a long road!

Are realtors required by law to submit your offers to the bank on REO's ? And if so can they be verbal or must they be in writing?

Every time I find REO's or foreclosures the banks have their own contracts which are prefilled. My goal is to be able to double close on this properties, in order to do that, I need to use an investor friendly title company, which I have, but the banks want to use their own escrow company wich they already prefilled in the contract.

*What do you guys do in this situations?

*Do you use the bank's contract or you send the offer with your own contract?

*Am I missing something here?