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

If you are a licensed real estate agent and investor, I have a question for you. If you're in a state like Texas, you're required to have a sponsoring broker, and a lot of time that's the owner of the agency where you hang out your shingle. Anyway, I have a couple of investment deals that I'll be doing in the next few weeks, and my broker is wanting a cut of my cut (my profit). He's saying it's because the deal is, "Going through his office." What do you think about that?

I think it's wrong. If I were buying a property for my personal residency, he wouldn't get a cut, and I am buying these properties. The only difference is that I'm assigning the contract.

Have any other agents and/or realtors had this problem?

This a property that we(Gary, Jill & Ryan) bought in August for 18K. The Seller had done owner financing
twice & got stuck both times; she saw our We Buy Houses
magnetic signs on our vehicles & called.
We bought it right, Ryan put up the cash for the purchase of the house, Jill & I put up the cash for the rehab materials & did the labor. It took 3 weeks, replaced the kitchen cabinets, counters, appliances, bathroom fixtures, ceiling fans, light fixtures, paint inside & out & carpet. Total cost on materials was around 4500 to 4800; with holding costs for electric, water, insurance, etc. we have about 5950 into it.
Sold it for our asking price of 36,900; the Buyer used as USDA loan, the house appraised for 37K, they borrowed 102%, we gave back 6% toward closing costs

I just tryied to put a property under contract and the agent representing that property wanted me to prove I had $175,000 in my bank account. Did this ever happen to anyone if so please tell me how you handle this.

I called the transfunding company who said they would set up a million dollar account for me for one day I can use that but they will need $17,000 help! If this happen to please let me know how you handle this. I was told banks are now doing this now for a year. This is going to make things much harder.

Has anyone heard about hedge funds and big investment folks buying up REOs and foreclosures? What does it mean for the little guy (mom & pop) investor? I received a prelim video by email talking about "Why real estate, as an investment AND income vehicle, is dying. Plus the three cataclysmic shifts that will render 97% of so-called real estate investors impotent in the next 12 months." The video did show several blurbs from the wall street journal show institutional investors are spending huge amounts of money on residential properties.

Hello, I live in the Phoenix area and I'm having a very hard time finding deals. I finding that when finding potential properties I'm getting outbid by investors mainly from Canada or the East Coast. Now I don't mind losing or getting outbid but these other investors are biding 10-20% over price. This makes it impossible to do any wholesale deals or assignments.
Am I wrong in thinking that wholesaling and assigning is dead and gone in the Phoenix area? I can't wholesale a property if the asking price on a property is $100,000 and the winning bid is 10+% above that. Especially when the property needs work done to it.

A mentor and friend in the area here asked me to help him find 10-20 properties at once. I've been pounding the pavement (virtually) for days now with no success.

I even talked to the director of the National REO Brokers Association on the phone. **** Stanton. He invited me to come to his office for REO 101.

My head hurts.

I've followed rabbit trails to hedge funds (what an appropriate metaphor), I've talked to local billionaires who own hundrends of local properties, I've talked to hard money guys to see if we could leverage their contacts to get these together.

I'm losing hair fast here, there's not much left to pull out.

Any suggestions?

This was a MLS listing that a landlord was tried of renters trashing his property. It is a 2 bed/1 bath
carport home with about 1000 sq. ft. under central heat/air. Jill & I painted inside & out; new bathroom fixtures; new kitchen sink/faucet; new light fixtures/ceiling fans; new appliances(refrig. & range);
Jill installed new vinyl tile in the kitchen, laundry &
bathrooms; we had new carpet installed in the rest of the home. Cost of materials was about $ 4300 plus holding costs of insurance, water, electric bring the total to $ 5400. We bought it for $ 20,000 & sold it to
a cash buyer for $ 32,500; giving us a $ 7100 profit!
It took Jill & I about 3 weeks to do the work & about 4 weeks to sell.

I think I know, but I would like to know what some of you think. Who decides what ARV (after repair value) is/should be?

Also, how have you found ARV compares to FMV (fair market value)?

Hopefully we can all learn from the discussion.

I did a walk thru with a potential client that says he may be able to qualify for a shortsale. Can I lease option to one of my tenant buyers and at the same time do a shortsale for the actual owner?
The tenant buyer may or may not stay, can never predict that, but just wanted to know what the vets thought or are doing. Thanks.

I have not done my first deal yet,I have a good opportunity my neighbors are going to walk away from their house because the are upside down in it,they have a 1st,2nd,and 3rd on it.I don't know how to go about this or if it is even worth messing with.If possible I would like to learn how to wholesale it. any information or help would be appreciate.
dezhawk20