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

I am getting a lot of messages in my inbox about " How to get the money" to rehab houses and lots of them. So for those that messaged me and those that didn't, I thought I'd give my thoughts and experience on this topic.

This may turn in to a long post and my grammar will likely suffer as I don't have the time to look it over:).

Today I received a lead on a property which I thought orginally had the potential to be a great deal. My agent calls me and informs me of a home which is currently a short sale. He said there was $44k left on the mortgage but the bank approved and would accept $35k. Market value of the home is just under $100k and considering the home is in fairly decent condition, I felt that this could be a great wholesale opportunity. I call my partner who has buyers in that area and he tells me that I would not be able to wholesale or assign a short sale. He stated that there are government regulations which require the buyer to have the property for 90 days before he's able to sell the property.

I jumped in the game 2 months ago and last week listened to a replay of Indaiana Joe and Dean talking about estate sales on craigslist. Well I took action and sent out 64 emails to estate sales with Joe's verbage and low and behold I have gotten 6 responses, 1 already had a buyer, I sent back that they can use me as a back up plan, 2 had property not for sale, 1 wants to know what I need from him, 1 still cleaning out house will then call me,and 1 already put it on the market, I am waiting to find out who the agent is. And finally another response to my new google voice set up stating they had a client that has her mother going into senior living and she was here from CA cleaning out the house and the house is in Wisconsin which is also where I am from.

Always get inspections done on Property Direct properties before closing.

I want for the DG family to learn from my mistakes and save themselves some trouble. I purchased a few properties by fully trusting Property Direct. I didn't do my property inspections as one definitely should when purchasing property.

My warning is this: even though Property Direct sells rehabbed properties at DG events, that doesn't ensure that the properties are free from issues. Always, always inspect Property Direct properties.

I have two properties from Property Direct that have major issues (plumbing, roof) that required thousands of dollars of repair only months after I purchased them. An inspection may have saved me from these particular properties.

Hey guys, I wanted to let you know I reached my goal of 20 rehabs done this year! It was my goal that was set last November and I had to have my 20th house closed by October 31.

All together right now I have a total of twelve deals between those that are sold and set to close, those being worked on and those set to close for purchase.

To all the newbies... It was only 2 years ago when I had no clue what to do or how to do it. I heard a saying a while back that "you can dramatically change your life in 4 years, when a goal and plan is put into action". I completely agree with it. I'm 34 years old and as of next spring I will have my $200k house paid off and be bringing in an average of 30k/ month.

I've been through countless realtors and thought I heard everything! I've been working on setting up remote teams across the country. Thought we had found a great agent in one of my markets, who was willing to do anything. And she was all gung ho until...

15 yr old buys SECOND house!!
Plans to buy 10 by age of 18

See it here:

http://matzav.com/at-15-years-old-americas-youngest-landlord-buys-her-se...

AND Here

http://realestate.msn.com/blogs/listedblogpost.aspx?post=b511e64e-ace3-4...

SO, WHATS stopping YOU??

Please comment

Hello DGers, I am partners with a Wall Street Hedge Fund , flushed with cash, who are buying homes all across America. We are buying homes in all price ranges, million dollar homes, homes in per foreclosure, short sale homes, up-side down homes!
If you know someone who can benefit from my service please help them by telling them that that I can help them. I can buy there home from the bank and since I am buying the home they don't need to qualify for a short sale. If I am able to buy the home from the bank on there credit report it will say debt satisfied versus if the bank does a short sale on there credit report it will say short sale!

Hello DG Family,
I posted a post late last night into the wee hours of the morning. I reposted it this morning but for some reason when someone Pm's me it gets knocked off the Active Form Topics--and therefore it doesnt give me the help I am so desperately needing.

So since I have begun my Journey last June, I fairly knew something about real estate but nothing like I have learned from the Success Academy in theory and even MORE by just getting a out there and making offers marketing to distressed homeowners and boy has it taught me a few things.
So in recent I have found a great deal on a property that currently has 27,500 in equity but needs some Repairs done that could possibly cut into that equity to be a great deal for my end Cash Buyer.

I am here to tell you that the videos you see and the stories you see out here about buying houses for pennies on the dollar are true. Do they happen all the time, NO!