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

LOS ANGELES (Reuters) - The smell of rotting food and decay inside 10956 South Wilmington Avenue, Los Angeles, was overwhelming.

A burst pipe in the kitchen ceiling leaked water onto a floor littered with half empty cans, razor blades, odd shoes, stained clothing and an upturned, mold-ridden sofa. Windows were smashed and boarded up.

The vacant home was foreclosed on in August 2011 by Bank of America, which has done nothing to repair it.

And in a cruel twist that underscores the connection between the housing meltdown and the fiscal crisis afflicting many local governments, the city of Los Angeles lacks the wherewithal to force the property owner to clean up the mess.

I have decided to jump into real estate investing so I have been reading and learning as much as I can recently. I am interested in locking up deals and assigning the contract to cash buyers as my initial strategy. My question is in regards to the need of a real estate agent. I know that Deans books highly recommend them but I have seen that many people choose not to for one reason or another. Some seem to be saying that they prefer not to use the MLS to find deals so that is why they don't use an agent. What advice could a successful real estate investor give me in regards to this?

Thanks!

Is this possible? Basically you find a distressed home owner who is a short sale candidate and hand him/her over to a investor that specializes in Short Sales?

Of course having a finders fee agreement/contract would be needed.

Main question is, can this be really done? Has anyone here done something similar?

Hi Everyone!

Can you use a double close to wholesale a FNMA/HUD property -- or is this pretty much a dead horse?

I'm trying to figure out how to make a good deal work -- but it seems like my options are pretty (if not all) limited from my end.

Thanks!

Hi Guys,

I have been learning about assignments through this forum and I suppose my one major questions is whether it is possible to do successfully while living overseas.

I believe most of the components I can do at a distance, but I am not sure about the contract stage.

Also, I would like to get a copy of Dean's latest book but they will not ship it overseas. Is there anyone that would be willing to allow me to buy a copy, send it to them and I give them some money to post it to me?

THank you in advance.

John

Hi Guys,

I have been learning about assignments through this forum and I suppose my one major questions is whether it is possible to do successfully while living overseas.

I believe most of the components I can do at a distance, but I am not sure about the contract stage.

Also, I would like to get a copy of Dean's latest book but they will not ship it overseas. Is there anyone that would be willing to allow me to buy a copy, send it to them and I give them some money to post it to me?

THank you in advance.

John

I am hoping someone on here saw Matt Larson at the Edge event last month because I have a question about something he taught.

He talked about a "package deal" he made to a seller that had three separate properties. The seller was wanting $175,000 for all three of them sold separately. Matt offered him $101,300 and after a few offers he accepted it.

Matt assigned two of the units for $45,000 - making $5,000 off each for a total of $10,000. He then paid $11,300 cash on the third one and was valued at $60,000. He then said he called his bank and got them to refinance the house and was able to put $50,000 cash into his pocket tax-free.

I am confused as to how the $50,000 is profit since he now has a mortgage to pay on it???? What am I missing???

Thanks for your feedback!!

Hi guys, my name is Marc. I'm pretty green to this, about three weeks in. I've been using Dean's 30 days book to get started, and so far, so good.

It took me about two weeks to get up the nerve to start calling real estate agents, but once I finally picked up the phone, it was a breeze.

Followed the script to a "T" by typing up the important points and questions, called offices, got an investor-friendly agent on the phone, and here we go.

I've gotten my agent to send me a list of cash solds in the last 6 months from the MLS, and I've mapped the 400 properties he sent me, in my area.

It was pretty intense.

HI Guys,

I am new to real estate investing and would like to ask if anyone can help me with some steps on how to accurately determine the ARV on a property?

Many Thanks,
JOhn

Hi all.
I have a numbers question on the 25 to 1 plan presented on video by Dean and Matt about a month ago. That plan is simple. You go for about 70% of comps or just below foreclosures.
In following my training in the 3 day class as well as boots on the ground and the 30 day to cash book my max offer would be something like this. (Assume this house is from a RE agent using the MLS)
$100K house based on comps (sales)
.85 multiplier to offset tax, closing and RE agent
Now we are at $85K
Minus $20K cash buyer profit. (They all seem to have $20K in their head)
Minus $3k my profit.
Max offer is $62K if no rehab is needed. (That is 62% of comps)
If you had $5k in rehab that would be $57K or 57% of comps
In Matts 25 to 1 plan you take comps times 70% and it does not consider rehab.