Comments for In NYC now. Jack was traveling the world at a leisurely pace.

Comment on Lend me and show me your money!! by Shaun

Wed, 17 May 2006 20:43:01 +0000

I hate to say it, but those are typical of the rates you will find through hard money lenders. What you want to do is use hard money to get the property, then refinance using a conventional lender right away so you only have to pay 1 or 2 months of the private money’s high interest. Nothing you can do about the points though.

Comment on Ways to find foreclosure properties. by Tom

Mon, 27 Mar 2006 17:56:09 +0000

OCRENTER, thats where short sales come in. You have to work the phone and talk to the banks. You let the other loans know that they guy is in foreclosure.

This way they’ll listen to you when you make an offer of 10 cents on the dollar for all the other mortgages owed. You can even neg with 1st mortgage and offer them 80 cents on the dollar.

If you can show that the guy’s debt way exceeds the value of the house, the other mortgages wont get a DIME when it goes to auction. Those banks WILL LISTEN HARD to your offer.

Everything is negotiable, everything.

Comment on Ways to find foreclosure properties. by ocrenter

Sun, 26 Mar 2006 07:20:01 +0000

problem with a lot of these foreclosures these days is the outstanding loans are so high there’s no equity in these homes at all. what ever equity they did have already went to more HELOC’s.

one example my realtor told me was a 1.2 mil mansion. He saw the defaulted loan of $60,000 with another loan value of $840,000. Told me I can pay the $60,000 in cash and just take over the $840,000. A $1.2 mil property for $900,000, not bad. Only later did we find out the $840,000 was the first loan, there was actually a second loan of $360,000, and on top of those 80/20 loans this guy took out a HELOC, most likely to pay for his mortgage.

lots of examples like this in Cali where I see 4-5 refi’s on top of the original 80/20 eating up all of the equity before landing on the courthouse.

Comment on Another lesson learned on pre-foreclosure properties. by Tom

Fri, 10 Mar 2006 02:36:32 +0000

Now you might have motivation. I don’t know how you’ve contacted the owner before but now might be a time to remind him that he hasn’t paid the debt.

If the attorney has filed for an auction date, you can find that out and remind the owner.

If he’s ready to talk then you can go there and visit with him, check out the repairs and offer to reinstate the mortgage in exchange for acquiring the property subject to the existing financing. Essentially you bail him out, assume the mortgage, and most importantly take title to the house. Just make sure he moves out.

Comment on Ways to find foreclosure properties. by Tom

Thu, 09 Mar 2006 11:11:02 +0000

I’ve always wanted to work at a hedge fund!

Comment on Another lesson learned on pre-foreclosure properties. by Trisha

Thu, 09 Mar 2006 06:50:46 +0000

Oh, cool! Best of luck! I’m rooting for you! Beware of any possible ringers in the crowd at the auction.

Comment on Ways to find foreclosure properties. by admin

Thu, 09 Mar 2006 04:14:58 +0000

Working fulltime at a hedgefund makes it kind of hard to take a day off. I wish the auctions were on the weekends; all of the auctions for Palm Beach are done on mondays and thursdays.

I am just saving up my vacation days and when work load becomes lighter, I’ll definitely take a long weekend.

Comment on Ways to find foreclosure properties. by Tom

Tue, 07 Mar 2006 10:57:30 +0000

Trisha is right, for every 100 calls you might get 10 credible leads and if you’re lucky you get 1 deal.

RE: auctions. Before you go through all this headache of researching what they sold for and what they are worth, go witness an actual auction. Right now properties will be auctioned off for full market price so you wont get any deals there. When the bubble pops and no one wants RE, then you will get the deals.