Why Realtors Don’t Like Real Estate InvestorsThe meeting took place at a popular local burger hangout near the campus of Arizona State University. Fresh out of a foreclosure boot camp I took in Denver the month before, I scheduled an appointment with a highly motivated Realtor looking for new business.After the typical pleasantries were exchanged I cut right to the chase. I told this agent I needed someone that could help me find great deals on the multiple listing service. Furthermore, I … [Read more...]
How to Address Closing Cost Credits in Short Sale Transactions
May 15, 2012 By Leave a Comment
How to Address Closing Cost Credits in Short Sale TransactionsAgents, buyers and sellers are abuzz because it’s a seller’s market again. Just a few weeks ago an agent friend of mine received 24 offers on his short sale listing, and another property in my area got 10 offers the very same weekend.When reviewing short sale offers with clients, it is important to look at the type of loan that the buyer will obtain: VA, FHA, or conventional financing. And, will the buyer require a closing cost … [Read more...]
Hit The Ground Running With Clipboard And Calculator
April 17, 2012 By Leave a Comment
Hit The Ground Running With Clipboard And CalculatorThe investment world is and has been consumed with ‘the numbers’. Yet real estate investors, at least in my experience, do much analysis, and produce more spreadsheets based upon garbage numbers than even they’ll ever know. Possibly the worst source for income property numbers is your local MLS. Forget the probability that most rents and expenses are even cursorily vetted. Forget that most small residential income properties are … [Read more...]
Make Your Seller Finance Offers FAR More Appealing
December 18, 2011 By Leave a Comment
Make Your Seller Finance Offers FAR More AppealingA Friend of mine recently came across the perfect buy and hold Real Estate property. It’s a quality 3 bedroom, 2 bathroom house in a good location, and the sellers only owe $20,000 on the property. So why is this the perfect buy and hold property? It is because it’s in a solid neighborhood, the house is in good condition and it’s a bread and butter type house that he’ll be able to fill with families for the next 30 years. When he told me … [Read more...]
Dealing With ‘Cash Is King’ Mentality
December 6, 2011 By Leave a Comment
Banks that do not accept lower cash offers on a short sale property are dealing with "cash is king" mentality. I had a call last week from a buyer’s agent who was frustrated because the bank did not accept her buyer’s (very low) cash offer on a short sale. In fact, they did not even make a counter offer. The bank employee made it clear that the offer was significantly below the BPO value, and that they would not entertain the offer. This agent was frustrated because her buyer’s offer is … [Read more...]
How Writing Offers is Like Dating
November 24, 2011 By Leave a Comment
How Writing Offers is Like DatingMy friends name is Sam. He earned the nickname the devil because of his outrageous behavior. Now don’t get me wrong. Sam isn’t a mean person. He’s actually a very nice guy. It’s just that when he’s around bad things happen. At my bachelor party in Las Vegas Sam somehow managed to lose all his money, his wallet – and even his shirt. That’s right. He actually lost the shirt off his back. For some reason Sam thought it would be a good … [Read more...]
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