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Well, I don't expect the FBI to get back anytime soon but I do have a call into another guy I know who investigaes mortgage fraud for Fannie Mae and Freddy Mac, which are the two main goverment lenders. He is on a first name basis with the FBI here in my state. The government actually asked to move to where he is to investigate fraud for them.
You gonna do it? I can't believe they're all on the same street and he got them all the same day. What a dipshit! He may as well notify the FBI and tell them what size braclets he wants.
i i just graduated college 2 months ago so i really just started..i have a partner whos been doing it for awhile..i mostly go to auctions, put the 10% down and then you have 30 days to close..after that since i just started we have been flipping the contract to other investors..its quick and easy,,you just have to know people who will buy the property from you or you might end up getting stuck with the place for awhile. (paying the mortgage)
Funny you should ask. I just put in my first offer ever on a HUD repo and my bid was excepted today. So, we have 48 hours to get the paperwork to them and go from there. This is my first one so I started small. I grabbed this condo for 56k and asked them to pay 2.5k towards closing costs and they took it. This thing only needs carpet, linoleum and paint, that's it. It's only about 860 SF so it wont cost much at all to do those things. The kicker, 3 of these exact same units sold for 75k last fall. So, if I do it all right I should net 10k when it's all said and done. But, as long as I net 10% of the sales price, I'm happy.
Let me ask you, do you keep rentals so you can pull the cash out or do you fix and flip and just pay the capital gains? I know I can do a 1031 tax exchange but I can't do it everytime, from what I've been told. So, I don't know which way I want to go. If I keep it as a rental and pull all the equity out for the next home I will net closer to 16.5k. That's 65% more cash so I don't know what I'm going to do for sure. I looked up rentals and they rent for 450 to 500 and the HOA is like 153. If I max out the 75k I imagine my payment will be somewhere around $500. So, as a rental I would have negative cash flow but I would have more cash for the next one. AND, I won't have the landlord headaches. I just don't know. I have guys who I can consult because this is all they do. They are the ones who told me to start small and work up. Just about all of them started with condos and townhomes and now they have literally millions of dollars in loans. LOL I can't even imagine that. One guy has 2.5 million in loans right now, but he shows and positive cash flow on every single property. So, he's making bank and he's also a Realtor so he can buy and sell without paying comissions. Something I'm probably going to have to do to keep my costs down.
Let me know what you think bro.
good luck with the real estate bro, I have bought and flipped a couple homes. It is tough to decide what to do. I have a big 2-family right now and I am not too sure what I want to do for my next move.
If I move out the rent should clear the mortgage by about $800 per month. You would think it looks good but the banks really make you jump through some hoops to get a loan nowadays.
You gonna do it? I can't believe they're all on the same street and he got them all the same day. What a dipshit! He may as well notify the FBI and tell them what size braclets he wants.
I got a call from the FBI today and they asked for all my data. They told me this would be expedited to teh 'White Collar' crime division. So, we will see. They thought that because he was offering an incentive for using an approved lender that maybe he is a part owner of the lending company. If that's the case, he didn't disclose that on the MLS either so he's pretty much phuked! And rightfully so. His low resales have pushed the average sales prices down in that neighborhood. I'd be pissed off if I bought a home for $325k and found out someone sold the same home for $20k less. There were two that he paid mid 290's for and sold in the mid 270's. Everyone else who bought in the 290's just lost value.
I used to have superhuman powers....until my therapist took them away.
I know the dude is wrong for what he is doing, but ever heard of the fool's theory? Your property is only worth the amount the next fool is willing to pay for it!
I know the dude is wrong for what he is doing, but ever heard of the fool's theory? Your property is only worth the amount the next fool is willing to pay for it!
that is true, but if these other legit buyers want to open up a equity line the selling numbers around the area are gonna kill them.
If they put 30k down on their house and this guy is driving the price down 30k he is washing away their equity, at least in the banks eyes.
that is true, but if these other legit buyers want to open up a equity line the selling numbers around the area are gonna kill them.
If they put 30k down on their house and this guy is driving the price down 30k he is washing away their equity, at least in the banks eyes.
Exactly! And to add to that, a house is worth what someone is willing to 'pay' for it. That's a tricky situation because most people don't 'pay' for a house, they borrow money from a bank and pay it back over 30 years. And, most people will 'borrow' more than the home is really worth if it means getting into the perfect home. However, when you are dealing with true cash buyers they usually will not pay more than what the market says the home is worth. The true definition of fair market value is: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus."
I used to have superhuman powers....until my therapist took them away.
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