Posted by brandoncbsre on September 17, 2008 at 08:00:01:
The Lehman thing wont have much impact on the mortgage market, the Fannie and Freddie thing will. The gov is making sure that the 2 biggest paper buyers are well capitalized…Fannie just sold 2 billion worth of notes this week and does so on a regular basis. This is the money they in turn use to to snap up all these mortgages.
Need help working with an investor - Posted by Dana
Posted by Dana on September 16, 2008 at 14:11:15:
Hello,
I posted back in June regarding a property I wanted to buy that was in foreclosure. Long story short, an investor beat me. He bought it for 194K /2398sf($81 psf) it is a property that is in HUGE need of repair! A house a few doors down sold for $375K/2832sf at $132 psf a few days later, but is in good condition.
I tried contacting the investor to see if he is interested in selling for a quick small profit. The sale went under his LLC name and used the properties address as his contact info. I contacted the buyers real estate agent to try to get his number (the investor lives out of state). She told me that all things need to go thru her.
Questions:
As mentioned on this board, with the latest things going on with Lehman ect., do you think this would make the investor more apt to want to sell for less profit?
Is it typical for an investor to run his properties thru a realtor? She told me he doesn’t want to be contacted by anyone. I have googled his business name, and searched LLC’s…I can only send a letter to the address and hope he has mail forwarding.
Thank you for your help.
Dana
Re: Need help working with an investor - Posted by Natalie-VA
Posted by Natalie-VA on September 17, 2008 at 13:37:12:
Of course the agent is trying to put themselves in the middle to make more money. That’s what it’s all about.
You can send a letter to the property.
You can leave a note on the door at the property.
You can go to your state’s website and try and get the LLC’s address or registered agent and send a letter there.
You can look at the recorded docs to try and find out who his settlement agent was, and see if they can help connect you with him.
When you do contact the owner, make sure he knows that the agent would not connect you with him.
Keep us updated!
–Natalie
Re: Need help working with an investor - Posted by Dwayne
Posted by Dwayne on September 16, 2008 at 20:46:50:
First I want to say that the agent is probably looking to do another sale… and agents love telling there clients that they have another buyer for the property they just sold them, it makes us (the investor) very happy to hear that.
Second if he has done nothing to the property in sometime (6 weeks) he is not in a hurry to sale, he must be in a very good position… that Lehman thing you mention has no affect on him, HE JUST BOUGHT IT!! If you are having a hard time getting this guys information it would be beneficial to you to work through the agent. And it is typical for investor to run their propeties through Realtors (especially out of towners).
Re: Need help working with an investor - Posted by Dana
Posted by Dana on September 16, 2008 at 21:53:14:
Thank you Dwayne for your response. I guess where I was going with the Lehman thing is this…
The investor doesn’t have the problem…however, whether his plans were to flip it to a rehabber or sell it to an individual, that person needs to be able to get financed for the property AND the extensive rehab costs. Even if the rehabber has the cash flow to buy to flip, he will need to consider also his likelyhood of selling to cover his costs + profit to an individual, who will need to get financed by the bank.
Just knowing that investors that are out of state typically uses realtors is help and I appreciate it…I was hoping to cut out her commission/bird dog fee to save money. Thanks again.
Dana