Comments on: Update for 6/26/2009 http://www.123flip.com/update-for-6262009 Education for the Serious House Flipper Thu, 09 Sep 2010 11:37:48 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Alex http://www.123flip.com/update-for-6262009/comment-page-1#comment-1981 Alex Mon, 29 Jun 2009 12:45:27 +0000 http://www.123flip.com/?p=1053#comment-1981 What is the issue! If there is a lien on the property somehow find out who has the lien! It might sound useless but trust me its worth it. If the bank is incompetent you might as well try and do there job for them...if you really want to get this place... I wonder...you'll probably spend more time babysitting Fannie Mae or the title company while they get rid of the lien instead of just doing it yourself. What is the issue! If there is a lien on the property somehow find out who has the lien! It might sound useless but trust me its worth it. If the bank is incompetent you might as well try and do there job for them…if you really want to get this place…

I wonder…you’ll probably spend more time babysitting Fannie Mae or the title company while they get rid of the lien instead of just doing it yourself.

]]> By: Jingle http://www.123flip.com/update-for-6262009/comment-page-1#comment-1975 Jingle Sun, 28 Jun 2009 12:08:21 +0000 http://www.123flip.com/?p=1053#comment-1975 I'm glad I don't have to contend with much mold or flood plains.... what a pain in the rear. I once had a house under contract for over 5 months which had title problems. The listing realtor was an old woman who had been in the biz for about a hundred years and would never return calls, one of the worst I've ever dealt with, and an amazingly abrasive personality on top of it all! I was determined not to let the deal go, and run rough shod over this women; I lasted for about 3 months. I finally came to the conclusion, neither she or the house were worth the amount of grief and time it was causing me, mostly grief just dealing with her. It is a good thing I finally relented. Now, over 2 years later, the house is still empty, still bogged down with title problems. I would have had a heart attack by now dealing with that old biddy! My conclusion after this heart burn: There is always another deal, and some deals just are not worth it. Real Estate is a business of disappointments. I’m glad I don’t have to contend with much mold or flood plains…. what a pain in the rear. I once had a house under contract for over 5 months which had title problems. The listing realtor was an old woman who had been in the biz for about a hundred years and would never return calls, one of the worst I’ve ever dealt with, and an amazingly abrasive personality on top of it all! I was determined not to let the deal go, and run rough shod over this women; I lasted for about 3 months. I finally came to the conclusion, neither she or the house were worth the amount of grief and time it was causing me, mostly grief just dealing with her. It is a good thing I finally relented. Now, over 2 years later, the house is still empty, still bogged down with title problems. I would have had a heart attack by now dealing with that old biddy! My conclusion after this heart burn: There is always another deal, and some deals just are not worth it. Real Estate is a business of disappointments.

]]> By: J Scott http://www.123flip.com/update-for-6262009/comment-page-1#comment-1974 J Scott Sun, 28 Jun 2009 04:56:29 +0000 http://www.123flip.com/?p=1053#comment-1974 Great suggestion, in theory... I tried the VA thing for a month back in May. After 30 days of having the service (and paying for it), I used it exactly 0 times. I found there to be a few problems: - First, I'm too much of a control freak (need to work on that issue) - Next, I found that many of the tasks I would otherwise farm out required a good bit of specific RE knowledge that my VA didn't have - Lastly, not knowing if I'd have the VA long-term, I didn't take the time to actually transfer over any significant amount of information so he could help me I'm positive that had I been more creative and spent more time working on it, I could have found the VA service to be at least partly useful. But, I didn't make enough of an effort. With my wife due to give birth in September, and her spending A LOT of time dealing with RE paperwork and marketing, I think we're going to hire a part-time on-site assistant to help with stuff like this. Hopefully, having someone on-site and who knows a little about RE will work out better than the VA. Great suggestion, in theory…

I tried the VA thing for a month back in May. After 30 days of having the service (and paying for it), I used it exactly 0 times.

I found there to be a few problems:

- First, I’m too much of a control freak (need to work on that issue)
- Next, I found that many of the tasks I would otherwise farm out required a good bit of specific RE knowledge that my VA didn’t have
- Lastly, not knowing if I’d have the VA long-term, I didn’t take the time to actually transfer over any significant amount of information so he could help me

I’m positive that had I been more creative and spent more time working on it, I could have found the VA service to be at least partly useful. But, I didn’t make enough of an effort.

With my wife due to give birth in September, and her spending A LOT of time dealing with RE paperwork and marketing, I think we’re going to hire a part-time on-site assistant to help with stuff like this. Hopefully, having someone on-site and who knows a little about RE will work out better than the VA.

]]> By: Bilgefisher http://www.123flip.com/update-for-6262009/comment-page-1#comment-1972 Bilgefisher Sun, 28 Jun 2009 04:24:25 +0000 http://www.123flip.com/?p=1053#comment-1972 I really don't know of a good way to get through to Fannie. I think its almost like trying to work with the credit agencies. You have to keep trying numbers and doing google searches for numbers until you find the right person. Chances are if you are very friendly with someone at Fannie they will get you to the right person or dept. Might take 15 different calls though. This got me thinking though, I imagine you spend a bunch of time doing these "reminder" calls. Would this be a task to hand off to a virtual assistant if you give them a proper script? Have you VA email daily to let you know the progress of his/her contact with each company. All you have to do is scan your emails. Just an idea. I really don’t know of a good way to get through to Fannie. I think its almost like trying to work with the credit agencies. You have to keep trying numbers and doing google searches for numbers until you find the right person. Chances are if you are very friendly with someone at Fannie they will get you to the right person or dept. Might take 15 different calls though.

This got me thinking though, I imagine you spend a bunch of time doing these “reminder” calls. Would this be a task to hand off to a virtual assistant if you give them a proper script? Have you VA email daily to let you know the progress of his/her contact with each company. All you have to do is scan your emails. Just an idea.

]]> By: J Scott http://www.123flip.com/update-for-6262009/comment-page-1#comment-1971 J Scott Sun, 28 Jun 2009 02:39:57 +0000 http://www.123flip.com/?p=1053#comment-1971 Bilge - Agreed...I just wish I knew what to do...I'm definitely open to suggestions on The 16-Bid House... According to the title attorney, it's in the hands of Fannie Mae now, so I'm not even sure I could contact the person who's dealing with it. But, you bring up a great point that I need to keep bothering people, if only to make myself feel like I'm accomplishing something! :) Bilge -

Agreed…I just wish I knew what to do…I’m definitely open to suggestions on The 16-Bid House…

According to the title attorney, it’s in the hands of Fannie Mae now, so I’m not even sure I could contact the person who’s dealing with it.

But, you bring up a great point that I need to keep bothering people, if only to make myself feel like I’m accomplishing something! :)

]]> By: Bilgefisher http://www.123flip.com/update-for-6262009/comment-page-1#comment-1970 Bilgefisher Sun, 28 Jun 2009 02:33:40 +0000 http://www.123flip.com/?p=1053#comment-1970 Keep up the pressure on those houses. You know far better then I do that folks take the path of least resistance and as long as your not it, you will come out ok. If folks at the bank were competent we wouldn't be able to pick up great deals on REO's. Keep up the pressure on those houses. You know far better then I do that folks take the path of least resistance and as long as your not it, you will come out ok. If folks at the bank were competent we wouldn’t be able to pick up great deals on REO’s.

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