Posted by brandoncbsre on July 03, 2008 at 11:13:15:
I am in Indiana, so no I dont know of any “small local banks” in LA. You shouldnt have a problem finding them, they are all over the place in small towns so I assume there are hundreds in a big city.
Good Luck
Anyone see this story? $458,000 in 10 months. - Posted by Vic
Posted by Vic on July 03, 2008 at 06:53:54:
I don’t know if anyone else saw this story, but this guy in Nashville made $458,000 in 10 mos. buying foreclosed properties. Not bad!
Did anyone else see this article. It’s about a guy in Nashville who made $458,000 buying foreclosed property in only 10 months. It’s a pretty good story. I guess it’s proof that people are still getting it done.
Re: Anyone see this story? $458,000 in 10 months. - Posted by ds
Posted by ds on July 03, 2008 at 07:55:12:
Forgot to mention. …
“Leipzig bid $400,000 for each of the properties. First Tennessee accepted his lowball offer last December. Leipzig paid with $120,000 in savings and $680,000 from Wells Fargo (where his lofty 819 average score among three big credit bureaus garners him preferential mortgage rates). Six weeks later Leipzig sold the homes for $689,000 apiece. After broker fees, closing costs and other expenses, Leipzig netted a total of $458,000.”
Which bank financed his buyers? In just 6 weeks the value went up dramatically.
I am very interested to find out the financing in these transactions.
Re: Anyone see this story? $458,000 in 10 months. - Posted by ds
Posted by ds on July 03, 2008 at 07:50:53:
The only unknown is how he got the loan for investment?
My FICO is 819, and there is no longer stated income.
What I hear is bank don’t loan $$$ on foreclosed properties.
Re: Anyone see this story? $458,000 in 10 months. - Posted by IB (NJ)
Posted by IB (NJ) on July 03, 2008 at 14:48:20:
The value of the houses was there when he purchased them. Which is what all foreclosure investors must do (unless you like the risk of buying retail): Make money on the buy.
Ib
Re: Anyone see this story? $458,000 in 10 months. - Posted by Dave T
Posted by Dave T on July 03, 2008 at 14:48:34:
I disagree with whoever told you that banks won’t lend on foreclosed properties.
I just submitted purchase offers on four REOs owned by four different banks (lenders). Countrywide has given me funding approval for all four properties – four different loans if all four offers are accepted.
Re: Anyone see this story? $458,000 in 10 months. - Posted by brandoncbsre
Posted by brandoncbsre on July 03, 2008 at 08:11:50:
You need to be talking to the guy who does commercial/business loans at a small local bank. I have bought 2 REO since October with commercial loans. Dont listen to brokers, Small Banks Rock!!
Brandon
Re: Anyone see this story? $458,000 in 10 months. - Posted by ds
Posted by ds on July 04, 2008 at 24:43:22:
Wow! Great!
Re: Anyone see this story? $458,000 in 10 months. - Posted by ds
Posted by ds on July 03, 2008 at 10:01:24:
Do you know any in Los Angeles area?
thanks
Re: Anyone see this story? $458,000 in 10 months. - Posted by Matt-CA
Posted by Matt-CA on July 03, 2008 at 16:28:02:
They’re out here in LA and the Valley. I’m starting to notice them while driving around. Either I am now becoming more aware of them and they were always there, or they are just starting to spring up. But they are here.