Posted by Bud Branstetter on January 11, 1999 at 15:58:38:
Please refer to my comments above on seconds. If you have any that are under the 85% let me know.
Selling 2nd’s from FLIPS - Posted by Cheryl P
Posted by Cheryl P on January 11, 1999 at 09:44:44:
I do alot of Flips in the South Florida area (5+/mo.) and in many cases take back a 2nd as part of my compensation for getting the deal done.
I’ve honestly had more than my fair share of problems from those Co.'s that buy this paper. First off, I expect to jump through some hoop’s, but after faxing every conceivable document known to man many of these companies back out at the 11th hour and neglect to fund. Even those 2nd’s where the buyer has impeccable credit! Due diligence is one thing-- but completely wasting someone’s time is another!
Anyone know of a Co./person that buy’s 2nd’s quickly? I make sure that there’s plenty of LTV left on the plate (properties are never highest on comp range–normally @ median value)
Broker Broker syndrome - Posted by John Behle
Posted by John Behle on January 11, 1999 at 18:15:47:
Look for funding source that are using their own funds and have been around for a while. What you are running into is the recent seminar graduates from some of the seminar mills that have little knowledge or experience.
A true player in this industry won’t lead you on and dump you. Give us more details on your notes and we can point you the right direction to a true funding source or broker that knows what they are doing.
Also, read the posts in the CASH FLOW FORUM and you will understand these sources better.