Hey Guys Need Your Opinion
1) Does anyone have the specifics on that "No Flipping" law bush passed? Is it restrictive only to certain types of mortgages?
2) What methods have you folks used to find investors with their own sources of cash? Trying to find one locally, is like trying to hunt down a one-inch sized Chupacabra!
When I do locate one who will accept my
call (after I've introduced myself as an investor) I quickly begin to feel like a stand up comic: Hey have you heard this one..."What % of the market value do you like to buy at?...Or how 'bout this one....What criteria do you use when accepting contracts on assignment?" Unfortunately...99% I don't even get a laugh.
My broker friend advises me "to stop fittle-farting around with these jokers, and to find the real players..." Easy for him to say, he's a broker.
call up people listed under the money to lend section of your paper....they usually have a good amount of $$$ to work with
as far as the "anti-flipping" bill that was passed, it's more of a anti-screwing-people over kind of law.....it has to do with FHA loans, they no require a good amount of seasoning (6months to a year i believe)...all you have to do is find a good mort broker who can help you and your buyers out with diff programs....[ Edited by way_motivated on Date 07/10/2003 ]
Thanks for the tip.