No… No… Don’t worry this isn’t about quitting anything. It is about recognizing the marathon from the race.

What do I mean?

I hear it almost every day from local restate investors and even some of my students.

OUR JUSTIFIABLE EXCUSES

·         This real estate stuff is just TOO HARD!
·          Short sales take too much time to be profitable
·         [...]

Here is a question I’m constantly being asked by my students and other real estate investors. The answer to it is not an exact science. First let’s identify some common used terminology.

BPO (Broker Price Opinion): A generalized opinion or value of the property. These can be exterior and interior. They are ordered by [...]

Here is an excerpt from my home study course “Short Sale Fundamentals”.

The Homeowner is in Bankruptcy

First off you don’t ever want to offer legal advice to the homeowner unless under the rare situations where you’re a qualified attorney. Let’s discuss the two typical types of bankruptcies that you may encounter.

Chapter 7 - [...]

The short sale game is serious and it comes down to what the lenders believe for value.
You obviously know about the BPO…correct?

Each BPO will provide the lender with an opinion of value.

The lenders will short sale if they believe they are going to lose money by continuing a foreclosure process. Hence, they will [...]

It is good to understand the general perspective of the agent conducting a BPO. Did you know the BPO Agent usually only makes $40-50 for each BPO the lender orders? Consider that for a moment. The BPO Agent has to drive out to property, spend 30 minutes or more inspecting it, take 10-20 [...]

I was reading more about deficiency questions with short sales and I thought I would elaborate a little on the subject. When you get a lender to accept a short sale the amount of debt forgiven becomes a taxable event.
Example: Homeowner owes $250,000 on a house. The lender accepts $170,000 for it. The homeowner [...]

I was responding to a question today from a very experienced investor working in a specialty field of bankruptcy doing short sales. He asked a question that struck a chord in me. I will paraphrase it and and leave out his name for privacy. I think all of us can relate with this in one [...]