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Old 05-03-2009, 05:15 PM
 
23,266 posts, read 34,375,076 times
Reputation: 11765

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Turning short sales into big profit


Read this article...it seems to be legal but risky and only one person and his buddies are getting richer...which in a democracy is allowed, but is this a healthy situation and does every one involved understand that he basicaly can buy a short sale without this guy, for less!
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Old 05-03-2009, 08:56 PM
 
Location: Tricoastal
353 posts, read 648,168 times
Reputation: 264
This is UNBELIEVABLE. I am gonna post this also in the RE forum; maybe it will spark some feedback.
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Old 05-04-2009, 12:14 AM
 
Location: SARASOTA, FLORIDA
11,501 posts, read 12,309,272 times
Reputation: 4868
Smart business people make money during any type of economy.

This man is just smart enough to see an opportunity and make money with it.

There is a group of investors from central Ohio in Florida right now buying up land and homes a dime a dozen in hopes they can make a ton of money.

They state they are grabbing foreclosures and short sales daily and are also buying homes at auctions for next to nothing.

There info has prompted me to go to Florida and look around myself, which I may do soon. I was going to rent before I bought but if I can grab homes they are grabbing worth 350k for 125-150k I can buy it and if I do not like it flip it myself and move on.

I am happy for anyone who can make a buck during this economy, it takes special people do be able to make money like this during a down economy and then turn around and make money when it is a good economy. Not many have that gift.

There is one man here locally that bought 3 homes last week at sheriff sales at the courthouse when no one showed up to bid, he was stating that he bought a 275k home for 100k because it was re appraised and low balled by the recent appraiser. He thinks he can do some minor cosmetic work and resell for 200k and sell it quick.

Guess we all need to start looking at sheriff sales on foreclosures!

Interesting read. I love success stories like this.
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Old 05-05-2009, 08:41 AM
 
Location: Central FL
1,382 posts, read 2,989,269 times
Reputation: 1173
Quote:
Originally Posted by Sunny-Days90 View Post
Smart business people make money during any type of economy.

This man is just smart enough to see an opportunity and make money with it.

There is a group of investors from central Ohio in Florida right now buying up land and homes a dime a dozen in hopes they can make a ton of money.

They state they are grabbing foreclosures and short sales daily and are also buying homes at auctions for next to nothing.

There info has prompted me to go to Florida and look around myself, which I may do soon. I was going to rent before I bought but if I can grab homes they are grabbing worth 350k for 125-150k I can buy it and if I do not like it flip it myself and move on.

I am happy for anyone who can make a buck during this economy, it takes special people do be able to make money like this during a down economy and then turn around and make money when it is a good economy. Not many have that gift.

There is one man here locally that bought 3 homes last week at sheriff sales at the courthouse when no one showed up to bid, he was stating that he bought a 275k home for 100k because it was re appraised and low balled by the recent appraiser. He thinks he can do some minor cosmetic work and resell for 200k and sell it quick.

Guess we all need to start looking at sheriff sales on foreclosures!

Interesting read. I love success stories like this.
Here we go again! Everyone can get rich quick with Florida real estate.

How do you know that home is "worth $350k?" Just because it sold for that amount in 2005? If I go to the store to buy a TV that regularly sells for $1,000 and they slap a sticker on it for $1,500 and then have a blowout sale for 25% off, I still come out the loser!

Also, when buying foreclosures on the courthouse steps, I would think you would then be on the hook for unpaid taxes, liens, code violations (and fines), overdue HOA dues, and any other incumbrances to the title.
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Old 05-05-2009, 08:58 AM
 
Location: Central FL
1,382 posts, read 2,989,269 times
Reputation: 1173
The shady part of this program is that the participant has to (1) convince the lender's appraiser that the property is only worth the lowball offer and then (2) convince the buyer that the property is worth a higher price (the difference being the flip profit). I guess a sucker is born every minute.

Either it's worth the lower or the higher. It can't be worth both on the same day! Bubble 2, here we come.
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Old 05-05-2009, 09:13 AM
 
23,266 posts, read 34,375,076 times
Reputation: 11765
I think they make more moeny from selling their dvd's, seminar's and other crap that people want to believe can make them rich as well.....
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Old 05-08-2009, 10:57 AM
 
Location: SARASOTA, FLORIDA
11,501 posts, read 12,309,272 times
Reputation: 4868
Quote:
Originally Posted by MovedfromFL View Post
Here we go again! Everyone can get rich quick with Florida real estate.

How do you know that home is "worth $350k?" Just because it sold for that amount in 2005? If I go to the store to buy a TV that regularly sells for $1,000 and they slap a sticker on it for $1,500 and then have a blowout sale for 25% off, I still come out the loser!

Also, when buying foreclosures on the courthouse steps, I would think you would then be on the hook for unpaid taxes, liens, code violations (and fines), overdue HOA dues, and any other incumbrances to the title.
Only people who do not know what they are doing lose money on an item, whether it is a house, TV or whatever.

Comparing TV's to houses tells me you have no clue about buying and selling of homes, which I have done for a long time. I currently have rentals that I could turn over for a nice profit so I buy places I know I can sell and make a profit. I have never lost a single dime on any home yet and probably never will. I just do not over pay like many people do and did.

It's called comparisons, the house I have my eye on in Florida can be had for 130k today, it's a large executive home with tons of extras.

Do you even know what a hot sheet is? I got a line on a couple homes from a hot sheet.

3 homes in this area have sold for 175-200 very recently and they are much smaller, do not have the executive touch such as tile floors etc and do not have a lanai with a super swimming pool and sauna.

Who cares if it is worth 350k? Only a greedy person would see 350k on it.
As long as I can grab it, watch the market and sell it for a nice profit is all I care.

I would be willing to bet I could turn around and sell it for 150k rather easily and make a nice and quick 10k profit even after paying realtor fees. But I also know with some time and effort it could sell in the 175-200k range or even more. Maybe someone would be willing to pay 250k for it in time!!!!

People need not be so jealous of others who can make a profit during a down economy, these people are gifted. They see something others have no clue about.

The investor group in Ohio I post about is buying homes like this all over Florida and plan to make millions on them. They are not stupid people, they all know exactly what they are doing and would not be in Florida for months buying every home they can get their hands on for nothing.

I believe there is hidden gold in housing in Florida, if you know what you are doing and have the money and credit to buy.

I do not feel sorry for people for paid 350k for a house in 2005 when the house was only worth 200k. They have all turned sour on the state when it was them who screwed up. To hear some of them say it they got screwed. No, they got greedy thinking you were going to make a ton of money and held out to long as lost your butt, which is your fault.

If you paid 350k for a home that is worth 200k today that is YOUR FAULT. So stop blaming the state for YOUR mistakes.

We are planning on flying down to go look at this house soon, if it is all it is made up to be and the homes around it are what they are suppose to be we will be buying it.

See there is money to be made in Florida, it's another Florida positive!!!
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Old 05-08-2009, 11:17 AM
 
14,009 posts, read 27,544,109 times
Reputation: 15523
I'm sorry, but this is shady, and you will be reading about these guys down the road when it's revealed that there is more than meets the eye here. Just like here in Sarasota, there have so many unscrupulous real estate people, lawyers, bankers and others who were involved in big-time mortgage fraud and are now being prosecuted.
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Old 05-08-2009, 11:41 AM
 
154 posts, read 455,018 times
Reputation: 117
Quote:
Originally Posted by Sunny-Days90 View Post
Only people who do not know what they are doing lose money on an item, whether it is a house, TV or whatever.

Comparing TV's to houses tells me you have no clue about buying and selling of homes, which I have done for a long time. I currently have rentals that I could turn over for a nice profit so I buy places I know I can sell and make a profit. I have never lost a single dime on any home yet and probably never will. I just do not over pay like many people do and did.

It's called comparisons, the house I have my eye on in Florida can be had for 130k today, it's a large executive home with tons of extras.

Do you even know what a hot sheet is? I got a line on a couple homes from a hot sheet.

3 homes in this area have sold for 175-200 very recently and they are much smaller, do not have the executive touch such as tile floors etc and do not have a lanai with a super swimming pool and sauna.

Who cares if it is worth 350k? Only a greedy person would see 350k on it.
As long as I can grab it, watch the market and sell it for a nice profit is all I care.

I would be willing to bet I could turn around and sell it for 150k rather easily and make a nice and quick 10k profit even after paying realtor fees. But I also know with some time and effort it could sell in the 175-200k range or even more. Maybe someone would be willing to pay 250k for it in time!!!!

People need not be so jealous of others who can make a profit during a down economy, these people are gifted. They see something others have no clue about.

The investor group in Ohio I post about is buying homes like this all over Florida and plan to make millions on them. They are not stupid people, they all know exactly what they are doing and would not be in Florida for months buying every home they can get their hands on for nothing.

I believe there is hidden gold in housing in Florida, if you know what you are doing and have the money and credit to buy.

I do not feel sorry for people for paid 350k for a house in 2005 when the house was only worth 200k. They have all turned sour on the state when it was them who screwed up. To hear some of them say it they got screwed. No, they got greedy thinking you were going to make a ton of money and held out to long as lost your butt, which is your fault.

If you paid 350k for a home that is worth 200k today that is YOUR FAULT. So stop blaming the state for YOUR mistakes.

We are planning on flying down to go look at this house soon, if it is all it is made up to be and the homes around it are what they are suppose to be we will be buying it.

See there is money to be made in Florida, it's another Florida positive!!!
There is something that I would call "moral values" that is lacking in a fraction of people dealing with real estate: banks, lenders, real estate agents, owners. Please note that I said a fraction.
A lot of people who bought houses at a higher values than what there were worth did not do that out of greed. They did it because they worked and lived in Florida, wanted to achieved the dream of owning a house and believed unscrupulous mortgage companies and real estate agents who made them believe they could afford it, when they could not.
I firmly disagree to say that it was their fault. These people are now living with family if not in tents or in their cars.
On the other hand, the kind of shady scheme(s) described in this thread might indeed reflect a sort of "smartness", but in my opinion reflects primarily greed and complete lack of moral values.
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Old 05-08-2009, 12:25 PM
 
Location: SARASOTA, FLORIDA
11,501 posts, read 12,309,272 times
Reputation: 4868
Quote:
Originally Posted by TampaOrNotTampa View Post
There is something that I would call "moral values" that is lacking in a fraction of people dealing with real estate: banks, lenders, real estate agents, owners. Please note that I said a fraction.
A lot of people who bought houses at a higher values than what there were worth did not do that out of greed. They did it because they worked and lived in Florida, wanted to achieved the dream of owning a house and believed unscrupulous mortgage companies and real estate agents who made them believe they could afford it, when they could not.
I firmly disagree to say that it was their fault. These people are now living with family if not in tents or in their cars.
On the other hand, the kind of shady scheme(s) described in this thread might indeed reflect a sort of "smartness", but in my opinion reflects primarily greed and complete lack of moral values.
You made the ultimate sentence come alive above.

"made them believe they could afford it". Come on, if they cannot make a decision on their own then they have not right to even buy a house. If people are that stupid to get that suckered then so be it.

Its called do not pay more then 25% of your earnings for your home. Its been known way to 50 years and some of these people who lost their homes was buried in 45-50 of their income just on the home.

I know for a fact that many of these people bought the home right, used massive credit cards to buy toys and live high of the hog and then re financed the equity in their homes to pay for their toys. But yet it is someone elses fault. Nope!

I agree to a certain extend, some had good intentions but others made mistakes. To blame the bankers, realtors, appraisers etc is not right as the purchasers of the property has the ultimate choice not to sign the dotted line if they do not want to.

It is great to have a dream, but even if it were me, it would be my fault, I signed the line and cannot blame anyone but myself for not planning way ahead in case of an income loss or could afford a less paying job while still paying my house payment.

No one forces you to buy a home and blaming everyone else is flat out bull.
If I lose my house(s) it is my fault, not anyone else's.

Sure some people got took because they paid 350k for a house that was really worth on 200k, but in the end, they signed the dotted line.

I am sorry people overpaid for homes, but my goodness, ultimately they made a poor choice and are trying to blame others for their mistakes.

By they way, Florida is not the only places this is happening, just for those who try to make it out like Florida is the only place in the world this is happening, it is NOT.

Last data I checked there was 14-15 states with higher unemployment then Florida.

Does anyone have a backup plan if you lose your job so you can make your house payment as you agreed???? If you do not, you should.

By the way, the last appraiser that did one of my rentals overpriced the property by 40k. He did not even look over the house like he should have, did not even go into some of the rooms, never went into the basement.

I looked at the comps myself online and found he was not even close. I re paid for someone else to do it and got the real value. And yes, I got my fees back from the first one or I would have made sure his crappy services were not used as much if he did not. He though he was going to take my 400.00 and do a run through.

See if I had allowed him get away with it, it would be my fault, not his.

I did not allow him to over price my property just so I could run out and borrow it to the hilt like many did.
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