Can a foreclosure on a property be reversed back to a short sale?

This week on AskMike, Mike Moulton discusses a recent real estate deal involving the reversal of a bank foreclosed house back to a short sale status.  Mike discusses the deal overview, the lender involved, and the current status of the deal.

Thanks to Pam from Michigan for writing in.

Be sure to leave your comments below this video. Also, if you missed last weeks’ AskMike video on How To Convince Private Lenders To Loan On Your Deals In This Market then be sure to click that text as a link to view it.

Got a question for Cortney and Mike?  Submit it HERE.

Take care and happy investing, thanks for watching!

Mike

How To Convince Private Lenders To Loan On Your Deals In This Market

Welcome to AskMike, the weekly real estate investor video tips and tricks series on the latest strategies that working in today’s economy.  This week Rick wrote in from Texas and asked us what are the best ways to approach and convince private lenders to loan us money to fund our real estate deals in this market?  There is so much negativity in the media and everyone is not spending or lending now.  Well Rick, now is actually the perfect time. Checkout the video below as to why and what you need to do to approach these guys…

Be sure to leave your comments below this video. Also, if you missed last weeks’ AskMike video on How To Market Houses On A Tight Budget then be sure to click that text as a link to view it.

Also, if you are interested in raising private money to fund your real estate deals checkout the Ultimate Private Money Solution website.

Got a question for Cortney and Mike?  Submit it HERE.

Take care and happy investing, thanks for watching!

Mike

Does Wholesaling Still Work in This Market?

This weeks’ question to The Sharp Investor coaches has to do with utilizing wholesaling as a technique in the current marketplace.  Mike addresses this question in the video below.

If you would like to submit a question to be answered on an upcoming episode of AskMike, please visit our Contact Us page and submit your question.
Thanks,
Cortney and Mike

The Top 10 Things To Consider When Creating Your Private Money Program

You need to have a private money program in order to be able to approach individuals to loan you money for your real estate deals.  This video highlights the top 10 items to consider when creating your program.  If you can address these questions, you are well on your way to obtaining all the funds that you need:

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The Top 5 Effective Marketing Techniques To Find Private Lenders To Fund Your Real Estate Deals

Marketing is always the key driver to running any business.  We always need to be thinking about how we can differentiate our strategies to get ahead and stay current.  A lot of my clients ask me all the time if there are any new methods to sourcing private money for real estate deals.  Sometimes there are new approaches and sometimes the old, proven methods still work best.  Below are the top 5 that I’ve seen the best results from when sourcing new private money sources:

1. Small Aggregate Lending Sites – These sites are put together and funded by other individuals who want to make a return on their money.  An example of this is Prosper.com.  This site will pool individuals’ money together and bet on you based on your profile to negotiate the interest rate, etc.  Their limit is $25K loans but these are great for funding renovation and/or holding costs when you buy a property subject to the existing loan, the seller finances the property on a first mortgage, or you want to renovate a rental that you have.  In today’s market another great strategy is making up the back payments on a foreclosure deal and taking it over subject to the existing financing. The great deal about these Prosper.com loans as they aren’t secured against the property.
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