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AHA! The Affordable Housing Alliance. Why we need REALTORS

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing AHA! The Affordable Housing Alliance. Why we need REALTORS

This topic contains 38 replies, has 0 voices, and was last updated by Avatar of dave salcido dave salcido 10 years, 5 months ago.

Viewing 15 posts - 1 through 15 (of 40 total)
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  • #5644
    Avatar of dave salcido
    dave salcido
    Member

    http://saltlakecity.craigslist.org/rts/1181071884.html

    The Affordable Housing Alliance, or “AHA” is a marketing strategy NARS members can use to capitalize on the slew of REO’s that are flooding the market. Someone has to buy these deals of a lifetime. Why not our Daddy Warbucks IB’s?

    (See the previous post: “How to Find Occupants (RB’s) for Investor Purchased REO’s.”

    REALTORS will love you and you will love your REALTORS as you create this very mutually beneficial alliance between you, your real estate agent, your rich buddies looking for a slam dunk investment and home occupants looking for an affordable monthly payment and something more fulfilling than a stinkin lease option.

    Now, go make some offers!

    #29410
    Avatar of bolieunj
    bolieunj
    Member

    Your craigslist post is great!

    Can you send me what you’re using for an “Occupancy Interest Card” to compare with my “Ownership Assistance Questionnaire” to make sure I’m covering all the same bases?

    Thanks,

    Leon

    #29411
    Avatar of corkhorner_2
    corkhorner_2
    Member

    The latest IS IB investor funding EHT for prequaled RB’S?
    If so, that fills one of the longstanding blanks.

    The question term? 3year limit? What?
    Interest rate that makes it ‘affordable’?

    Lay it on me, Twittee. [That's twitter for those in the know]
    Next, I take it REAP has a position in these with us other groundlings who bring em from the dark?

    cork h.
    o 619 692 4353
    san siego

    #29412
    Avatar of dave salcido
    dave salcido
    Member

    @CorkHorner wrote:

    The question term? 3year limit? What?
    Interest rate that makes it ‘affordable’?

    Answer #1- Whatever works for all participants.
    Answer #2- Whatever works for all participants.

    #29413
    Avatar of dave salcido
    dave salcido
    Member

    @CorkHorner wrote:

    Next, I take it REAP has a position in these with us other groundlings who bring em from the dark?

    NARS will be at the plate, Corkmeister is on deck, and REAP is in the hole.

    #29414
    Avatar of corkhorner_2
    corkhorner_2
    Member

    Love ya, DS.
    You ain’t been ‘twittin’ lately.? For those who ain’t twittering, go Twitter.com It’s a riot and then some.

    Dave–At one time, I was the main source for ring decoders being necessary on this board.
    Joe Cain had boxes of em. he had to outsource them off shore to keep up with the demand.
    Now, ya done one-upped me, Dave. I love you more each day. However I refuse to give up my heterosexual preference.

    So, perhaps finite answers will evolve one of these daze?

    On-the-beach,
    truly;
    c h
    San Diego.

    #29415
    Avatar of dave salcido
    dave salcido
    Member

    @CorkHorner wrote:

    Love ya, DS.
    perhaps finite answers will evolve one of these daze?

    Sorry for the appearance of stealth. Not intended. Let’s do it this way. Bring me your favorite Realtor or wannabe Lease/Owner (That’s what I call these RB types) and let’s play out the entire sequence of events together. To continue the metaphor, we can manage the team, set the game plan, create the line up with our players, play and win the game and get a nice signing bonus for making it all happen. Forget fanasy league. Let’s do it for real.

    #29416

    HEY DAVE !

    I always was good at “just running the bases !” Heck, yeah.

    Way to fit a Pinch Runner into your Game Plan.

    You’ve got my vote for the Hall of Fame.

    PLAY BALL !

    #29417
    Avatar of corkhorner_2
    corkhorner_2
    Member

    Thanks Dave.
    The smoke is clearing.
    a question: is it lonely here or am I missing something?

    So, I’m gonna get a qual RB, get/find a ‘Real-it-or who has motivated seller [including REO?], or both, then REAP is going to co-IB the deal with investor funding?
    Am I close or too far in the outfield?

    IF the Investor funding is a popular payment level, this could amount to eating low hanging fruit laying down? Scott must have cashed in his 101 k.
    Can I punch in on Memorial Day?

    c h

    #29418
    Avatar of dave salcido
    dave salcido
    Member

    @CorkHorner wrote:

    Thanks Dave.
    The smoke is clearing.
    a question: is it lonely here or am I missing something?

    So, I’m gonna get a qual RB, get/find a ‘Real-it-or who has motivated seller [including REO?], or both, then REAP is going to co-IB the deal with investor funding?
    Am I close or too far in the outfield?

    IF the Investor funding is a popular payment level, this could amount to eating low hanging fruit laying down? Scott must have cashed in his 101 k.
    Can I punch in on Memorial Day?

    c h

    Bring what you can to the table. The alliance, (you me, Real-it-or, cash investors, etc.) will fill the gaps. This is what I am telling real estate agents:

    “What is the Affordable Housing Alliance?

    We are an organized group of investors that buy bank owned properties, (REO???s), only AFTER we have located someone to occupy the house. We ask you to ask your client and potential occupant of our residential properties to provide information on the type of home they want to live in, the neighborhood where they want to live, their affordable monthly payment and how much they can afford to pay for some customary closing costs.

    When we know what your “ready to move in” occupant wants, we bring you into the transaction to continue assisting your occupant client and you also become our buying agent and help structure our purchase offer to the bank. This is how you secure your commission. We then contact the bank, locate REO???s matching the occupant???s needs and make a discounted offer to the bank. If the bank accepts our offer we buy the property.

    We then create a residential net lease (much like a commercial rent to own agreement) with the occupant. The occupant takes over an affordable monthly payment and is responsible for the home???s maintenance, upkeep, repairs, taxes and improvements. In essence, the occupant becomes much like a ???live in??? property manager. In exchange for this responsibility, we offer the occupant a share in ownership benefits such as appreciation, loan reduction equity, tax deductions, etc.(You, the agent can also receive additional monthly income as a passive back up property manager if you choose.)

    At the end of the rent to own period, (This is not a lease/option. It is much better and safer), the occupant can remain in the home, continuing to make lease payments, the occupant can leave, or the occupant can buy the home at fair market value or even sell the home for a profit, now using you once more, this time as their selling agent!

    If you and your client are interested in such an arrangement, please call me, Dave, at 801-850-6879. I will ask your client to fill out an occupancy interest card. If your client has what we are looking for, we will ask the potential occupant to open an escrow account in their name to guarantee and safe keep funds equal for some minor closing costs and two months of monthly payments. We will then begin negotiations with the REO bank. We hope you have many clients in need of this form of occupancy. Thanks for your interest.”

    Any questions?

    #29419
    Avatar of corkhorner_2
    corkhorner_2
    Member

    Ummmmm, yah. Can I get a PayDay Loan?

    :roll:

    Dave, I like your explanation. In my own narrow perspective, what is being evolved is private investor funding of short and mid term funding for traditionally unqualified occupants of homes. The qualifier that levels the playing field is commonly known as ‘skin in the game’.

    IF the interest/payment levels are appealing, ‘good deal, Lucille.’

    Also, if the tsuname kicks in, I am going to reinforce my Carpenter&Handyman Network to handle the new load. REO homes [all of them] that need service and also the homes that need repair and remod.

    Any questions?

    c h

    #29420
    Avatar of dave salcido
    dave salcido
    Member

    By George! I think he’s got it!

    #29421
    Avatar of bolieunj
    bolieunj
    Member

    This is state specific, right?

    Leon

    #29422
    Avatar of homesavers
    NULL
    Member

    I am getting a lot of positive responses from the Affordable Housing Alliance angle. I am relying on you David to produce the investors with CASH to buy these properties. I don’t want to be “all dressed up with no place to go”. I have one Broker calling me every other day about this and wants to meet with me. He has 8 potential occupants looking for properties right now. He told me every time he makes on offer on an REO there are at least a dozen or more other offers and sometimes up to 40 offers on one property.
    Interesting huh?

    #29423
    Avatar of dave salcido
    dave salcido
    Member

    @BolieuNJ wrote:

    This is state specific, right?

    Leon

    No. Our search for participating cash investors and occupants will be marketed on a national and regional basis. In summary, here is how we approach this transaction:
    1. market for a potential Lease/Owner (RB) or get one from a referral (RE agent, etc)
    2. Get an RB profile to determine the REO that will match their needs
    3. Get RB to escrow closing costs (TBD)
    4. Locate matching REO from bank or Realtor listings
    5. Locate cash investor to commit to buying REO (rich uncles, doctors, lawyers, hedge funds, 10-31 exchangers, owners of 401-301-201-101K’s, anyone with bucks needing a safe haven for their money)
    6. Submit a Property Evaluation Form, Trust Input Form with supporting docs (Warranty or Trust Deed, Tax Assessors Report, Appraisal and/or comps, Mortgage Statement, Authorization to Release Information)
    6. Create trust and assign beneficiaries
    7. Investor buys REO
    8. RB closes and occupies property in an EHT

    There may be a few more moving parts than this, but you get the general picture.

    Why would we consider this strategy?
    1. The investor can purchase properties inexpensively
    2. The property is free and clear with a clean title
    3. The investor can create a reasonable and affordable monthly payment
    4. Nice cash flow with built in equity for all beneficiaries
    5. Allows positive activity amidst all of the overencumbered properties with unworkable loans that have hamstrung EHT investors and real estate agents alike.

Viewing 15 posts - 1 through 15 (of 40 total)

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