I began working in the real estate industry in 2008 soon after I was laid off from my job as a cabinetmaker. I studied to become a licensed real estate agent and quickly went to work for an agency in New York City – just as the housing sub-prime crisis began to take hold in the northeast. The market for real estate declined and listings and sales virtually dried up, so for about 18 months there was virtually NO money to be made, except for a nominal rental market that helped pay the rent and nothing more.
It was in the second half of 2009 when I began to look into the little known (in NYC) Short Sale market. I was introduced to several investors that were negotiating Short Sales and I quickly saw the potential to make money in this area. With some help from these gentlemen I worked my way through my first short sale in about 8 months – not exactly a moneymaking machine!
Then I came across REIClub and their new Short Sale Interview Series.
Believing that there was money to be made in short sales, I knew there had to be a better way to navigate through the short sale process–especially since the traditional buy and sell real estate market seems to have stalled in my area.
I ordered the REIClub Interview Series on Short Sales, with Short Sale professionals Nathan Jurewitz, Cory Boatwright and Josh Cantwell.
My hopes became reality when I received an approval on my next short sale offer within 4 weeks – thanks to the professional advice in the materials. That advice helped me streamline the entire short sale process and take me straight to the negotiators able to make a quick decision on the deal.
The property that was approved for short sale by the bank within 4 weeks due to a streamlined document process, a fair purchase offer and having a qualified buyer lined up.
The buyer was actually an investor, however the bank refused to sell the property to a corporation so the investor agreed to the purchase in his own name. Private funds were used to complete the purchase (this is very important to a quick approval of a short sale, as the process of a buyer obtaining a mortgage can be time-consuming).
The property is a 2 family attached home in a middle-income, working class neighborhood. Originally purchased in 2006 by a single mother hoping to rent the apartment to help her with the mortgage. She purchased the property for an inflated price of $440,000 in an area that really did not support that price – which is a major point I used in negotiating the short sale.
The property was listed at $250,000 with the BPO coming in at $240,000. The bank agreed to the short sale at a price of $220,000. It closed within 2 weeks of the approval.
I am also very close to completing 2 more deals, and because of this success I have several other property owners reaching out TO ME ! I have recently began my own company designed to negotiate short sales for homeowners, using the advice from the REIClub Interview Series.
Thanks to REIClub and the Short Sale Interview Series it seems I will finally benefit from the current real estate downturn, while also helping struggling homeowners get out from under the weight of a terrible situation without the stigma of having been foreclosed on.