[Artz 330]

Originally Posted by Neil

Thats genius. So you're fee to the banker who brokered the home for you, guaranteed that you would "win" the foreclosure over the possibly hundreds of other people who are trying to get in on the same foreclosed property? There must be a ton of people who try to do the same thing so I am assuming you have to be very fast. Where do you get a preforeclosure list of property in the area to keep track on possibly bites?

So if you are always borrowing money from banks then all the real cash that you are making off each sale can be invested so in theory with $15million or so invested you could be making another $500K/year off of by not using your own money eh?

I cant quite justify the numbers you have provided, but in theory you are on track.

Preforclousers go straight to the township to be put on a list.
you can walk into the township and ask them may I see you "Lis pendence"

Here is a deffenition: from the web.

Answer
A "lis pendens" is a document filed in the public records that notifies any prospective purchaser of property that there is litigation pending that could effect title to the property. They are most often seen in mortgage foreclosures, but are used in other actions such as boundary disputes, eminent domain matters, and easement litigation.

[Artz 330]

When you make your cash, you put it away, invest in stocks, mutual funds IRA's whatever it is. With good credit, proof of income, any bank will loan you 100% of the deal. This is how you win using their money NEVER yours.

[3s-a-charm]

Originally Posted by Artz 330

"well just be paying student loans till we die."

Why all the student loans if you're making $250K on one deal?

[Ethirtynine]

^good point

[JB 330ci]

Originally Posted by Artz 330

Yep, banks take shits like that all the time. Its bad for them and reputation, its bad marks on the books. No one will just give you this information. But if you go to a bank and get to know someone like in the finance/underwritting end, you might be able to pick up forclouser deals for super super cheap.

Wanna know why banks take hits like this?

The bank would rather loose money, then close a year out with defualts and froclosures on the books, its not good for them. Its actually worse then loosing money. I know several bankers. I was under the same beliefe you are 2 years ago. Banks dont just loose many. But what I found out is mind boggling.

I've read through the thread and I must say it's interesting. I know I couldn't do it because I'd most likely have my clearance revoked for having a large amount of money out for a loan. Hell, I have to report anything over $10,000 to the Central Clearance Facility (OPM) on stocks so you could imagine if I go out and do something like you're doing they would revoke it. They cringe at tickets or loans in the first place.

But anyway, it seems your stragety would only work in a seller's market right? I know Florida has a housing boom (I have a house in Naples, FL Strafford Place) but still if the housing market cools off I'd expect you to still make a profit (we are talking about FL here) but not as much since you would need to lower the asking price?

Furthermore, if a rapid price correction takes place in the economy or housing (falls) you would owe more than what you could ge for "fair market value"?

I would expect property taxes even with the homestead exemption would bite you if you have too much property at one time (around Jan 1.) ?

I'm assuming since your Dad is in the business, you use him for any constrution or do you contract it out to someone else?

Are you in Florida? or NJ? I could of sworn you said you were in FL

[larryn]

OK.. just catching up on this thread.. You have local municipalities fix things for you, so that even though a competing bidder can pay more, you have public employees delay the deal of the other potential buyer. You call this "helping you out".

A few town officers nearby me wound up doing jail time for this very thing. There were relatives involved, but that doesn't matter.. fixing things to make it more fair for one over another is illegal. Being a public servant they are not to be biased or even favor a "local boy" versus a "punk" (using your words).

Also, you mention getting insider information from the bank regarding pre-foreclosures, effectively snapping up poperties for pennies on the dollar. Hate to tell you, but if this is true, you are breaking major trade laws, especially if you are making $250k on a deal. A bank wouldn't put themselves in a position like this.

I still call BS, but if it's not BS, you belong in jail for these transactions, if true, along with a bunch of others. I'm not even going into the part about making "Mr. John is eat from a trashcan.". (real nice)

You are no financial wizard if any of this is true... you are an insider trader, involved in price fixing, and bordering on organized crime. You may have made a few bucks in construction or flipping a couple houses, but the rest is hoopla, imo.

The student loan comment is the capper though.

[Tiffz MiniS]

Originally Posted by 3s-a-charm

Why all the student loans if you're making $250K on one deal?

Because when you are making that kind of money, you dont just use it to pay stuff off or just to use it.. the best way to go in invest it in another deal. So that you get profit.. keep some and invest in more.. its like a chain!

[Tiffz MiniS]

Originally Posted by JB 330ci

I've read through the thread and I must say it's interesting. I know I couldn't do it because I'd most likely have my clearance revoked for having a large amount of money out for a loan. Hell, I have to report anything over $10,000 to the Central Clearance Facility (OPM) on stocks so you could imagine if I go out and do something like you're doing they would revoke it. They cringe at tickets or loans in the first place.

But anyway, it seems your stragety would only work in a seller's market right? I know Florida has a housing boom (I have a house in Naples, FL Strafford Place) but still if the housing market cools off I'd expect you to still make a profit (we are talking about FL here) but not as much since you would need to lower the asking price?

Furthermore, if a rapid price correction takes place in the economy or housing (falls) you would owe more than what you could ge for "fair market value"?

I would expect property taxes even with the homestead exemption would bite you if you have too much property at one time (around Jan 1.) ?

I'm assuming since your Dad is in the business, you use him for any constrution or do you contract it out to someone else?

Are you in Florida? or NJ? I could of sworn you said you were in FL

He (Artz 330) is in NJ

[3s-a-charm]

Originally Posted by Tiffz MiniS

Because when you are making that kind of money, you dont just use it to pay stuff off or just to use it.. the best way to go in invest it in another deal. So that you get profit.. keep some and invest in more.. its like a chain!

Good point. That is how the smart people think!

[Tiffz MiniS]

Originally Posted by 3s-a-charm

Good point. That is how the smart people think!

You just gotta think smart!

[scottz5]

I love the it. Just get it!

[Artz 330]

Originally Posted by lni

OK.. just catching up on this thread.. You have local municipalities fix things for you, so that even though a competing bidder can pay more, you have public employees delay the deal of the other potential buyer. You call this "helping you out".

A few town officers nearby me wound up doing jail time for this very thing. There were relatives involved, but that doesn't matter.. fixing things to make it more fair for one over another is illegal. Being a public servant they are not to be biased or even favor a "local boy" versus a "punk" (using your words).

Also, you mention getting insider information from the bank regarding pre-foreclosures, effectively snapping up poperties for pennies on the dollar. Hate to tell you, but if this is true, you are breaking major trade laws, especially if you are making $250k on a deal. A bank wouldn't put themselves in a position like this.

I still call BS, but if it's not BS, you belong in jail for these transactions, if true, along with a bunch of others. I'm not even going into the part about making "Mr. John is eat from a trashcan.". (real nice)

You are no financial wizard if any of this is true... you are an insider trader, involved in price fixing, and bordering on organized crime. You may have made a few bucks in construction or flipping a couple houses, but the rest is hoopla, imo.

The student loan comment is the capper though.

everything is looked over signed by lawyers, banks, lenders buyers, im pretty well protected. i have several lawyers and advisers, there are no laws being broken everything is done legit. Your alound to make as much money as you want. Pay the taxes handle the money the legal way. Everything is legal. So your comments are false and way off base.

[shimshimhada]

Originally Posted by Artz 330

first off your a fucking idiot, everything is looked over signed by lawyers, banks, lenders buyers, im pretty well protected. i have several lawyers and advisers, there are no laws being broken everything is done legit. Your alound to make as much money as you want. Pay the taxes handle the money the legal way. Everything is legal. So your comments are false and way off base.

Did you always have a lawyer to begin with? Would I need one for like the first job or something?

[Artz 330]

Originally Posted by shimshimhada

Did you always have a lawyer to begin with? Would I need one for like the first job or something?

yea, always had one.

[shimshimhada]

Maybe I should become a lawyer, then start doing this. Then I could hire another lawyer, but I could keep an eye on him, and I'll hire another one to keep his eyes on the first one, etc.

[Artz 330]

Originally Posted by shimshimhada

Maybe I should become a lawyer, then start doing this. Then I could hire another lawyer, but I could keep an eye on him, and I'll hire another one to keep his eyes on the first one, etc.

yea, you dont wanna break any trade laws, right? LMAO

[shimshimhada]

Originally Posted by Artz 330

yea, you dont wanna break any trade laws, right? LMAO

I don't believe in trade laws.

[Artz 330]

Originally Posted by shimshimhada

I don't believe in trade laws.

lol, your breaking the laws of physics.

[Artz 330]

oh nevermind, only my bmw can do that..

[shimshimhada]

Originally Posted by Artz 330

oh nevermind, only my bmw can do that..

If you read a Porsche car manual, it says something along the lines of "Acts of God are not covered by the warranty."

[Artz 330]

Originally Posted by shimshimhada

If you read a Porsche car manual, it says something along the lines of "Acts of God are not covered by the warranty."

AHAHAHAH, Are u serious? lmao

[shimshimhada]

Yeah, when I skimmed through my dad's 987S' manual, I was like...omgwtf?!