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tracy5963

Wow That Was easy !

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Hi everyone. I have been reading posts on here till my eyes are crossed and its 4:00 AM . I have learned so much from everone else's experiences, a most valuble resource.

I have been mailing John Michaels Letter out every week now for 3 weeks, averaging 100 names a week. I have had a super response, beating out many other investors because of a letter that offers explanation, options, and hope. Following up these leads has been eye opening.

I have spent much time on the phone trying to learn the art of talking with mortgage companies. So now I have my first possible deal.

Lady in foreclosure. Owes 6 payments of $625. Has forced placed insurance on her home. It is in a HOT area of town. Needs some work done to it, (older home).

I was attempting to do a short sale on the home, and when I finally got to right person in loan dept, I mentioned leasing the home from owner for 3-5 years, and they BIT! They said I f I could get a lease agreement that would prove income enough to cover payment they would move past due to rear of loan and forgive penalties, and allow loan to go forward as it should. Owner was elated and we are meeting to do a 5 yr L/O. I am going to advertise the house as a fixer upper and L/O to someone else, and move this lady who has gained employment once again into a smaller and lower L/O house in another part of town. AIN'T THIS stuff fun! Not a dime out of my poket so far. One question though about the home owners insurance. Should she be the one to get policy to replace the force placed insurance by lender, or should I? Or even can I?

 

 

Thanks for all of you post and Questions I get to read .

Tracy Mills

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Hi, Tracy. First, congratulations on getting out there and speaking with homeowners. That's where it all begins. Sounds as if you were able to turn this bad situation into a win/win all around. You get to wheel and deal and make a buck for using your smarts. The bank is rid of a problem from their books. And the seller's backside is spared and she has a fresh start to look forward to. Way to go!

As for the insurance question, what JR said. Have the homeowner put a landlord's policy on the property.

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