Troy, MI

REIA of Oakland County Michigan is putting on a seminar on "How to flip houses"
REIA of Oakland County is a Non-Profit Real Estate Investment Group
Serving Wayne, Oakland, Macomb, and Livingston Counties in South Eastern Michigan. I can't say enough about this association. They go out of their way to teach and inform their members. If you are a beginner I believe joining REIA (real estate investment association) is one of the best things you can do to ensure your success as a profitable real estate investors.

This month they are proudly presenting

Paul Esajian of A&E's "Flip This House" on February 11, 2010

How To Rehab Like A Pro

Paul Esajian, along with his lifelong friend and co-founder Than Merrill, built their company, CT Homes, LLC into a multi-million dollar company in just three short years.
During their first year in business Paul and Than bought and sold 30 properties. Since that time they have more than doubled that number every year.
Currently buying 8 - 12 properties each month, CT Homes, LLC has purchased, rehabbed and wholesaled more than 180 single and multi-family properties in the last three years. Their rehabs don't tend to be paint and carpet specials--their average project requires more than $35,000 in rehab. The average profit is over $27,000 each-you do the math!
Paul currently manages multiple teams of contractors and sub-contractors in three different states and over twenty different cities. Paul is an experienced Project Manager who specializes in personnel management and incentive based motivation for his contractors.
Don't think you have to be a Project Manager doing the number of projects that Paul manages--you may just have your own home and a rental or two to deal with--but don't think you can't do multiple projects, either.
Does the thought of rehabbing make you think twice about buying properties?
Paul will share three simple steps in managing contractors: do your homework, lay out a detailed scope of work that outlines your expectations and, finally, investigate the contractor's business before you go to contract. Paul will elaborate on those steps to take some of the fear out of rehabbing.

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Meeting Location

Michigan State University Management Education Center 811 W. Square Lake Road Troy, MI 48098

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Meeting Schedule 5:30pm - 7:15pm Early Bird Q&A and Vendor Expo 7:15pm - 9:30pm General Membership Meeting and Guest Speaker
The public is welcome to attend at any of the above times.
It is not necessary to attend all night.
_________________________________ Cost REIA of Oakland Member - FREE Non-member - $20.00

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About REIA of Oakland

Thank you for your interest in the Real Estate Investors Association of Oakland. REIA of Oakland is a non-profit organization founded in 1981 run entirely by volunteers. Our goals include providing education to our members, providing professional networking, and monitoring the political and legislative environment as it affects the real estate investment business. Our meetings are held on the second Thursday of each month at the MSU Management Education Center in Troy, 811 West Square Lake Road Troy, MI 48098 Click here for a map.

The meetings begin at 6:00pm with an hour of networking and an informal Early Bird Q&A session. The seminar portion of the meeting runs from 7:15-9:30pm. Each month we have a different guest speaker, including national speakers on topics useful to real estate investors. The formal presentation is followed by a question and answer session.

In addition to free admission to our monthly meetings, joining REIA has many benefits for real estate investors from novice to pro. Visit our membership page here for more details about the benefits of membership.

Non-Members are welcome at the monthly meetings. The monthly seminars are free for members and $20.00 for non-members

Search Metro Detroit investment homes and foreclosures

Short Sale, Troy MI. By Mike Sher, Max Broock Realtors, Bloomfield Hills, Michigan

I just got my first equator BOA short sale approved. Both the first and 2nd were with BOA and they negotiated the loans together, which was nice. Time line as follows:

9/9/09 faxed the hardship and offer to to BOA in 10 page faxes.
9/24/09, they did not have the fax yet though re-faxed 3 times. Found a Short Sale person who allowed me to email it to him to be uploaded
10/1/2009 Exterior BPO was done
10/7/09 file was moved o REO Trans
10/20/09 seller and Mike Sher uploads all docs and full package to REO Trans/Equator
10/27/09 interior BPO done
11/10/09 negotiator emails us to say we are waiting for payoffs from investor
11/23/09 Titanium solutions calls me to tell me that they are taking over. They ask for full package again plus some new documents.
11/23/09 to 1/05/2010 Titanium has three representatives ask me for the same documents 3 times. At the same time REO Trans is emailing me asking for the same update information. Nether of them acknowledge the others updates

Titanium is telling us that they are in charge not REO Trans while REO Trans is telling us that they in charge not Titanium.

1/6/10 Reo Trans/Equator now counters the offer. Not in price but more in some small closing costs and changing the 2nd lien payoff from $3000 to $5000.

1/7/10 buyer accepts the counter offer and I send a new HUD
1/7/10 Equator asked for a quick change in the HUD by email
1/11/10 Equator asks to accept their counter offer again, we say yes.
1/12/10 Message from Equator "THIS FILE WAS SUBMITTED TO THE MI CO FOR REVIEW, WILL SUBMIT IT TO THE INVESTOR FOLLOWING RESPONSE "
1/23/10 the short sale was approved in writing.

Now we are off to close.

Mike Sher

56 homes sold in 2009, 22 of them short sale listings!

Office: (248) 644-4700x242 Fax :(248) 499-1020

4120 Telegraph Rd, Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com www.ShortSaleOaklandCounty.com Blog/Profile: www.mikerealtorblog.com

Web: www.mikerealtor.com

The Mike Realtor Team Blog - Metro Detroit/OaklandCounty Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City But,

We Can Help! This is a competitive real estate market. If you have to sell and can not, perhaps it is time to look at a Short Sale. The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.

13 YEARS AGO IT WAS 1996 AND I WAS JUST BEGINNING MY REAL ESTATE CAREER. YOU COULD DRIVE DOWN ALMOST ANY STREET AND FIND 2 OUT OF EVERY 10 HOMES ON A STREET FOR SALE. (IT WAS FOR A DIFFERENT REASON THAN TODAY HOWEVER.)

The market in Oakland County was HOT! Sellers had doubled their investments (even without any major improvements) in just under 9 years. The economy was in a much different position that it is in today. A home that was just listed for sale was selling in just a few days and had multiple offers on it. I remember on several different properties putting the for sale sign out and being stopped by a buyer that wanted to write an offer that day! Well... The use of a Realtor has always been important. It is even more important in todays market that ever before however. Things are changin in the industry and while it was not difficult to drive through any neighborhood during the vibrant economic times, to see that 15% of the available inventory was being advertised by proivate home sellers or FSBO for short, thats a difficult task today. Roughly 40% of homeowners are upside down in their mortgages today. There are sales called "Short-sales" (Pre-foreclosure) today and prior to just 18 months ago, I can tell you that I had never sold a property that was being sold short, or even being foreclosed. Sales are more complex today. Forget about trying to sell your home yourself when you are underwater on your mortgage. The banks won't allow it. And obviously if your home is foreclosed on then the banks don't sell homes themselves either! Realtors are just as important today as ever!

Here are the top 5 reasons you should select a RE/MAX agent like myself to represent you:

1.) YOU CAN COUNT ON OUR EXPERTISE SUCH AS:

A.) Knowing the market. B.) Pricing your home correctly. C.) We have access to home stagers for the greatest impact! D.) We use the most innovative marketing in the industry to give your home the greatest exposure. D.) Our skilled negotiators are the very best in the entire industry. E.) We navigate other home sellers each day through the inspections, appraisals and all the details. F.) Our agents close twice as many deals per year as our nearest competitors.

2.) PUT THE INDUSTRY LEADING EXPERTS ON YOUR SIDE:

A.) Experience equals results. Selling your home in a timley fashion and for the best price depends on accurate evaluation and list price. B.) Effective Marketing C.) Smart Negotiation

***RE/MAX agents are the iundisputed ndustry leaders in designations and education!

3.) MARKETING FOR MAXIMUM EXPOSURE:

A.) Getting the basics right. A lawn sign is the number one way to show your home is for sale. Listing with an industry leading agent Buyers feel confident in the fact that all the details will be handled correctly. B.) REMAX agents have access to not only local but National media. C.) Putting the internet to work for you. RE/MAX.com is the most utilized real estate search website attracting millions of searchers per month. D.) RE/MAX agents have access to various marketing materials such as E-Flyers and E-Cards which can be utilized to promote your property to everyone that you know in a digital way. E.) RE/MAX is a franchise of over 120,000 agents working together!

4.) IT'S ALL IN THE DETAILS:

A.) Contracts may contain complicated language and or special clauses that your RE/MAX agent will help to guide you through. In addition, a RE/MAX associate is most qualified to guide you through inspections, appraisals and all the details. B.) Once the details have been addressed, you can close with confidence! C.) If you are relocating, our agents have access to the largest independent relocation network in teh entire industry! Chances are that we have a RE/MAX office in the city you are moving to. We can help make your connection smoothly and put you in contact with an agent that specializes in your new area.

5.) RE/MAX agents care! These agents are activly involved in their communities and contribute to such groups as:

A.) The Childrens miracle network B.) The Susan G. Komen foundation C.) The RE/MAX Green foundation

Finally, I want you to know that there are certainly other very good companies out there. Prior to entering into an independent contractor relationship with any of them, I did my homework. RE/MAX was the only company that allowed their agents the flexibility to run their business as they saw fit. In otherwords, the agent you deal with is empowered to make decisions. No having to run to managers for every little detail. When we get together, you will see for yourself some powerful illustrations on the success RE/MAX agents deliver! Email me today: I would be honored to share with you how we can navigate you through your situation to a successful closing.

WHAT SEPARATES THE GOOD FROM THE GREAT YOU ASK??

ACTION IS JUST ONE OF THE MAIN INGREDIENTS! I GAINED THIS KNOWLEDGE FROM MY FRIEND "MIKE SHER" AND USE IT TO MY CLIENTS ADVANTAGE NOW.

Often Realtors, Clients or Friends ask me what is the key to Short Sale success. As you can guess from the Churchill quote above, "ACTION" is the key to success. This quote also covers why Short Sales fail "INACTION". Below I have listed examples of Action and Inaction: so you know the difference.

Action:

1. Preparing your seller properly so that they know what to expect!
2. Faxing 3^rd party authorizations in the day you get the listing & ordering pre-title.
3. Getting the hardship package scanned, prepped and sent in within the first weeks of the listing.
4. Lowering the list price every 10-15 days until you stimulate an offer.
5. Preparing the buyers agent as well as the buyer on "What to Expect" from the process.
6. Helping to position the buyer in hand to win the deal!
7. Calling them back every time you fax them document then two to four times a week once you have an offer in.
8. Taking great notes!
9. Having your HUD-1 done with 24 hours of getting an offer
10. Faxing in your offer package with in 48 hours of getting an offer.
11. Meeting the BPO/Appraiser at the home with comps.
12. When calling the banks, always asking where we are in the process and what can be done to speed things up.
13. Keeping the Seller and Buyer Agent up to speed.
14. Always "pressing on" after every success and/or failure until you close.

Inaction:

1. Taking a short-sale listing where nobody knows what to expect!
2. Faxing in 3^rd party authorizations well after taking on the listing.
3. Not scanning documents at all.
4. Starting the listing off way too high in price then never adjusting it to stimulate an offer!
5. Never preparing the buyers agent and buyer on what to expect
6. Not properly positioning the buyer to Win the deal
7. Never calling the bank regularly
8. Not taking great notes.
9. Not having the HUD-1 Prepared in a timley fashion!
10. Not getting your offer package in to the bank within 48 hours
11. Not meeting the BPO/Appraiser at the home.
12. Never asking where you are in teh banks process or what else you can do to speed things up!
13. Not keeping all parties informed of the progress.
14. Not lowering the price regularly.
15. Giving up at the first bumps in the road.

FROM MY VERY FIRST DAYS AS A REALTOR IN 1996, I HAVE ALWAYS TAKEN ACTION. THIS IS THE MAIN REASON WHY I OBTAINED THE RANKING OF (TOP 5% OF ALL REALTORS NATIONWIDE) MY VERY FIRST YEAR IN THE BUSINESS.

EMAIL ME TODAY, I AM NEVER TOO BUSY TO HELP! Carlo@CarloGobba.com

This is a Troy Short Sale that I listed and closed. My seller needed to sell. He was stuck in a predatory loan with a very high monthly payment. The balance of this loan was so high; I don't know how the borrowers could have qualified. The loan was a no doc, stated income "liar loan". The fees on the refinance were so high it was criminal.

The seller could not afford the loan in the first place and with the economic downturn he was certain to be foreclosed on. The Seller and Buyer were both thrilled by my services. Without a Short Sale, the seller would have been foreclosed on. This would result in years of debt and probable litigation.

PROFILE:

Location: Troy, MI

Type: Single Family Residence

Condition: Need of some repair.

Lender #1: Option One Mortgage Corp

Amount Owed: 310,000

Sold Price: $213,000

Loss Absorbed and Accepted By the Bank: $93,500

Negotiation time: 3 months

Total Seller's out of pocket costs: $3,895

Hardship: loss of income, due to divorce while in a predatory loan.

Happy Seller, Happy Buyer and One less Foreclosure in Michigan.

Email me, I can help! Carlo@CarloGobba.com