Quick turn in Vancouver!

[larolargo]

Hi everybody,
my name is Mario and I just became a REIN member after attending Ron Legrand`s boot camp last weekend.
It was very nice meeting so many great people at the event.
I plan to start my investing career doing quick turn deals. Right now I have a potential short sale under contract via AFS and the only way we(me and my partner) can buy is if the second mortgage holder takes a deep discount.
The house is located in Maple Ridge.
Anyways, is there any Rein member doing these type of deals in Vancouver?
Looking forward to meeting you guys!

Mario Ferreira
604-727-4681

 

[Thomas Beyer]

QUOTE (larolargo @ Nov 2 2010, 11:15 AM) ..I plan to start my investing career doing quick turn deals. Right now I have a potential short sale under contract via AFS and the only way we(me and my partner) can buy is if the second mortgage holder takes a deep discount.
..
AFS works well if there is enough spread between buy and sell price .. which is hard in BC.

Quick turn works best if you can with ALL CASH as mortgages are not assumable in BC.

Why would the 2nd mortgage holder take a discount ?

 

[larolargo]

QUOTE (ThomasBeyer @ Nov 2 2010, 11:37 AM) AFS works well if there is enough spread between buy and sell price .. which is hard in BC.

Quick turn works best if you can with ALL CASH as mortgages are not assumable in BC.

Why would the 2nd mortgage holder take a discount ?

According to her appraisal 3 months ago her house is worth $310,000. However, I`ve been searching houses for sale in the neighborhood
and her house now should be worth $277-280,000.
She will sell for what she owns $299,000( about 5 months behind). She`s fully ware the only way we can buy is if the second lender takes a deep discount on the mortgage.
So my partner`s lawyer will make an offer on the mortgage and if the lender doesn`t accept we are out. If he accepts we will put it on MLS.
The lender is not a big bank!

Thomas please give me your thoughts!

 

[Thomas Beyer]

QUOTE (larolargo @ Nov 2 2010, 11:53 AM) ..

Thomas please give me your thoughts!
you will get a lot of "no way" situations .. but perhaps 1 or 2 out of 10 might say "yes" .. it`s a volume game that you might get tired of quickly !