Tax & Financial Consequences of a Short Sale - Video Blog

What are the Tax and Financial Consequences of a Short Sale? Geoff of the OC Short Sale Guys discusses this subject and answers familiar questions from homeowners such as "Do I get a 1099 from the bank?" or "Will the bank come after me for the difference?" and "Would I get a deficiency judgment?"



We are NOT Attorneys or CPAS and DO NOT provide legal or tax advice. We always recommend that our clients consult professional advisors for these matters.

In the video we do refer to the IRS website which discusses the Mortgage Forgiveness Debt Relief Act.

Gabe & Geoff

http://www.ocshortsaleguys.com/

What is a Short Sale - Video Blog

What is a "Short Sale"? We get this question a lot from friends and business associates.

Gabe of the OC Short Sale Guys defines the term short sale and discusses when the OC Short Sale Guys help homeowners in the foreclosure process.

Gabe & Geoff

OC Short Sale Guys

http://www.ocshortsaleguys.com

Short Sales - A Method of Aquiring Real Estate with No Money or No Credit

"I hear a lot about short sales, so why are you guys buying short sales as real estate investors?"

There are many ways to aquire properties: probate, foreclosure auctions, hire a realtor, subject-to, etc.

Some require your money, some don't. Some require your credit for a loan, some don't.

To buy short sale properties it is possible do this using none of your money and none of your own credit AND you don't even have to be a licensed real estate agent. WHOA... Did you see what I just wrote? "So I can buy and sell real estate without using my own money or credit?"

The way we make our money in a short sale is that we buy low and sell low. This is basically exactly what Costco does with a commodity like toilet paper. They buy a lot of it at a discount and are in turn able to sell it at a discount. We do the same thing with houses. We buy low and sell low.

The upside is that we have very low overhead and our only expenses are our time and notary fees when get pre-foreclosure properties. Also, you don't even have to have a real estate liscense.

The downside is that we have a 1:3 closing ratio so if a lender is unwilling to negotiate with us, we will have done a lot of work for nothing. Lately though we have developed another strategy which involves processing and listing the property with a real estate agent which increases our closing ratio.

Here in Orange County California there are unfortunately a lot of homeowners who are behind on their mortgage payments and/or owe more to the bank that what the home is currently worth. A short sale is one option for this homeowner and is a better option than foreclosure.

If you'd like to learn more about the short sales process and how to find short sales you can watch a video we've created.

Thanks!

Gabe & Geoff

OC Short Sale Guys

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Mortgage Brokers and Loan Mod Companies partnering with OC Short Sale Guys

We've been partnering with a number of Mortgage Brokers and Loan Mod Companies lately on short sales both here in Orange County and out of state.

The reason why they want to work with us is that many mortgage brokers are unable to refinance their clients and many loan mod companies are sometimes unable to help the client get the terms they desire. This produces an unfavorable situtation because these companies are 1) unable to help their clients and 2) are leaving potential revenue on the table.

Since we provide another solution for homeowners we are able to 1) help the homeowners and 2) pay mortgage brokers and loan modification companies referral fees for business they send our way.

For every property that is referred to us that we are able to successfully negotiate the short sale and purchase from the bank we pay $1000 at close of escrow.

We've also found a lot of short sales lately through word of mouth. Many people are unfamiliar with the term 'short sale' and what type of situation it applies to. We usually direct them toward this free short sales training video we've created in order to educate them on what to look for and how to talk to homeowners.

Best regards,

Gabe and Geoff

OC Short Sale Guys

Who should consider a short sale?

We have been talking to a lot of people lately about our business and a common question that comes up is "who should consider a short sale?"

Most people these days know someone who probably needs help. People who probably need to short sale are in a situation where:

-there may have been a job loss and they are having a difficult time making their house payment

-they owe more on the house than what it is currently worth

-they possibly have a loan which will reset to either a higher interest rate or has a balloon payment which they will be unable to afford.

The OC Short Sale Guys work with homeowners who are behind on mortgage payments by helping them avoid foreclosure.  We also work with Real Estate agents to buy their short sale properties. Our goal with each short sale is to create a win-win situation.

To learn more about the short sale process please visit www.ocshortsaleguys.com 

If you would like to refer us business and become a "deal finder" visit http://site.theneedforlead.com/ocshortsaleguys/ to create an account. We do trainings weekly and show you how to go out and find the properties that we are looking to buy.

Happy investing!

Geoffrey & Gabe

OC Short Sale Guys

(949) 287-4483
http://www.ocshortsaleguys.com

Bank Owned Properties in Minnesota

Greetings from Minnesota!

It's great to be out of Orange County for a few days enjoying springtime in the midwest. I've spent the last few days in Saint Paul attending the graduation ceremonies of my sisters for their masters degrees. That aside, I've had the opportunity to meet with other real esate investors and get a feel for the market.

There is an UNBELIEVEABLE opportunity to invest in the Twin Cities.

Yesterday I saw 10 properties and all were under $35,000, the least expensive being $19,000. Only two years ago most of these were sold for around $200,000. Now these properties are flying out the door. Most are bank owned and have multiple offers contigent upon a code compliance inspection.

Market rents along the University Avenue corridor are around $1000 for a 3br. Considering the market is in the process of a recovery, the cash flow and instant equity (after repair) opportunity for these properties is awesome.

My prediction is that once the light rail is completed along University Avenue in 5 years, property values will sky rocket as further gentrification and development improves the quality of these neighborhood. Coupled with rising energy costs, the demand for housing in these areas will push home values to a premium.

Happy investing!

Geoffrey & Gabe
OC Short Sale Guys
(949) 287-4483http://www.ocshortsaleguys.com

"Find the Deal" Training #2

In the current California real estate market there is a tremendous opportunities as thousands of people are looking for answers as they face foreclosure. In our second training, we will provide more training on how to make extra money with OC Short Sale Guys.

Our experience provides the solutions that these homeowners need, yet also provides an opportunity for our team of deal finders.

In the second "Find the Deal" training, we will be going over the EXTREMELY simple ways to go out and find deals. This training will show you how to go out and find deals so that you can get paid for your efforts. Don't miss this way to make extra money!

We will be covering the exact very simple process step by step so that you can get paid. If you need or want to make a couple extra grand quickly do not miss this training!

Title: Finding Deals Made Extremely Easy
Date: Thursday, May 7, 2009
Time: 6:00 PM - 7:00 PM PDT

After registering you will receive a confirmation email containing information about joining the Webinar.  Reserve your Webinar seat now at:
https://www2.gotomeeting.com/register/672342322

Geoffrey & Gabe

OC Short Sale Guys

(949) 287-4483
http://www.ocshortsaleguys.com