OC Short Sale Guys

Tax & Financial Consequences of a Short Sale - Video Blog

2009-11-10T18:38:00.000-08:00

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

2009-10-20T20:16:00.000-07:00

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

2009-10-08T12:25:00.000-07:00

"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

Become a fan on Facebook!

http://www.facebook.com/ocshortsaleguys

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

2009-10-06T12:44:00.001-07:00

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?

2009-05-22T18:45:00.000-07:00

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

2009-05-13T10:49:00.001-07:00

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

2009-05-06T17:45:00.000-07:00

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

Now Online - OC Short Sale Guys "Find the Deal" Training

2009-04-27T20:57:00.000-07:00

Thanks to everyone who joined us for the OC Short Sale Guys “Find the Deal Training” last Wednesday night.

There were several people who were not able to join us and have asked if we were able to record the presentation.

The presentation is now uploaded to our website. Please visit http://www.theneedforlead.com/user/training/OCShortSaleGuys.php to view the training.

The training is about 30 minutes in length and will give you all of the information you need to get started finding leads and so you can get paid $1000 each.

Thanks for joining our team and be sure to let us know if we can support you in any way!

Geoffrey & Gabe

OC Short Sale Guys

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

OC Short Sale Guys - Training - Wednesday Night 6pm

2009-04-20T20:36:00.000-07:00

This Wednesday at 6pm we are hosting a webinar which will teach our deal finders about how to make $1000 per property with OC Short Sale Guys.

To sign up for our webinar please create an account at: http://site.theneedforlead.com/ocshortsaleguys/

Wednesday will be the first of a number of trainings where we teach our deal finders the best ways to go out and analyze properties. Subjects which we will teach include:

-how to talk to homeowners in default

-intelligent marketing techniques

-how to identify good deals

-how to work with our site system

What we've found is that especially now, there are many people out there who are looking to make extra money. We have a system in place which can help educate our deal finders about real estate deals and real estate investing! This is a win-win situation for everyone involved as we build our team of deal finders who want to make a generous part time income.

Geoffrey & Gabe

OC Short Sale Guys

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

How to make extra money with OC Short Sale Guys

2009-04-18T11:22:00.000-07:00

In today's ecomomic enviroment many people are looking for creative ways to make money. The OC Short Sale Guys provides a opportunity for people to make extra cash... We pay $1000 when we successfully buy a real estate transaction that you refer to us.

Why does this make sense? With foreclosures still on the rise here in Orange County California and across the nation there is a tremendous opportunity for both real estate investors and "bird dogs".

What is a bird dog?

A bird dog is a deal finder. Normally the bird dogs we work with are either Realtors or else normal people who are hungry for extra money.

OC Short Sale Guys has set up system for our bird dogs to submit us properties, where they can keep track of our progress, until we successfully close the transaction. Also, we provide training to teach them how to go out and find the deals that we are looking for. We pay our bird dogs $1000 per real estate transaction that we buy and that you refer to us!

To sign up for our system please visit: http://site.theneedforlead.com/ocshortsaleguys/

We will provide training starting next week. Sign up to become a bird dog and we will teach you how to go out and find deals and how you can make $1000 per successful real estate transaction that we buy.

Geoffrey & Gabe

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

What to watch out for in a loan modifcation company

2009-03-26T15:22:00.000-07:00

In many cases our clients pursue a short a short sale at the same time as trying to get a loan modification completed.

What should you watch out for in a loan modification company:

1) Large upfront fee charged - Many loan modification companies charge a huge fee to contact your lender, and if they don't succeed, will keep up to half of the fee. Look for a money back guarantee.

2) Fee collected with limited explanation or disclosure - If the loan modification is legitimate, they will thoroughly explain what services are being provided.

3) First proposal accepted - The loan modification comes back after 90 days with terms which the homeowner can still not afford.

4) Company credibility - With such a high demand for loan modifications, make sure that the loan modification company is a legitimate business and has a real office.

OC Short Sale Guys has partnered with a local law firm here in Orange County California which has 30 years of experience in helping clients with loan modifications, bankruptcies, and general loss mitigation services. They offer a free consultation to analyze the situation and along with OC Short Sale Guys, will do everything possible to work out a solution.

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

Loan Modification / Subject-To Purchase

2009-03-12T19:02:00.000-07:00

One interesting investing strategy we've come across lately is what I will call a Loan Modification / Subject - To purchase. This requires absolutely no money or credit from the investor.

In some cases after recieving the notice of default, the homeowner may be able to go through with the loan modification, but will still be in a difficult situation to make the monthly mortgage payments. In this case, we are still able to help them walk away from the property but avoid both a short sale and foreclosure.

This is a tremendous win-win situation for both the investor and the homeowner.

We have also seen in this situation investors set up a Lease-Option in the recently purchased Subject-To property. This is also a win-win situation for both the Lease-Option tenant and the investor: the tenant gains an ownership stake in the property while working towards a better situation to excercise the option to buy, and the investor secures the option money while having a tenant who has an ownership stake in the property.

Believe it or not, this strategy is starting to make sense here in Orange County California as the buds of cash-flow property are starting to sprout.

Geoffrey & Gabe

OC Short Sale Guys

(949) 287-4483

http://www.ocshortsaleguys.com/

Short Sale - Tax Consequences

2009-02-20T15:39:00.000-08:00

When we meet with our clients and discuss the short sale process with them, common questions that come up are "What are the tax consequences of a short sale?" or "I've heard I might receive a 1099 from the bank for the difference".

In most cases you probably will not, but we advise you to consult with your real estate attorney and/or CPA. In December 2007 the government instituted the Mortgage Forgiveness Debt Relief Act which allows homeowners who use the property as their principal residence to generally not have any tax liability. There are some exceptions if you have done a Cash Out refinance on that property and did not use the funds to improve the property. An important thing to remember is that if you do have some potential tax liability, that liability will probably be worse if the property goes into foreclosure because the bank will lose more money. Many people make this mistake and think that if they let the property go into foreclosure, they are released of all liability. This is incorrect. We advise you to consult with your real estate attorney and/or CPA to see your tax potential tax liability. You can read more about the Mortgage Forgiveness Debt Relief Act on the IRS website.

For more information please visit our website.

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

Short Sale vs. Foreclosure

2009-02-01T18:01:00.000-08:00

We've been asked a lot recently what the difference is between a Short Sale and a Foreclosure. And why is it better to sell your home as a short sale than it is to let the bank foreclose.

Here's just a brief list of some of those differences:

Short Sale: You sell your home for more money.
Foreclosure: You sell your home for less money.

Short Sale: Shows as a closed account on your credit report.
Foreclosure: Shows as a foreclosure on credit for 10 years.

Short Sale: Homeowner typically stays in the home for a longer period of time.
Foreclosure: Homeowner typically stays in the home for a shorter time.

Short Sale: No eviction.
Foreclosure: Eviction.

Short Sale: It's private. Neighbors do not have to know.
Foreclosure: Public notices filed and posted at your home. This is embarrassing.

Short Sale: No deficiency judgement.
Foreclosure: Deficiency judgement.

Short Sale: No cost to seller.
Foreclosure: Trustee sale.

Short Sale: Right way to handle this type of debt.
Foreclosure: Wrong way!

Remember, there is a lot of misinformation about the short sale and foreclosure process. If we can help you and work with you through this situation, please do not hesitate to contact us for a free, private consultation.

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

Linking to www.ocshortsaleguys.com

2009-01-23T09:40:00.000-08:00

If you are interested in in a business opportunity with regards to linking your website to www.ocshortsaleguys.com please contact us to discuss how we can work together. We will pay YOU for referrals.

www.ocshortsaleguys.com is fully operational and explains exactly how we help homeowners and Real Estate Agents with the short sale process.

Talk to you soon!

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

Check Out Our New Website!

2009-01-18T14:54:00.001-08:00

Our website www.ocshortsaleguys.com is now up and running!

On www.ocshortsaleguys.com we explain what what do and who we work with.

Since we primarily work with Real Estate agents, if you know any agents who work with people who are going into foreclosure, please tell them to contact us to see if we can work together.

We work with realtors and homeowners not just in Orange County California, but in all 50 states in the country.

Also, I would like to mention that for anyone that refers us a seller or a realtor who refers us a seller we will pay you $500.

Happy 2009!

Geoffrey & Gabe

OC Short Sale Guys

(949) 287-4483

www.ocshortsaleguys.com

32-Unit Short Sale Apartment

2008-11-19T11:15:00.001-08:00

One of our recent projects has been the negotiation of a 32-unit short sale multi-family aparment complex. Each deal we negotiate is unique but this one has been really interesting.

A few observations:

-The property did go to auction and the bank bought it back. This wiped away the 300K in construction liens on title.

-The bank is a small regional bank and got in way over it's head on the loan to the investor. The complex is only two years old and is 66% occupied at the moment.

-All banks we've been talking to regarding financing will only loan based on 85% occupancy, 30% downpayment, and a debt to income (DSCR) of 1.3 or more.

-It's been clear that the bank has no idea about commercial real estate valuation and is trying to sell the property based on inflated information. We buy only on acutal numbers, never on future performance!

-The bank was initially asking for 1.5 million and came down to 1.2 million. Our offer has remained firm at 750k because this a value in which we safely cover our expenses and debt service.

-Then bank is very motivated to sell because they must hold reserves against this property on their books. Banks are not in the business of owning real estate. They are in the business of lending money!

-The trick will be to find a way to do this deal with 100% financing and no money out of pocket. We believe that the bank is in a position where they must consider this.

Like a friend of mine said this weekend past, don't focus on just one deal, there are so many out there that if you are making offers on 10 properties at a time, one will eventually go your way.

We will keep you posted on the progress with this deal.

Geoffrey & Gabe

OC Short Sale Guys

(949) 287-4483

OC Short Sale Guys - Cashflow Club

2008-11-11T18:32:00.000-08:00

Greetings everyone,

I'm excited to announce our next CASHFLOW event which will be once again co-sponsored by the Newport Jaycees!

Because of the success of our last CASHFLOW game with the Jaycees, they asked us to host another game night and teach the game to their members.

We'll be meeting in the clubhouse at Park Newport Apartments, located just off of Jamboree and San Joaquin Hills Rd., across from Fashion Island in Newport Beach.

Time and Place
Date:	Wednesday, November 12, 2008
Time:	7:00pm - 10:00pm
Location:	Park Newport Apartments at the Clubhouse
Street:	1 Park Newport
City/Town:	Newport Beach, CA

Come and join us. And feel free to bring a friend. It's going to be a fun time and a different format.

We'll be going over real ways to make money through investing in these economic times. Learn how to respond to what is happening all around us on a daily basis and take advantage of the opportunities! All while having fun!

Come out out and join us again. Or join us for the first time. We look forward to seeing you there.

Geoffrey & Gabe
OC Short Sale Guys

Call to RSVP (949)287-4483

What we do

2008-11-05T13:28:00.000-08:00

Greetings everyone!

This is the first posting for our new blog. We're really excited about growing our business and informing everyone on what we're doing out in the real estate market.

Since now IS the time to invest in real estate, we have been purusing a few different types of investment strategies. We have been involved in multi-family, short sales, foreclosures, and re-hab properties.

Primarily we focus on short sales and are looking to work with real estate agents.

Here is a basic explanation of what we do.

OC Short Sale Guys works with 3 parties: the seller, the bank and the real estate agent.

We negotiate the short sale price directly with the bank and purchase the property with cash from the seller. After we close with theseller OC Short Sale Guys is the new owner.We then turn around and list the property with the real estate agent who brought us the deal. (There are contracts signed, for the agents protection, that clearly state that the agent will receive the property as their listing. For any interested agents, I can send you a copy of the contract that we use so you may review it.)

We have successfully completed 100+ transactions and are looking at creating a win-win situations…

The seller is happy because they can get out of their property andavoid a foreclosure.

The agent is happy because they are now listing a sellableproperty with $20k - $50k in equity.

Short sales can be difficult to have on the books, especially in today's market, so we act to take the short sale off the agents plate and turn around and to give them a property that you can be sold quickly and easily.

I hope this provides a clearer explanation.

Will post again soon,

Geoffrey & Gabe
OC Short Sale Guys

(949) 287-4483