Episode 147:
David Randolph is the Founder of Short Sale Prophets TM and The David Randolph TM .
David rehabs about 5-10 houses a year, all his renovated houses listed on the MLS $265K and less have sold in 7 days or less at List price or Higher, for 13 years.
David makes $50K – $150K PROFIT per house on $250K houses because he negotiates Short Sales with the bank. These are not houses on the MLS but rather with the homeowner and the bank. Because of Short Sales he has made so much money in real estate that he has over $3 million in his retirement accounts that he lends out across the country to other rehabbers. He will lend the rehabber ALL the money to buy the house, All the money to fix the house up, All the money for the points on the loan, and All the money for the monthly interest payments.
David also teaches other investors how to get out of their regular JOB and negotiate Short Sales.
What you’ll learn about in this episode:
- What the in-depth process of short sales looks like (see part 1 for a general overview)
- How the various types of loans determine the criteria needed to conduct a short sale
- What the process looks like for a short sale on an FHA loan, and why it differs from others
- How pausing the foreclosure and giving yourself time to dispute will result in a lower cost
- Why it does not matter what the homeowner owes on the house
- What percentages of BPO you can expect to pay for FHA, Conventional, and Fannie Mae loans
Resources:
- Sign up for a Free Mentor Panning Session: https://www.ronlegrand.com/mentoring-application/?cid=TMP
- Free Training: www.Thementorpodcast.com/terms
- Get Ron’s $599 Wholesaling course for FREE when you join his Gold Club for ONLY $59 a month! – https://thementorpodcast.com/GC147
- Learn more about short sales: www.thementorpodcast.com/randolph