Short Sales Day 1

Problem-solving is the key to Short Sale investing,  from securing the property to creating value, to negotiating with the bank.

34
Hrs
Mins
Secs
05
45
15
Segments Duration
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INSTRUCTOR

Brian Sump

After 16 years as a diesel mechanic and only six months into his real estate investing career with Renatus, Brian Sump told his employer “it’s costing me too much money to keep working for you!” He now has over 100 successful real estate transactions under his belt, including subject-to’s, rehabs, wholesales, short sales, and fix-and-flips.  He has worked his way into the private money lending arena, where his money works for him! Brian now shares his knowledge with as many Renatus students as he can. 

Description:

Navigate the often complicated and seemingly impenetrable world of Short Sales. From the pre-foreclosure process, to finding leads and getting funding, Brian Sump sheds light on the process. He will give you the tools you need to secure the property, create value and begin negotiating with the bank. When properties are underwater, experienced investors know how to solve problems and provide alternatives to distressed sellers. Short sales often take 6 months or more to successfully navigate, so learn from the best what you, as an investor, should be doing each step of the way. Learn negotiating strategies and dialogues that will help you get into the loss mitigation departments at the banks and start the short sale process. You will also know the importance of creating accurate and complete short sale packages. This course covers the entire procedure, sharing the perspectives of the seller, bankers and investors. Ensure you that you as an investor will make informed decisions when dealing with each party. Review “Real World” deals, discuss the correct order of operations, and learn the best method for discovering and settling third party debts against the property.

  • 01

    Intro and Instructor Bio

    Brian Sump is a product of the Renatus product.  He was a diesel mechanic and a construction worker when he found Renatus and has used the Renatus education system to build his very successful REI business

  • 02

    Class Expectations and Outline

    Brian gives a brief overview of what to expect and hears what the studio audience is hoping to get out of the day.

  • 03

    Get Professional Advice

    Your instructor advises you to build a team of professionals including an attorney, escrow officer, and several others.

  • Show all 34 segments

    • 04

      Today's Market

      Brian discusses how the short sale strategy fits into today's market.

    • 05

      Scenarios

      Brian shows you some possible scenarios that you may encounter.

    • 06

      Key Terms and Definitions

      Your instructor goes over key terms and definitions for this class.

    • 07

      Class Expectations 2 and The Short Sale Process Diagram

      In this class, your instructor will take you through the process of a short sale and discuss some state-to-state differences.

    • 08

      Reality Check- Resources

      The resources needed for a short sale include time, money, knowledge and more.

    • 09

      Reality Check- Investment Perspective and General Expectations

      Remember, the short sale strategy is simply a buying strategy.  Other elements must be included to make money from short sales.

    • 10

      Reality Check- Rule of Thumb

      Reality check - the short sale strategy can take a lot of time.  Our instructor suggests that if he markets to 100, he will get 10 calls, 3 will proceed to deals, and only 1 will close.

    • 11

      Reality Check- When Will a Short Sale be Considered?

      Reality check - short sales are generally only considered when the loan is already quite delinquent.

    • 12

      Mortgage Position Scenarios and What Happens At the Auction

      Brian discusses different lender positions.

    • 13

      Mortgage Discount vs. Short Sale, Buying the Note, and Short Sale Requirements

      Your instructor discusses the difference between a mortgage discount and a short sale.

    • 14

      Know The Area Where You Are Investing And The Rules That Apply

      Brian talks about the importance of understanding foreclosures in your area.

    • 15

      Good Deals

      Your instructor suggests that good deals can be found in several circumstances, such as large 2nd mortgages.

    • 16

      Deals to Avoid

      Brian discusses some types of properties he feels you should avoid.

    • 17

      How to Evaluate Deals

      Your instructor gives you the run down on how to evaluate your deals.

    • 18

      Transaction Example

      Brian goes over one of his recent transactions.

    • 19

      Question and Answer

      A little Q&A with Brian Sump and a few things to avoid.

    • 20

      Things to Avoid Continued- Double Escrow Closes and Contracting

      Brian continues his discussion of things to avoid with double escrow closings and contracting.

    • 21

      Things to Avoid- Real Estate Licensing

      The discussion of things to avoid continues with real estate licensing.

    • 22

      Finding Leads

      Brian offers resources to look to for leads and how to use them.

    • 23

      Finding Leads- County Records

      Your instructor walks you through using County records to find leads.

    • 24

      Finding Leads- County Records Continued

      Brian shows you how to use County records to find leads, continued.

    • 25

      Finding Leads Continued - Mortgage Brokers

      You can also find leads through mortgage brokers. Brian discusses how.

    • 26

      Marketing to Leads

      Now that you have the leads, Brian offers tips on how to market to them.

    • 27

      Understanding the Seller

      Brian offers tips here on understanding your seller.

    • 28

      Convincing the Seller to Work With You

      Your instructor offers suggestions on bringing the seller around to working with you.

    • 29

      Convincing the Seller to Work With You- Possible Consequences, Credit Reports, and No Guarantees

      Brian continues the discussion on convincing the seller to work with you.

    • 30

      Convincing the Seller to Work With You- Strike a Deal

      Once you are on the same page with the seller, how do you enter into a deal?

    • 31

      Signing Documents

      Your transaction has been evaluated and you have come to terms with the seller, now it is time to prepare the needed documents.

    • 32

      Signing Documents Continued

      Ownership begins as soon as you have signed deed in hand.

    • 33

      Signing Documents- Letters from the Seller

      Brian continues walking you through all of the needed closing documents.

  • 34

    Final Question and Answer

    A final Q&A session for the day with your instructor.