According to Zillow, 15.7 million U.S. mortgages are currently underwater. That’s roughly one-third of all houses in the country. What if there was a way you could “sell” these upside-down houses back to the homeowners and make $5,000 to $10,000 in the process?
There is.
It’s called a “Residential Back Flip.”
In a nutshell, you find an underwater high-end house and pass the deal off to me - Peter Conti - and my business partner, Jerry Norton. We fund the deal and pay you a finder’s fee of $5,000 to $10,000.
Or… we can teach you how to do these deals yourself and you can pocket all the profits – which average$60,000 to $80,000 per deal.
The best part is... it’s a WIN-WIN situation. The homeowner keeps their house and saves their credit, and you make a substantial finder’s fee.
Click here to watch a short video that explains the process in more detail and find out how you can access a free “Residential Back Flips” training webinar that is only airing for the next 7 days.
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you
Feel free to delete my comment since you probably won't like it, but many banks prohibit you from doing precisely what you propose to do.
Jun 05, 2012 06:48 AM
No Longer Processing Mortgages. - Tacoma, WA
I would recommend anyone considering this to do some solid research on various websites to determine whether or not this even makes sense for them.
Jun 05, 2012 08:54 AM
Hickory, NC
Wow. It's sad to see that Activerain has dropped so low as to allow advertising blogs like this on their website. I guess money is more important than integrity.
Jun 05, 2012 11:42 AM
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale
Roger, I do not think it is ActiveRain.
Peter sounds like an idea that is not 'pure'. No good for me.
Jun 05, 2012 03:40 PM
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs
Peter, I'm not sure I can even begin to grasp how this would be a concept that would make sense and not be mortgage fraud. You're leaving the sellers in their home. If it's just a matter of mortgage relief, then the homeowners don't need a middle man to accomplish that, and they certainly don't need to be funding multiple fees to make it happen.
Jun 05, 2012 08:34 PM
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville
Having just recently finished a mortgage fraud class... I just don't think I could turn any deal over to you. I kinda like my freedom and I don't look so good in orange. do you?
Jun 05, 2012 10:50 PM
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents
I remember stuff like this gets you in jail up to 99 years. That's a pretty long time.
Jun 05, 2012 11:23 PM
Las Cruces Homes and Land - Las Cruces, NM
Serving Las Cruces, NM
Hickory, NC
Actually, Praful, it IS ActiveRain. This is a paid advertising spot.
Just to be clear, what Mr. Conti is proposing is NOT illegal...if you know exactly what it is. Of course, if you know exactly what it is, you would also know that it's going to be a very rare deal and that in order to even have the opportunity to earn that "$5,000-10,000" you first have to pay Mr. Conti $1000 for his how to course.
A quick breakdown: you are supposed to find a high end property ($500K and up) that is under water on their loan BUT still current. Then you (or the investor) will get the lender to sell the note on this property for mere pennies on the dollar (50-60% of todays value). Since you are now the note holder, you can adjust the balance due down to 80% of today's value, giving the homeowner a chance to refinance the deal with no money down. You (or the investor) pockets the difference.
So again, while not illegal, it requires a) a lot of money b) a lender willing to sell a performing note for pennies on the dollar to an individual, no less and c) an investor willing to actually pay the finder's fee for any deals that may actually come together even though the person who referred the deal has no way whatsoever of knowing if there ever was a successful deal.
The only instance where there is a solid chance of money exchanging hands is when you give over your $1000.
My opinion, of course.
Jun 07, 2012 10:22 AM
Comments(11)