All Forum Posts by: Adam Walter

There are two groups in Cincinnati that used to do in person meetings and and are currently doing virtual meetups which are well attended:

1) Greater Cincinnati Real Estate Investors Association:   https://www.cincinnatireia.com/  They do virtual online main meetings twice a month which are free and 8-10 sub groups and a weekly have and wants meeting which are for members only.  Membership fee is currently $25 per month.   Very well run and attended meetings will probably do a mix of virtual/live meetings in the future.  

2) Joe Fairless Cincinnati's Best Ever Real Estate Meetup: https://joefairless.com/best-ever-cincy-meetup/  Meets the last Tuesday of every month.  Well run as well, but I usually go to the GCREIA meetings.  

@Brett Burky,@Jamie Bateman,@Alecia Bolton,@Bryan Hartlen  Thank you for your feedback, it's been very helpful.  

I have never purchased a note or sold a note, but I have created quite a few (around 20 or so); most are under 50k. I have taken a few note buying courses and am considering selling a few of them in the next 6 months or so. My question: Is there some standard formula for the value of a note if I am wanting to sell to a retail buyer? What are they best avenues to find a retail buyer? I've found a lot of interested buyers at the local REIA group, but they are wanting bigger yields than I am ready to give up at this time.

I'll give an example of what I am trying to sell. Performing Note, UPB $33,500, 8% interest, 15 yr fixed rate, Owner-occupied, 650 credit score, probably 10k in equity (long term renters, I sold it to them at a discount) seasoned 12 months, $335.00 PI. Ideally would want to sell at a 10% yield.

I agree with Chris Seveney. The only thing I might do extra is to seek out the companies and banks that offer sign up bonuses and possibly split the money to maximize the bonuses. They may have a minimum amount of time to keep the money in the account though.  I don’t think you’re going to do much better for just 10 days. 

Hi Jim,

You can find Mortgage information from the county recorder, but the bank probably won't talk to you about the property without the owner's authorization.  Your best bet is to find the owner.  Here are some thoughts about finding the owner:

• Leave a note on the door with your info on it
• Send a letter to the address and send it to the tax mailing address if different
• Google the name of the owner; are they on facebook, linkedin, is there an obituary, etc....
• Look up their name on the county clerk of courts
• Do a whitepages search for address, phone #, etc.
• Also a Realtor has access to information that pulls data from multiple sources which can be helpful too.

I do searches like this often.  If you would like me to help, direct message me an address.  

I plan on doing the same thing in Hamilton and Butler counties.  I purchased many properties at the tax sale over the past few years and was able to work out a lease purchase with many of the previous owners.  Let's get together, I'll send a DM with contact info. 

Another thing to consider is that electric baseboard heat is more expensive to operate, which adds an additional cost to the tenant. 

Try Dave Gardner with JM HVAC. 

I don't know how you get a list, but I do know someone who does this and believes the way he does is it predatory.  I purchased a condo in Cincinnati and there was 20k in excess funds.  After the sale I found out the owner had dementia and was being leeched off of by her drug addicted family.  I told the owner about the excess funds and offered to help get them for her.  Another person send a letter about the same thing and offered to get her the funds at no cost, they would just split it 50/50.  Of course her family had her sign the contract, he hired an attorney to do all the work for $500 and got a check for $10k.  The owner already lost her condo, and now she got kicked while she was down.  In Cincinnati, an attorney can do it for $500.   Please, if you go into this field, cap the amount at $2,000 or something like that.

On a happier note.  I got the owner to sign up with a payee to handle her finances and am selling the condo back to her over time.  

Oh btw in Ohio, each county handles excess funds differently.  

I buy Tax Foreclosures in Southwest Ohio in the Greater Cincinnati area.  Hamilton County sells both Tax Liens in bulk to institutional investors who then foreclose after they hold them for a year or more.  Hamilton County also forecloses on individual properties which is open to the public and is similar to a mortgage foreclosure.  The big difference between mortgage and tax foreclosures in Hamilton County is that the winning bidder of a tax foreclosure  is required to pay the winning bid in full with a cashier's check in 24 hours.  If no one bids on the property, it's offered again in 2 weeks at the same price.  50% of the properties are vacant lots and not worth the amount of taxes on them, but there can be good deals there as well.  Butler and Warren Counties winning bidders pay 10% and can write a personal check.   I don't think that Butler and Warren County sell the lien; they just foreclose.